Published Date : 09 Jun 2023
The global plug-in hybrid electric vehicles market size was evaluated at USD 134.35 billion in 2022 and is expected to rise to USD 279.4 billion by 2030, growing at a strong CAGR of 9.58 percent during the forecast period from 2022 To 2030.
The plug-in hybrid electric vehicles combine a large rechargeable battery and an electric motor with a diesel and gasoline engine. The plug-in hybrid electric vehicles may be plugged into an outlet and recharged, allowing them to travel greater distances on only electricity. The plug-in hybrid electric vehicles have the potential to reduce greenhouse gas emissions by improving fuel efficiency and providing longer driving ranges that aren’t restricted by battery capacity.
The people are becoming more aware of the issue of emissions. The regulatory agencies in charge of similar situations are likely to enact tighter rules. The original equipment manufacturers are expected to be forced to produce electric and hybrid vehicles as a result of these strict restrictions. Furthermore, plug-in hybrid electric vehicles are noted for releasing low level of greenhouse gases, which are harmful to the environment. Gasoline and diesel vehicles, on the other hand, pollute the environment to much extent.
Based on the powertrain, the parallel hybrid segment dominated the global plug-in hybrid electric vehicle market in 2022 with the highest market share. The demand for parallel hybrids will be boosted by the usage of regenerative braking and the lower cost of micro and mild hybrids compared to plug-in hybrid electric vehicles. The most popular hybrid vehicle technology is the regenerative braking system.
Plug-in Hybrid Electric Vehicles Market Report Scope:
|Market Revenue in 2023||USD 147.23 Billion|
|Projected Forecast Revenue in 2030||USD 279.4 Billion|
|Growth Rate from 2022 to 2030||CAGR of 9.58%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
North America is the largest segment for plug-in hybrid electric vehicle market in terms of region. The subsidies are provided by North America government to help the economy to flourish. The plug-in hybrid electric vehicle market will benefit from the U.S.’s mass adoption of plug-in hybrid electric vehicle technology.
Asia-Pacific region is the fastest growing region in the plug-in hybrid electric vehicle market. The plug-in hybrid electric vehicle sales have surged in South Korea, Japan, and China, contributing to the region’s growth. The key market players in the plug-in hybrid electric vehicle market are also based in the Asia-Pacific region.
The automobile manufacturers are focusing on the development of improved plug-in hybrid electric vehicle systems that are expected to emit fewer pollutants while costing less. The companies have also begun developing smaller engines for use in automobiles, as smaller engines help meet pollution standards. The compactness and low cost of these engines adds another dimension to their utility. As a result, the future development of advanced gasoline direct injection systems opens up numerous opportunities for market players. Thus, technological advancements are driving the growth of the plug-in hybrid electric vehicle market during the forecast period.
Lack of charging infrastructure
The lack of infrastructure to support the growth of plug-in hybrid electric vehicles has proven to be a market barrier. Many countries around the world have a scarcity of plug-in hybrid electric vehicle charging stations. As a result, public plug-in hybrid electric vehicle charging becomes less accessible, lowering market demand for plug-in hybrid electric vehicles. Despite the fact that many governments are attempting to establish charging infrastructure for plug-in hybrid electric vehicles, most countries have not been able to develop an adequate number of charging stations. Thus, this factor is restricting the market growth.
Rise in demand for efficient vehicles
Since gasoline is a fossil fuel, it is not a renewable energy source and will be depleted in the future. To support sustainable development, it is critical to develop and use alternative fuel sources. This necessitates the use of plug-in hybrid electric vehicles, which do not require gasoline and are less expensive than conventional vehicles. An electric vehicle converts more than half of the grid's electrical energy to power at the wheels, whereas a gas-powered vehicle only converts about 17–21% of the energy stored in gasoline. The recent increase in the price of gasoline and diesel has increased demand for fuel-efficient vehicles. Thus, the rise in demand for efficient vehicles is creating lucrative opportunities for the growth of the plug-in hybrid electric vehicle market during the forecast period.
High cost of production
Plug-in hybrid electric vehicles are preferable to conventional vehicles, though they are more expensive. The lack of charging infrastructure associated with the development of plug-in hybrid electric vehicles has proven to be a barrier to market growth. Similarly, manufacturers require a substantial amount of capital and assets, which may stifle market expansion. The cost of batteries is expected to fall in the coming years as a result of increased production of plug-in hybrid electric vehicle batteries in large quantities and technological advancements. As a result, the production of plug-in hybrid electric vehicles necessitates a significant investment, which is a huge challenge for market growth.
Major Key Players:
By Power Source
By Vehicle Type
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