In the latest edition of the report by Future Market Insights, the plug-in hybrid electric vehicle (PHEV) market is anticipated to achieve a valuation of USD 35,927.40 million by 2024. This upward trend is expected to continue, with the market projected to reach an impressive USD 186,450.62 million by 2034, reflecting a robust compound annual growth rate (CAGR) of 17.9% through 2034.
PHEVs have emerged as a crucial solution, bridging the gap between traditional combustion engines and fully electric vehicles. These vehicles combine an internal combustion engine with an electric motor powered by a rechargeable battery, offering drivers the flexibility to use either power source or a combination of both. A significant advantage of PHEVs is their extended range compared to purely electric vehicles, easing concerns about range anxiety for consumers who are hesitant to fully transition to electric mobility. Additionally, PHEVs contribute to reducing greenhouse gas emissions by enabling shorter trips to be powered solely by electricity, promoting environmental sustainability without sacrificing convenience.
The PHEV market has experienced substantial growth in recent years, driven by rising environmental concerns, government incentives, and technological advancements. Automakers are investing heavily in research and development to improve battery efficiency, reduce charging times, and enhance overall vehicle performance. Moreover, governments around the world are implementing stricter emissions regulations and offering subsidies to encourage the adoption of low-emission vehicles, further boosting the demand for PHEVs. As consumer preferences increasingly shift towards eco-friendly transportation options, PHEVs are set to play a significant role in the automotive industry’s transition towards sustainability.
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However, the PHEV market still faces challenges such as high upfront costs, limited charging infrastructure, and concerns about battery lifespan and recycling. Despite these obstacles, ongoing innovations in battery technology and infrastructure development are expected to mitigate these issues over time. Furthermore, the evolving regulatory landscape and growing consumer preference for cleaner transportation solutions are likely to drive continued growth in the PHEV market. As the automotive industry moves towards electrification as a key component of its future, PHEVs offer a compelling option for consumers seeking a balance between sustainability and practicality in their daily commutes.
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.
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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
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
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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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