Plug-In Hybrid Vehicle Market is Dominated by Asia Pacific Region
Rapid developments in
battery technology and an upsurge in the demand of zero emission electric
vehicles are driving the growth of the global plug-in
hybrid vehicle market in the forecast period 2024-2028.
According
to TechSci Research report, “Plug-In Hybrid Vehicle Market-
Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast,
2018-2028F”. Global plug-in hybrid vehicle market will grow at a rapid
pace as a result of Development in battery technology and consumer’s preference
shift towards electric vehicles. In plug-in hybrid electric vehicles (PHEVs), an electric motor is driven by batteries in
addition to an internal combustion engine that is fueled by gasoline. A plug-in
hybrid electric car is made up of a number of different parts, including a battery pack, charging port, DC/DC converter, electric
generator, electrical drive motor, power electronics controller, onboard charger, internal combustion engine (spark-ignited), etc. Despite
the fact that maintaining electric cars is less expensive than maintaining
internal combustion engines, there are a number of factors that increase the
initial cost of purchasing. Therefore, global plug in hybrid vehicle market is
anticipated to grow at a moderate pace in the coming years.
The driving range of electric vehicles continues to be
prioritized by many customers. Due to the additional advantage of an increased
EV range for daily commute, many customers prefer PHEVs over ICE automobiles.
The IEA estimates that more than 6.8 million electric vehicles were delivered globally,
in 2021. Additionally, China sold over 600,000 PHEVs in 2021, which is a
twofold rise from 2020 sales. European automakers and original equipment
manufacturers (OEMs) are introducing PHEV versions of several large and
high-end car models in order to increase the sales of electric vehicles. Furthermore,
for the development of a sustainable plug-in hybrid electric vehicle, the plug-in
hybrid & electric vehicle (PH&EV) Research Center is working with
utilities, regulators, automakers, as well as other research institutions
including the Electric Power Research Institute.
Browse more than XX market data Figures spread through XX Pages and an in-depth TOC on "Global Plug-In Hybrid Vehicle Market"
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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