The global Plug-in Hybrid Vehicles Market is segmented into vehicle type such as passenger vehicles and light commercial vehicle. Among these segments, passenger cars are expected to occupy top position in overall Plug-in Hybrid Vehicles Market during the forecast period. Increasing demand for plug-in hybrid electric passenger car is anticipated to intensify the growth of the Plug-in Hybrid Vehicles Market. 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 & utilizing existing electricity infrastructure is gaining popularity as a new trend among PHEV manufacturers, rather than constructing an entirely new vehicle refueling infrastructure in order to accommodate green liquid fuels for transportation purposes. These market activities are envisioned to bolster the growth of the market.
In the terms of volume, Global Plug-in Hybrid Vehicles Market is expected to flourish at a significant CAGR of 9.3% during the forecast period. Rising automotive demand, increasing urbanization, rising disposable income are some of the key factors driving the growth of the Plug-in Hybrid Vehicles Market. Moreover, the global Plug-in Hybrid Vehicles Market is expected to garner USD 78.6 Billion by the end of 2027.
North America captured the largest market share in overall Plug-in Hybrid Vehicles Market and is expected to continue its dominance over the forecast period. Rising demand for PHV (plug-in hybrid vehicle) in the region is anticipated to aid the growth of the market. Further, increasing disposable income coupled with rising demand for vehicles with low environment impact is expected to accelerate the growth of automotive market in the upcoming years. Latin America and Europe Plug-in Hybrid Vehicles Market is anticipated to witness lucrative growth during the forecast period. Moreover, Asia Pacific is anticipated to grow at notable CAGR during the forecast period. Further, growing automotive industry and expansion of manufacturing base in the region is anticipated to drive the growth of the plug-in hybrid vehicle in Asia Pacific.
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Robust Growth of Plug- In hybrid Automotive Industry
In next few years, plug-in hybrid electric vehicles are believed to come with a comparatively lower lifecycle prices, than the internal combustion (IC) and hydrogen fuel-cell engine equipped vehicles. In next 10 years, approximately 4 Million units of PHEVs are expected to be sold, with impending 100 new models to be launched globally which is likely to spark a transformational growth of the PHEVs market. This growth would mainly be favored by consumer attraction towards the appealing alternatively-fuelled vehicles.
Manufacturers are concentrating on forging a strong partnership with retail car dealers, with an aim of spreading awareness and information about PHEVs among customers, and also exceeding the level of competence. This factor is anticipated to impel the growth of the market. However, majority of the population across the globe is unaware of the PHEV technology. In addition, consumers are hesitant when it comes to unfamiliar technologies, for example – there may be doubts concerning batter life and its replacement cost, along with recharging time and convenience. This factor is negatively impacting the growth of the market.
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The report titled “Plug-in Hybrid Vehicles Market: Global Historical Growth (2013-2017) & Future Outlook (2018-2027) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global Plug-in Hybrid Vehicles Market in terms of market segmentation, by vehicle type, by electric powertrain type and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Plug-in Hybrid Vehicles Market which includes company profiling of General Motors Corporation, Toyota Motor Corporation, Mitsubishi Motors Corporation, BYD Auto Co. Ltd, Volkswagen AG, BMW AG, Honda Motor Co. Ltd, Hyundai Motor Company, and Daimler AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Plug-in Hybrid Vehicles Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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