The global plug-in hybrid electric vehicles (PHEV) market share is experiencing significant growth, with a projected Compound Annual Growth Rate (CAGR) of 18.5% from 2022 to 2032. In 2022, the market was valued at US$ 69,720.5 million, and it is expected to surge to an impressive US$ 3,80,665.9 million by 2032. This rapid growth trajectory is attributed to the increasing public emphasis on sustainable transportation solutions in response to climate change concerns and a growing awareness of the importance of promoting public health.
The popularity of plug-in hybrid cars is driving heightened sales of PHEVs globally, further fueling market expansion. As consumers increasingly prioritize vehicles with lower emissions and greater fuel efficiency, PHEVs emerge as an attractive option, offering the benefits of both electric and traditional combustion engine vehicles. This trend is expected to continue driving robust growth in the PHEV market over the forecast period.
Request Sample Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1537
Overall, the growing demand for sustainable transportation solutions and the rising popularity of plug-in hybrid vehicles are poised to propel the global PHEV market to new heights in the coming years, contributing to a more environmentally friendly and efficient automotive landscape.
Key Takeaways
- The global plug-in hybrid electric vehicles application is on the rise as it helps in minimizing fuel usage and promotes the vehicle’s cost-efficiency. The automobiles are configured to charge the internal combustion engine with the help of an electric motor and other fuel like diesel or gasoline.
- Since the transportation sector is known for being a primary source of heightened GHGs. i.e., greenhouse gas emissions. Various policymakers are incorporating favorable regulations that will encourage the usage of electric vehicles (EVs), such as plug-in hybrid vehicles (PHEVs) in order to motivate the public to use alternative fuels, such as electricity, etc.
- The market is actively being supported by federal and state policymakers working rigorously towards the rapid expansion of charging station infrastructure. Furthermore, the demand to decrease dependence on fossil fuels is one of the key factors contributing to the adoption of PHEVs across the globe.
- The ongoing research and development activities are helping in bringing down the prices of electric vehicles by adopting new technologies and bringing a new type of plug-in hybrid vehicles every year are predicted to spur market growth in the forecast period of 2022-2032.
Competitive Landscape
Various companies in the market are focusing on extending their portfolio of electrified automobiles to efficiently cater to the changing needs of the customers while simultaneously retaining their competitiveness globally.
Some of the major companies have developed new products which offer the benefits of two cars in one. These products are anticipated to offer the benefits and flexibility of both longer trips and everyday driving. The automotive functions as a hybrid car and can be charged just like other electric vehicles.
At present, the Asian continent is poised to create robust opportunities over the assessment period. In countries like India, the emergence of hybrid vehicles is attracting cost-conscious buyers. These hybrid automobiles meet stricter emission norms, while the current prices of motor fuel are soaring in the country. Hybrid vehicles may be costly in comparison to traditional petrol cars but may offer significant fuel efficiency in comparison to petrol-run cars.
The market players pay keen attention to maintaining superior quality of the products and innovation. Furthermore, they are also trying to diversify their range of manufacturing, indulging in mergers and acquisitions, and adopting organic growth strategies for a strong foothold in the global market.
Some of the key companies in the market are
- Renault SA
- Nissan Motor Corporation Limited
- Volkswagen AG
- Honda Motor Company Limited
- General Motors
- Ford Motor Company
- Daimler AG
- Mitsubishi Heavy Industries Ltd.
- Toyota Motor Corporation
- BMW AG
Direct Purchase of this Report:
https://www.futuremarketinsights.com/checkout/1537
Plug-in Hybrid Electric Vehicles Market by Category
By Vehicle Type, Plug-in Hybrid Electric Vehicles Market is segmented as:
- Passenger car
- Light Commercial Vehicle
By Technology, Plug-in Hybrid Electric Vehicles Market is segmented as:
- Series
- Parallel
- Series-parallel
By Region, Plug-in Hybrid Electric Vehicles Market is segmented as:
- North America
- Latin America
- Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
