Plug-in Hybrid Electric Vehicles (PHEV) Market Prophesied to Grow at a Faster Pace by 2026

A Plug-in Hybrid Electric Vehicle (PHEV) is a vehicle which comprises of internal combustion engine (IC Engine), electric motor, and a rechargeable battery. The PHEV can work even after their battery is emptied, by using IC Engine and can operate as a conventional vehicle. The combination of both electric and IC engine power enable the vehicle to travel long distances. As compared to conventional vehicles, plug-in hybrid electric vehicles emit less harmful greenhouse gases, thus making them more environment friendly than the conventional vehicles. PHEVs are mostly passenger cars but there are light commercial vehicles, heavy commercial vehicle, and two wheelers which have this feature available. The PHEV is popular in number of countries such as U.S., China, Japan, the Netherlands, and Canada. The plug-in hybrid electric vehicle gaining popularity in other countries as well such as France, Italy, Germany, Sweden, U.K., Norway, and Spain among others.

Global Plug-in Hybrid Electric Vehicle Market Dynamics:

Global Plug-in Hybrid Electric Vehicle Market is driven by rising environment concerns, stringent emission norms, and subsidies & tax benefits by the governments. Plug-in Hybrid Electric Vehicle Market is facing restraints such as high cost of plug-in hybrid electric vehicles, lack of infrastructure such as plug-in charging points, and high cost of battery. To overcome these restraints private sector and government organizations should work closely to ensure the cost of the plug-in hybrid vehicle decreases and construction of adequate infrastructure. Along with this, public awareness programs should be carried out to aware the public about the benefits of the plug-in hybrid electric vehicles over the conventional vehicles.

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Global Plug-in Hybrid Electric Vehicle Market Segmentation:

The global Plug-in Hybrid Electric Vehicle market is segmented on the basis of vehicle type, technology, and region.

The global Plug-in Hybrid Electric Vehicle Market is segmented on the basis of Vehicle Type: passenger car and light commercial vehicle. In 2015, the passenger car segment is estimated to be the largest segment in the PHEV market and it is projected to remain the largest segment during forecast period.

The PHEV market is also segmented on the basis of Technology: series, parallel, and series-parallel. The global Plug-in Hybrid Electric Vehicle market is segmented on the basis of region as: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific exc. Japan (APEJ), Japan, and Middle East & Africa (MEA).

Global Plug-in Hybrid Electric Vehicle Market: Regional Outlook:

Geographically, the global Plug-in Hybrid Electric Vehicle market can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. The market for plug-in hybrid electric vehicle is prominent in North America and European countries, though in Asia Pacific region China and Japan are the major market for plug-in hybrid electric vehicles. In coming years, it is anticipated that the potential market for plug-in hybrid electric vehicle will be India, Brazil, South Africa, Russia, and Mexico. By region, North America is expected to hold highest market share followed by Europe in the global Plug-in Hybrid Electric Vehicle market. However, global growth opportunities mainly lies in the emerging markets where Plug-in Hybrid Electric Vehicle is currently in a nascent phase.

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Global Plug-in Hybrid Electric Vehicle Market Players:

The major players identified for the global Plug-in Hybrid Electric Vehiclemarket include Daimler AG, General Motors Corporation, Toyota Motor Corporation, Mitsubishi Motors Corporation, BYD Auto Co. Ltd., Volkswagen AG, BMW AG, Honda Motor Co. Ltd., and Hyundai Motor Company among others. The companies are emphasizing on research & development and new product development in order to cater the growing demand for plug-in hybrid electric vehicles. Many automotive OEMs are launching their new plug-in hybrid electric vehicles in the market. For example, BMW launched its new plug-in hybrid electric vehicle BMW X5 in 2016. Other plug-in hybrid electric vehicles available in the market are Toyota Prius, Cadillac ELR, Chevrolet Volt, Porsche Panamera, Porsche 918 Spyder, Ford C-Max, Ford Fusion, Mercedes-Benz S-Class, BMW i8, Opel Ampera, Volkswagen Golf, and others

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This release was published on openPR.