The global plug-in hybrid electric vehicles (PHEV) market size is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period spanning from 2022 to 2032. In 2022, the market’s estimated value stood at US$ 69,720.5 Million, and it is expected to surge significantly, potentially reaching an impressive US$ 3,80,665.9 Million by the year 2032.
Market Overview:
The Plug-in Hybrid Electric Vehicles (PHEV) Market is a segment of the automotive industry dedicated to vehicles that offer a combination of electric and internal combustion propulsion systems. PHEVs allow drivers to enjoy the benefits of electric driving while having the flexibility of using gasoline for longer trips.
PHEVs typically have larger battery packs than conventional hybrid vehicles, enabling them to drive longer distances on electric power alone. They can be charged from external power sources, such as electric vehicle charging stations or home outlets, in addition to regenerative braking.
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Key Players:
Automotive Manufacturers: Major automotive manufacturers such as Toyota, Honda, Ford, BMW, Audi, Volvo, Mitsubishi, Hyundai, Kia, and Mercedes-Benz produce plug-in hybrid vehicles as part of their electrified vehicle offerings.
Electric Vehicle Component Suppliers: Companies like LG Chem, Panasonic, Samsung SDI, and CATL supply battery cells and packs for plug-in hybrid vehicles. Other suppliers provide electric motors, power electronics, and charging infrastructure components.
Market Drivers:
Fuel Efficiency: PHEVs offer improved fuel efficiency compared to conventional vehicles by leveraging electric power for short to moderate driving distances, reducing overall fuel consumption and emissions.
Reduced Environmental Impact: PHEVs contribute to lower greenhouse gas emissions and air pollution, especially when driven in electric mode, making them appealing to environmentally-conscious consumers and governments aiming to reduce vehicle emissions.
Government Incentives: Many governments worldwide offer incentives, subsidies, tax credits, and rebates for plug-in hybrid vehicles to promote adoption, reduce carbon emissions, and achieve climate targets.
Driving Range Flexibility: PHEVs offer flexibility for drivers who may have range anxiety associated with fully electric vehicles. The ability to switch to the internal combustion engine for longer trips provides peace of mind and convenience.
Market Challenges:
Battery Costs: The cost of battery packs for plug-in hybrid vehicles can be significant, impacting the upfront purchase price and potentially affecting consumer adoption. However, advancements in battery technology and economies of scale are gradually reducing costs.
Charging Infrastructure: While PHEVs can be charged from standard electrical outlets, the availability of public charging infrastructure for faster charging may be limited in some regions, hindering convenience for PHEV owners.
Vehicle Weight: PHEVs tend to be heavier than conventional vehicles due to the additional weight of the battery pack, which can affect handling, performance, and fuel efficiency.
Complexity: Integrating multiple powertrains (electric motor, internal combustion engine) and managing the transition between power sources adds complexity to vehicle design, manufacturing, and maintenance.
Market Trends:
Increased Electric Range: Manufacturers are continuously improving the electric range of PHEVs by enhancing battery technology, optimizing vehicle efficiency, and reducing weight to attract consumers seeking longer electric driving ranges.
Enhanced Charging Capabilities: PHEVs are incorporating faster charging capabilities, enabling shorter charging times and greater convenience for drivers. Some PHEVs also offer features such as smartphone apps for remote monitoring and control of charging.
Expanded Model Offerings: Automakers are expanding their PHEV model offerings across different vehicle segments, including sedans, SUVs, crossovers, and trucks, to cater to a broader range of consumer preferences and market demands.
Integration with Renewable Energy: PHEVs are being integrated with renewable energy sources, such as solar panels on vehicle rooftops or regenerative braking systems, to enhance energy efficiency and reduce reliance on fossil fuels.
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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.
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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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