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Global Plug In Hybrid Electric Vehicles Market Revenues to Exceed US$ 20,000 Mn Revenues by 2022-end
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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.
Although APEJ is anticipated to remain the most lucrative market for PHEVs, the market in Europe is projected to register the highest CAGR through 2022. In addition, North America is expected to be the second-largest market for plug-in hybrid electric vehicles by 2022-end.
Stored electricity will continue to be preferred power source for PHEVs across the globe, with sales estimated to account for nearly US$ 16,000 Mn revenues by 2022-end. On-board electric generator will remain a relatively less attractive power source for PHEVs among customers.
Parallel hybrid powertrain for PHEVs are expected to remain sought-after in the market, with revenues projected to account for approximately three-fourth share of the market during 2017 to 2022.
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On the basis of vehicle type, passenger cars segment of PHEVs are expected to remain the most lucrative in the global market, with sales projected to exhibit the fastest expansion through 2022. Commercial vehicles are expected to be the second most lucrative vehicle type of PHEVs in the market by 2022-end.
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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