Plug-In Hybrid Electric Vehicles (PHEV) Market Poised to Surge to US$ 380.6 Billion by 2032 with an Impressive 18.5% CAGR

The global plug-in hybrid electric vehicles (PHEV) market is anticipated to create an absolute dollar opportunity by projecting a healthy-paced CAGR of 18.5% throughout the forecast period from 2022 to 2032. The global market was valued at US$ 69.7 Billion in 2022. The market value of the plug-in hybrid electric vehicles (PHEV) market is anticipated to reach a high of US$ 380.6 Billion by the year 2032. According to the historical analysis conducted by Future Market Insights, the market registered a CAGR of 14.4%.   

The following are some of the elements that are driving up the market size for plug-in hybrid electric cars (PHEV) in Europe:

-The increasing adoption of supportive policies is encouraging the use of vehicles with fewer greenhouse gas emissions, helping to create a greener planet.
-Additionally, the adoption of technologically superior, economical, and fuel-efficient HEVs by the European populace is promoting the market expansion of PHEVs across the continent.

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Over the past few years, the market for plug-in hybrid electric vehicles (PHEV) has experienced phenomenal development. The industry is expanding as a result of the public's increased focus on using environmentally friendly vehicles. promoting the population's welfare and keeping in mind the current climatic conditions.

The market is anticipated to continue expanding at a rapid rate as plug-in hybrid vehicles continue to gain popularity around the world, which will help PHEV sales rise overall in the future years.

Due to increasing public awareness of the fuel efficiency of hybrid electric vehicles, the PHEV industry is expected to offer opportunities for sustainable growth. Additionally, major PHEV producers are focusing on employing the current electrical infrastructure. Additionally, they are concentrating on greening the grid rather than building a completely new infrastructure to refuel cars with cleaner liquid fuels. Consequently, promoting the practicality of plug-in hybrid electric cars and assisting in boosting sales.

Key Takeaways from Plug-in Hybrid Electric Vehicles (PHEV) Market

The global plug-in hybrid electric vehicles application is on the rise as it helps in minimizing fuel usage and promotes the vehicle's cost-efficiency. The automobiles are configured to charge the internal combustion engine with the help of an electric motor and other fuel like diesel or gasoline.

Since the transportation sector is known for being a primary source of heightened GHGs. i.e., greenhouse gas emissions. Various policymakers are incorporating favorable regulations that will encourage the usage of electric vehicles (EVs), such as plug-in hybrid vehicles (PHEVs) in order to motivate the public to use alternative fuels, such as electricity, etc.

The market is actively being supported by federal and state policymakers working rigorously towards the rapid expansion of charging station infrastructure. Furthermore, the demand to decrease dependence on fossil fuels is one of the key factors contributing to the adoption of PHEVs across the globe.

The ongoing research and development activities are helping in bringing down the prices of electric vehicles by adopting new technologies and bringing a new type of plug-in hybrid vehicles every year are predicted to spur market growth in the forecast period of 2022-2032.

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Competitive Landscape

Various companies in the market are focusing on extending their portfolio of electrified automobiles to efficiently cater to the changing needs of the customers while simultaneously retaining their competitiveness globally.

Some of the major companies have developed new products which offer the benefits of two cars in one. These products are anticipated to offer the benefits and flexibility of both longer trips and everyday driving. The automotive functions as a hybrid car and can be charged just like other electric vehicles.

At present, the Asian continent is poised to create robust opportunities over the assessment period. In countries like India, the emergence of hybrid vehicles is attracting cost-conscious buyers. These hybrid automobiles meet stricter emission norms, while the current prices of motor fuel are soaring in the country. Hybrid vehicles may be costly in comparison to traditional petrol cars but may offer significant fuel efficiency in comparison to petrol-run cars.  

The market players pay keen attention to maintaining superior quality of the products and innovation. Furthermore, they are also trying to diversify their range of manufacturing, indulging in mergers and acquisitions, and adopting organic growth strategies for a strong foothold in the global market.

Some of the key companies in the Plug-in Hybrid Electric Vehicles (PHEV) Market are

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

More Insights into the Plug-in Hybrid Electric Vehicles (PHEV) Market

The European market is anticipated to dominate the global plug-in hybrid electric vehicles (PHEV) market. The growth of the region is attributed to the rising implementation of favorable policies that are actively promoting the usage of automobiles that lower greenhouse gas emissions, thus contributing towards a greener planet. Furthermore, the European population is embracing technologically advanced HEVs. They are known for their cost and fuel efficiency, therefore facilitating the market growth of PHEVs in the region. 

The rapid expansion of charging station infrastructure combined with the support of private industry and federal and state policymakers are strengthening the market size in this region. Another key driver for the regional growth includes the rising R&D activities to develop newer versions/types of plug-in hybrid electric vehicles. 

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

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About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.