In the updated edition of the report by Future Market Insights, trends indicate to acquire a worth of USD 35,927.40 million for plug-in hybrid electric vehicle market in 2024.
This upward trajectory is expected to continue securing significant growth, with projections indicating a market value of USD 1,86,450.62 million by 2034. The plug-in hybrid electric vehicle market is on the path to attaining a healthy CAGR of 17.9% through 2034.
| Attributes | Details |
|---|---|
| Market Value for 2024 | USD 35,927.40 million |
| Market Value for 2034 | USD 1,86,450.62 million |
| Market CAGR from 2024 to 2034 | 17.9% |
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The rigid regulation for greenhouse gas emissions compels the adoption of plug-in hybrid electric vehicles. Consumers are becoming progressively aware of their carbon footprints and adopting greener transportation alternatives like the PHEVs.
The plug-in hybrid electric vehicles are the perfect balance between electric and fuel combustion engines, cutting down on the emission and reliance on fossil fuels.
| Attributes | Details |
|---|---|
| Market Value for 2019 | USD 14,672.40 million |
| Market Value for 2023 | USD 30,004.30 million |
| Market CAGR from 2019 to 2023 | 15.38% |
The progress towards the charging infrastructure amplifies the adoption of plug-in hybrid electric vehicles. The charging station infrastructure is being invested actively by private firms, governments, and other utility companies to support the electric and plug-in hybrid electric vehicles fleet.
The plug-in hybrid electric vehicles vendors capitalize on the trend by partnering with manufacturers to make charging solutions easily accessible to induce adoption.
The segmented automotive plug-in hybrid electric vehicle market analysis is included in the following subsection. Based on comprehensive studies, the passenger cars sector is commanding the vehicle type category. Likewise, the parallel hybrid segment is topping the EV powertrain category.
| Segment | Passenger Cars |
|---|---|
| Share (2024) | 78.4% |
The cost efficiency and low maintenance of passenger cars attract consumers, amplifying the demand. The accelerating development of charging stations for EVs favors the passenger cars segment, thereby boosting adoption.
As a significant number of people commute daily, consumers are highly demanding of passenger cars. The fleet managers and other corporate businesses prefer adding passenger cars to their fleet to lower costs and carbon emissions, surging the demand.
| Segment | Parallel Hybrid |
|---|---|
| Share (2024) | 82.1% |
Companies opt for parallel hybrid models for their fleets due to cost-effectiveness and efficiency improvements, which maximize fuel consumption without compromising performance. Parallel hybrid, plug-in hybrid electric vehicles (PHEVs) are a flexible alternative for consumers and manufacturers due to their versatility in diverse driving conditions, be it city streets or highways.
Demand is in line with parallel hybrid technology's familiarity and track record, which gives upsurge to its widespread adoption and command in sales of plug-in hybrid electric vehicles.
The plug-in hybrid car market can be observed in the subsequent tables, which focus on the leading regions in North America, Europe, and Asia Pacific. A comprehensive evaluation demonstrates that Europe has enormous market opportunities for plug-in hybrid electric vehicles.
Potential for Plug-in Hybrid Electric Vehicle Market in Europe
| Countries | CAGR (2024 to 2034) |
|---|---|
| France | 15.5% |
| United Kingdom | 15.2% |
| Germany | 14.7% |
| Spain | 10.7% |
| Italy | 10.2% |
The resilient charging infrastructure in France, amplifies the adoption of plug-in hybrid electric vehicles. Owing to the low carbon emission and capability to maneuver through city traffic, PHEVs witness a heightened plug-in hybrid electric vehicles adoption in France. French consumers enjoy the flexibility to transition from electric to combustion mode flourishing the sales of plug-in hybrid electric vehicles.
PHEV technology is invested in by British automakers to meet emissions regulations and attract environmentally concerned buyers. In the United Kingdom, plug-in hybrid electric vehicles are well-liked as a sensible way to diminish carbon emissions without reducing driving distance. The owners' trust is bolstered by the augmenting network of charging stations in the United Kingdom, which is propel adoption of plug-in hybrid electric vehicles.
The automotive manufacturers are actively investing in PHEVs to surpass the strict emission target set by the government in Germany, escalating the demand. The German consumer focuses more on long-term cost-saving and environment-friendly products, which incentivize the adoption of PHEVs.
Catering to the requirements of urban commuters, Spain automakers emphasize producing PHEV models that are fashionable, and compact. Tourists looking for environmentally friendly travel options are more interested in PHEVs because of Spain’s picturesque landscape and ancient cities, surging the plug-in hybrid electric vehicles demand.
Demand Analysis of Plug-in Hybrid Electric Vehicles in North America
| Countries | CAGR (2024 to 2034) |
|---|---|
| Canada | 15.3% |
| United States | 11% |
The development of charging infrastructure paves the way for the plug-in hybrid electric vehicle adoption among ecologically aware customers. Canada's geographical setting that is the distance between cities escalates the demand for plug-in hybrid electric vehicles with a strong electric range, serving the demand of long-distance travelers.
The Canadians are well aware of the long-term savings by the adoption of PHEVs, which amplifies the plug-in hybrid electric vehicles market growth.
