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Plug-in Hybrid Electric Vehicles (PHEV) Market

Market Insights on Plug-in Hybrid Electric Vehicles (PHEV) covering sales outlook, demand forecast & up-to-date key trends

Plug-in Hybrid Electric Vehicles (PHEV) Market by Vehicle Type, Technology & Region - Forecast 2022 - 2032

Plug-in Hybrid Electric Vehicles (PHEV) Market Snapshot (2022-2032)

[250 Pages Report] According to Future Market Insights research, during the projected period, the global Plug-in Hybrid Electric Vehicles market is set to enjoy a valuation of US$ 120.87 Bn in 2022, and further expand at a CAGR of 8.6% during 2022-2032. The sales of Plug-in Hybrid Electric Vehicles are estimated to propel with the top 3 countries projected to hold approximately 30-35% of the market by the end of 2022.

Market Size 2022

US$ 120.87 Bn

Market Size 2032

US$ 275.8 Bn

Value CAGR (2022-2032)

8.6%

Collective Value Share: Top 3 Countries (2022E)

30-35%

The global Plug-in Hybrid Electric Vehicles market forms around 41% of the global Electric Vehicle market worth US$ 288.36 Bn in 2021.

According to the FMI analysis, the Plug-in Hybrid Electric Vehicles market reached over US$ 118.24 Bn in 2021. The global Plug-in Hybrid Electric Vehicles market is anticipated to register a CAGR of 8.6% during 2022-2032. The demand for the passenger car segment by the vehicle type is estimated to boost with the top 5 key players holding 60-65% of the global Plug-in Hybrid Electric Vehicles market by the end of 2022.

The Plug-in Hybrid Electric Vehicles market is projected to bolster with the Increasing emission norms, optimum fuel efficiency and continuous reduction in battery price. A new forecast by FMI analysis estimates that Plug-in Hybrid Electric Vehicles sales will augment during 2022-2032 and is anticipated to create a growth opportunity of US$ 154.93 Bn.

The PHEV is popular throughout several nations, including the U.S, Japan, China, Canada and Netherlands. The plug-in hybrid electric vehicle is also becoming more and more popular in other nations, including Germany, France, Sweden, Italy, the United Kingdom, Spain and Norway.

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Historic Market Outlook for Plug-in Hybrid Electric Vehicles

The global Plug-in Hybrid Electric Vehicles market witnessed a CAGR of 8.6% during the historic period with a market value of US$ 118.24 Bn in 2021.

Regulatory organisations have implemented strict emission regulations in response to growing public awareness of pollution. OEMs are being forced to produce hybrid and electric vehicles due to increasing pollution standards for vehicles. Compared to gasoline and diesel automobiles, plug-in hybrid electric vehicles produce fewer greenhouse gas emissions. To reduce the impact of greenhouse gases, the governments of the US and Europe are working on lowering pollution standards while also enhancing vehicle fuel efficiency. For instance, the Corporate Average Fuel Economy (CAFE) criteria for automobiles were established by the US Department of Transportation.

In order to meet the rising demand for plug-in hybrid electric vehicles, companies are placing a strong emphasis on R&D and the development of new products. Many new plug-in hybrid electric vehicles are being introduced to the market by many automotive OEMs, impacting the market growth.

How does the High Performance & Luxury Automobile Manufacturers creating opportunities for Plug-in Hybrid Electric Vehicles Market?

Premium car manufacturers like Mercedes-Benz, BMW, and Volkswagen are focusing on developing electrified platforms in an effort to meet strict pollution requirements. Luxury and high-performance car manufacturers are turning more and more of their attention to hybrid technology. Several research centres, for instance— In addition to working with regulators and automakers, the Plug-in Hybrid & Electric Vehicle (PH&EV) Research Centre also collaborates with other research institutions like the Electric Power Research Institute. The partnerships aim to establish a viable market for plug-in hybrid electric automobiles.

