Press release
Plug In Hybrid Electric Vehicles Market to Represent a Value of US$ 20,000 Mn through 2017-2022
With the potential to lower greenhouse gas emissions, plug-in hybrid electric vehicles have longer driving ranges without being restrained by battery capacity limits, and provide higher fuel-efficiency. Greening up the grid & utilising exiting electricity infrastructure is gaining popularity as a new trend among PHEV manufacturers, rather than constructing an entirely new vehicle refuelling infrastructure in order to accommodate green liquid fuels for transportation purposes.
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From the perspective of consumers, PHEVs offer both, economic & environmental benefits, and flexibility & convenience of traditional fuels concerning longer travels. In next ten years, plug-in hybrid electric vehicles will come with a comparatively lower lifecycle prices, than the internal combustion (IC) and hydrogen fuel-cell engine equipped vehicles. In addition, approximately 4 Mn units of PHEVs are expected to be sold, with impending 100 new models to be launched globally, indicating a transformational growth for the PHEVs market. This growth would mainly be favoured by consumer attraction towards the appealing alternatively-fuelled vehicles.
Most of the population around the world has been observed to be unaware of PHEV technology. In addition, when it comes to electric vehicle technologies, consumers are hesitant in its adoption owing to concerns with recharging, convenience, and battery life along with its replacement cost. Forging a strong relationship with retail vehicle dealers is therefore imperative for manufacturers to spread information and awareness about PHEVs, and exceed level of competence.
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High-performance & luxury vehicle manufacturers are inclining toward adoption of hybrid technology for making innovations and developments in their existing designs. Automotive giants such as Volkswagen, BMW, and Mercedes Benz, are focusing on developing their dedicated electrified platforms, to remain compliant with strict emission norms imposed on vehicles. A slew of research centres, including The Plug-in Hybrid & Electric Vehicle (PH&EV) Research Center, are concentrating on making collaborations with automotive manufacturers, regulators, various utilities, and also other research institutions such as Argonne National Lab, for developing sustainable market for PHEVs.
Key players profiled in PMR’s report on global plug-in hybrid electric vehicles market include Toyota Motor Corporation, Mitsubishi Heavy Industries Ltd., Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, General Motors, Honda Motor Company, Limited, Volkswagen AG, Nissan Motor Corporation, Limited, and Renault SA.
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