As per the TechSci Research report titled "Plug-In Hybrid Vehicle Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F", the global plug-in hybrid vehicle market is set to witness rapid growth in the upcoming years. This growth is a result of the continuous development of battery technology and the increasing preference of consumers towards electric vehicles. In a plug-in hybrid electric vehicle (PHEV), the electric motor is powered by the batteries in addition to the internal combustion engine that runs on gasoline. The car is composed of various components such as an electrical drive motor, charging port, battery pack, internal combustion engine, DC/DC converter, power electronics controller, onboard charger, and electric generator.
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Although maintaining an electric vehicle is cheaper than maintaining an internal combustion engine, the initial cost of purchasing is higher due to various factors. Thus, the global plug-in hybrid vehicle market is expected to grow at a moderate pace in the coming years.
Many customers prioritize the driving range of electric vehicles, which is why PHEVs are becoming increasingly popular as they offer an increased EV range for daily commutes. In 2021, the International Energy Agency (IEA) estimated that over 6.8 million electric vehicles were delivered globally, and China saw a twofold increase in PHEV sales from the previous year, with over 600,000 PHEVs sold. European automakers and original equipment manufacturers (OEMs) are introducing PHEV versions of large and high-end car models to boost electric vehicle sales. Additionally, the plug-in hybrid and electric vehicle (PH&EV) Research Center is collaborating with utilities, regulators, automakers, and other research institutions, including the Electric Power Research Institute, to develop sustainable plug-in hybrid electric vehicles.
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Asia-Pacific is the region with the most electric vehicles on the road, followed by Europe and North America. The demand for electric vehicles has surged as a result of the rigorous rules and restrictions that many countries around the world have put in place to reduce carbon emissions. Furthermore, advancement in battery technology and increasing charging infrastructure will boost the global plug-in hybrid vehicle market.
Based on vehicle type, passenger cars have more shares due to large number of vehicles on road. Additionally, The majority of automakers provide range of Passenger plug-in hybrid vehicle models which further increases its demand. Furthermore, On the basis of range, 40- 60 km segment leading the market with majority of shares followed by up to40 km.
The Global Plug-In Hybrid Vehicle Market can be segmented by vehicle type, by powertrain, by range, by battery capacity, and by region. On the basis of vehicle type, the market is segmented into passenger car, light commercial vehicle, medium & heavy commercial vehicle. Based on powertrain, the market is divided into series hybrid, parallel hybrid, combined hybrid. Based on range the market is segmented into up to 40 km, 40 to 60 km, above 60 km. Based on battery capacity it is further divided into less than 10 kwh, 10 to 20 kwh, more than 20 kwh. The market analysis also studies the regional segmentation to devise regional market, divided among Asia-Pacific, Europe & CIS, North America, South America, Middle East & Africa.
Some of the major companies operating in the global plug-in hybrid vehicle Market includes:
- Renault SA
- Nissan Motor Corporation Ltd.
- Volkswagen AG
- Honda Motor Company Ltd.
- General Motors
- Ford Motor Company
- Daimler AG
- Bayerische Motoren Werke AG
- Mitsubishi Heavy Industries Ltd.
- Toyota Motor Corporation
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“The Asia Pacific region is leading the global plug-in hybrid vehicle market in 2022 and it is expected to maintain its lead in the forecast period due to emerging countries such as India, China, Indonesia etc. Furthermore, In European region sales of PHEV vehicles have increased by more than 30%, compared to 2020 sales which suggest strong growth in the region. Moreover, the overall Global plug-in hybrid vehicle market has potential to grow at higher rate in upcoming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Plug-in Hybrid Electric Vehicle Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle), By Powertrain (Series Hybrid, Parallel Hybrid, Combined Hybrid), By Range (Up to 40 km, 40 to 60 km, Above 60 km), By Battery Capacity (Less than 10 kWh, 10 to 20 kWh, More than 20 kWh), By Region, Competition” has evaluated the future growth potential of global plug-in hybrid vehicle Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive battery management system market.
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