However, the majority of individuals on the globe are not familiar with PHEV technology. Additionally, consumers are hesitant when it comes to new technologies; for instance, there may be concerns about battery life and replacement costs, as well as recharging times.

In order to increase customer awareness of PHEVs and their benefits while also exceeding customer expectations, manufacturers are focusing on establishing a solid connection with retail auto dealers.

Nikhil Kaitwade
Principal Consultant
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Category-wise Insights

By Vehicle Type Which Segment Dominate the Plug-In Hybrid Electric Vehicles Market?

The plug-in hybrid electric vehicle market is dominated by the passenger car segment by vehicle type. The demand for passenger hybrid electric vehicles has increased as most customers are shifting towards the use of hybrid electric vehicles due to concerns about rising pollution and fuel prices. The passenger vehicle segment is estimated to hold approximately 80 to 85% of the global plug-in hybrid electric vehicle market by the end of 2032.

Which Technology Type offers a Lucrative Growth Opportunity for the Global Plug-in Hybrid Electric Vehicles Market?

Parallel hybrid PHEVs are anticipated to continue in popularity with consumers based on their powertrain, and sales are anticipated to grow at a high double-digit CAGR through 2022. Over the course of the projected period, sales of series hybrid and combined hybrid PHEVs will account for more than one-fourth of the market's revenue.

Country-wise insights

Why is the U.S. projected to augment the Sales of Plug-in Hybrid Electric Vehicles?

In the U.S., the rising awareness among consumers and favourable regulations from the government is anticipated to drive the demand for plug-in hybrid electric vehicles during the forecast period. The U.S. is projected to hold around 73 to 76% of the North American Plug-in Hybrid Electric Vehicle market by the end of 2032.

How India is anticipated to drive the Demand for Plug-in Hybrid Electric Vehicles?

The India Plug-in Hybrid Electric Vehicles market is projected to register a CAGR of 7.5% during the forecast period due to the increase in fuel and gas prices. By offering capital subsidies through the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India (FAME) India Scheme Phase II and state-level efforts, the government is encouraging the implementation of EV charging stations, which is impacting the market growth.

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Competitive Landscape

The key players operating in the Plug-in Hybrid Electric Vehicles market are working on technology development. Contracts and agreements, new product development, and partnerships are among the growth methods used by major firms to maintain their market position. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources. Some of the key developments are as follows–

  • In 2022, Jeep adds plug-in hybrid value with wrangler willys 4xe, Grand Cherokee 4xe special edition.
  • The Lincoln brand will expand its line-up of SUVs that use the platform of Ford brand vehicles and will also offer a PHV (plug-in hybrid). EVs will also be introduced from 2025.

Scope of the Report

Attribute

Details

Growth Rate

CAGR of 8.6% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Units and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Vehicle Type
  • Technology
  • Region

Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa

Key Countries Covered

  • US
  • Canada
  • Mexico
  • Brazil
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ANEAN
  • Australia and New Zealand
  • GCC Countries
  • South Africa
  • Northern Africa
  • Turkey

Key Companies Profiled

  • 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

Customization & Pricing

Available upon Request

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

Frequently Asked Questions

In 2021, the value of the global Plug-in Hybrid Electric Vehicles market reached over US$ 118.24 Bn.

During the forecast period, the global Plug-in Hybrid Electric Vehicles market is estimated to expand at a CAGR of 8.6% during 2022-2032.

The global Plug-in Hybrid Electric Vehicles market is projected to reach US$ 275.8 Bn by the end of 2032.

Optimum fuel efficiency, Increasing emission norms and Continuous reduction in battery price is driving the demand for Plug-in Hybrid Electric Vehicles.

The key players operating in the Plug-in Hybrid Electric Vehicles market are Daimler AG, Toyota Motor Corporation, Honda Motor Co. Ltd., General Motors Corporation, Mitsubishi Motors Corporation, BYD Auto Co. Ltd., BMW AG, Volkswagen AG, Hyundai Motor Company and Others.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Plug-in Hybrid Electric Vehicles (PHEV) Market