According to a report by TechSci Research 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 poised for rapid growth due to advancements in battery technology and a shift in consumer preference towards electric vehicles. Plug-in hybrid electric vehicles (PHEVs) combine an electric motor driven by batteries with an internal combustion engine fueled by gasoline. These vehicles consist of various components such as a battery pack, charging port, DC/DC converter, electric generator, electrical drive motor, power electronics controller, onboard charger, and spark-ignited internal combustion engine.
While electric cars offer lower maintenance costs compared to internal combustion engines, the initial purchase cost is higher due to several factors. Consequently, 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, making PHEVs a preferred choice over traditional internal combustion engine automobiles. In 2021, the International Energy Agency (IEA) reported that over 6.8 million electric vehicles were delivered worldwide, with China alone selling over 600,000 PHEVs—a twofold increase from 2020. European automakers and original equipment manufacturers (OEMs) are introducing PHEV versions of large and high-end car models to boost electric vehicle sales. The plug-in hybrid and electric vehicle (PH&EV) Research Center collaborates with utilities, regulators, automakers, and other research institutions, including the Electric Power Research Institute, to develop sustainable plug-in hybrid electric vehicles.
Asia-Pacific leads in terms of electric vehicles on the road, followed by Europe and North America. The global demand for electric vehicles has surged due to stringent regulations aimed at reducing carbon emissions and advancements in battery technology, along with the growth of charging infrastructure.
In the market, passenger cars hold the majority share due to the large number of vehicles on the road. Automakers offer a range of passenger plug-in hybrid vehicle models, further driving demand. The market is segmented based on vehicle type, powertrain, range, battery capacity, and region. Vehicle types include passenger cars, light commercial vehicles, and medium & heavy commercial vehicles. Powertrain options consist of series hybrid, parallel hybrid, and combined hybrid. In terms of range, the market is segmented into up to 40 km, 40 to 60 km, and above 60 km. Battery capacity categories include less than 10 kWh, 10 to 20 kWh, and more than 20 kWh. The market analysis also examines regional segmentation, covering Asia-Pacific, Europe & CIS, North America, South America, and the 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
“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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