Rising demand for eco-friendly transportation is boosting the plug-in hybrid electric vehicle (PHEV) market. The study by Future Market Insights (FMI) explores factors such as government incentives, environmental concerns, and market trends driving this growth.
NEWARK, Del., March 7, 2024 /PRNewswire/ — The plug in hybrid electric vehicle (PHEV) market is anticipated to be valued at US$ 35.93 billion by 2024. The market valuation is estimated to be US$ 186.4 billion by 2034, projected at a CAGR of 17.9%.
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The market is experiencing significant growth driven by various key factors. One of the primary drivers is increasing environmental consciousness among consumers, who are seeking eco-friendly transportation options to reduce their carbon footprint and combat climate change. PHEVs offer a promising solution by combining electric propulsion with an internal combustion engine, allowing drivers to switch between electric and gasoline power as needed.
Government incentives and regulations also play a crucial role in driving the adoption of PHEVs. Many countries offer tax credits, rebates, and other incentives to encourage consumers to purchase PHEVs, while emissions regulations incentivize automakers to produce more fuel-efficient and low-emission vehicles. These policies create a favorable environment for PHEV adoption and contribute to market growth.
Despite the positive momentum, the PHEV market faces several challenges. One significant challenge is range anxiety, as PHEVs typically have a limited electric range compared to fully electric vehicles (EVs). This limitation can deter some consumers from considering PHEVs, especially those who require long-distance travel capabilities. Additionally, the availability and accessibility of charging infrastructure remain a concern in some regions, impacting the convenience and practicality of owning a PHEV.
Several trends are shaping the future of the PHEV market. Technological advancements, such as improvements in battery technology and electric drivetrains, are extending the electric range of PHEVs and enhancing their overall performance.
Automakers are expanding their PHEV offerings to include various vehicle types and configurations, catering to different consumer preferences and needs. Furthermore, the growing focus on sustainability and corporate social responsibility drives businesses and fleet operators to adopt PHEVs as part of their vehicle fleets, contributing to market growth.
Report Coverage:
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Attributes |
Details |
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Estimated Market Size in 2024 |
US$ 35.93 billion |
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Projected Market Valuation in 2034 |
US$ 186.4 billion |
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Value-based CAGR 2024 to 2034 |
17.9 % |
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Forecast Period |
2024 to 2034 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
Value in US$ billion |
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Key Market Segments Covered |
Plug in Hybrid Electric Vehicle (PHEV) Market – Key Segments By Vehicle Type:
By Technology:
By Region:
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Key Countries Profiled |
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Key Companies Profiled |
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Key Takeaways from the Market Study
- Under vehicle type, passenger cars are registered to account for a market share of 78.4% in 2024.
- China is estimated to register at a CAGR of 14.1% by 2034.
- Canada experiences significant growth, projected at a CAGR of 15.3% by 2034.
- Based on powertrain, the parallel hybrid segment is accounted to hold a market share of 82.1% in 2024.
“The surge in demand for eco-friendly transportation solutions among consumers who seek to reduce their carbon footprint and mitigate the impact of climate change is one significant driver for the PHEV market,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
The competitive landscape of the plug-in hybrid electric vehicle (PHEV) market is characterized by established automakers and emerging players vying for market share.
Leading companies such as Toyota, Honda, and BMW dominate the market with diverse PHEV offerings, while newcomers like Tesla and Rivian disrupt the market with innovative technology and advanced electric drivetrains.Top of Form Some of the key developments are:
- Toyota Motor Corporation continued its commitment to electric mobility by expanding its plug-in hybrid electric vehicle (PHEV) lineup. The company unveiled new PHEV models featuring advanced battery technology and an extended electric range, catering to consumers’ growing demand for eco-friendly transportation options.
- BMW AG made significant strides in the PHEV market by introducing innovative plug-in hybrid models. The company launched new PHEV variants across its lineup, leveraging its electrification and automotive engineering expertise to offer high-performance and efficient hybrid drivetrains.
Purchase now and gain full access to the plug-in hybrid Electric Vehicle Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
More Valuable Insights Available
Future Market Insights offers an unbiased global plug in hybrid electric vehicle (PHEV) market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the plug in hybrid electric vehicle (PHEV) market is segmented based on Vehicle Type (Passenger Car, Light Commercial Vehicle), Technology (Series, Parallel, Series-Parallel), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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