The appealing features of PHEVs are widening to a larger spectrum of consumers due to the growing availability of varied models in diverse price ranges. The escalation in the adoption of plug-in hybrid electric vehicles is intensified by infrastructure development projects and government incentives.
Plug-in hybrid electric vehicles sales in the United States have significantly increased owing to the growing trend towards sustainability that is shifting consumer preferences.
Opportunities in the Asia Pacific Plug-in Hybrid Electric Vehicles (PHEV) Industry
| Countries | CAGR (2024 to 2034) |
|---|---|
| China | 14.1% |
| South Korea | 12.7% |
| Japan | 10.9% |
| India | 6.9% |
| Australia | 6.9% |
The government efforts in promoting the adoption of EVs, escalate the demand for plug-in hybrid electric vehicles in China. The developing charging infrastructure and technological breakthroughs, amplify the China plug-in hybrid electric vehicle (PHEV) market growth.
The supremacy of Hyundai and Kia in South Korea incentivize the adoption of plug-in hybrid electric vehicles. The strong network of charging infrastructure and smart grid initiatives, spur the plug-in hybrid electric vehicles demand in South Korea.
The culture of technology and ecological consciousness in Japan thrusts the plug-in hybrid electric car market growth positively. The tax rebates and government incentives surge the sales of plug-in hybrid electric vehicles in Japan.
Sales of plug-in hybrid electric vehicles (PHEVs) is induced by government programs like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) plan. Weak infrastructure, such as scarcity of charging stations, hinders PHEV adoption in India.
Australia's adoption of plug-in hybrid electric vehicles (PHEVs) as a sustainable transportation alternative is thriving due to growing awareness of sustainability and climate change. The adoption of PHEVs is inhibited by constraints like poor charging infrastructure and large distances between cities in Australia's remote locations.
The competitive landscape has many plug-in hybrid electric vehicle manufacturers competing for technological developments and market share. Every plug-in hybrid electric vehicle vendor brings strength to the market, like innovation, marketing strategies, and expertise, carving the market landscape.
Renault SA and Nissan Motor Corporation Limited lead the EV development, which gives them a plus point gripping the PHEV technology union. Volkswagen AG and BMW AG have significantly invested in plug-in hybrid electric vehicles, pursuing the integration of electrification technology into their vehicles.
Honda Motor Company Limited and Toyota Motor Corporation shifted towards hybridization and electrification strategies, mixing traditional and electric powertrains to provide varied consumer demand for plug-in hybrid electric vehicles.
General Motors and Ford Motor Company are boosting their efforts towards EVs to capitalize on the spurring demand for environmentally friendly vehicles. Daimler AG and Mitsubishi Heavy Industries Ltd. have set their foot in the hybrid electric vehicle market with their automotive engineering and electrification systems expertise.
The market has intense competition between plug-in hybrid electric vehicle (PHEV) producers striving to innovate continually in PHEV technologies. Battery efficiency, government regulations, and charging infrastructure play a significant role in creating the strategies of PHEV producers traversing the dynamic market landscape.
As demand for eco-friendly transportation flourishes, the competition among essential plug-in hybrid electric vehicle manufacturers intensifies, strengthening PHEV technology progressions.
Notable Breakthroughs
| Company | Details |
|---|---|
| GAC Honda Automobile Co., Ltd. | In June 2022, GAC Honda Automobile Co., Ltd., a partnership that manufactures and sells Honda automobiles in China, said that it has started building a new electric vehicle facility. Honda Motor (China) Investment Co., Ltd., a fully-owned Honda subsidiary in China, made this announcement. |
| Nissan | Nissan and British explorer Chris Ramsey announced their joint venture in May 2022 to commence on the first-ever all-electric vehicle journey from the magnetic North Pole to the South Pole. |
| FedEx Corporation | FedEx Corp. declared in 2021 that it had purchased its first 150 electric delivery trucks from BrightDrop, a General Motors that cuts carbon emissions lined with last-mile delivery. This is a significant turning point for FedEx, which strives to convert all its parcel pickup and delivery vehicles to electric power with zero tailpipe emissions by 2040. BrightDrop recently commercialized the Zevo 600, the fastest car in General Motors' history. |
| e-NV200 | When it comes to deliveries in cities, where people and operators value the e-NV200 which is almost silent and emission-free operation, the vehicle solidifies its position as the best alternative in May 2020. |
| Nissan | Nissan signed 31 agreements with businesses and local governments in March 2020 regarding using electric vehicles during and after natural catastrophes. In natural disaster-related power outages, the agreements allow local communities and residents to use electric automobiles as backup power sources at evacuation centers and welfare institutions. |
The hybrid plug-in vehicle market to acquire a valuation USD 35,927.40 million in 2024.
The plug-in hybrid electric vehicle market has the potential to garner a worth of USD 1,86,450.62 million by 2034.
The electric plug-in hybrid market equates to a staggering CAGR of 17.9% through 2034.
From 2019 to 2023, the plug-in hybrid electric vehicle (PHEV) market exhibited a 15.38% CAGR.
The passenger cars sector is set to achieve a global plug-in hybrid electric vehicle market share of 78.4% in 2024.
The parallel hybrid segment to possess a global plug-in hybrid electric vehicle market share of 82.1% in 2024.
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Plug-in Hybrid Electric Vehicle (PHEV) Market
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