Global Plug In Hybrid Electric Vehicles Market Size By Powertrain (Series Hybrid, Parallel Hybrid), By Power Source (Stored Electricity, On-board Electric Generator), By Vehicle Type (Passenger Cars, Commercial Vehicles, Two Wheelers), By Geographic Scope And Forecast

Plug In Hybrid Electric Vehicles Market Size And Forecast

Plug In Hybrid Electric Vehicles Market size was valued at USD 130.31 Billion in 2022 and is projected to reach USD 271.01 Billion by 2030, growing at a CAGR of 9.6% from 2023 to 2030.

The plug-in hybrid electric vehicle industry is expanding due to increasing public focus on using sustainable vehicles, rising environmental concerns, and stringent emissions standards. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Plug In Hybrid Electric Vehicles Market Definition

So, a plug-in hybrid electric vehicle? Think of it as a hybrid car that has a regular engine and a battery you can charge two wayseither while you're driving, or by plugging it into an outlet like you would your phone. Most of them are passenger cars, but you can also find them as buses, motorbikes, utility trucks, trains, and even military vehicles. Yep, they come in vehicle and commercial versions too! Right now, you'll find a bunch of light-duty plug-in hybrids, and even some medium-duty ones are starting to pop up. Now, here's the thingthey do cost more than your average gas-guzzler or even a regular hybrid. But hey, the government offers federal tax credits, and you'll save on fuel! Plus, there are other financial incentives and subsidies that can help make them more affordable.

Plug-in hybrid electric cars have a few ways to get their batteries chargedyou can use the trusty internal combustion engine, plug into an external electric power source, or even take advantage of regenerative braking. That's where the electric motor steps in as a generator when you brake, grabbing back energy that would normally just be wasted and putting it back into the battery. Now, how much gas a plug-in hybrid uses really comes down to how often you charge it. If you never plug it in, you'll get about the same fuel efficiency as a regular hybrid of the same size. But, if you drive shorter distances than the battery's all-electric range and plug in between trips, you could potentially run on electric power alone. So, to really get the most out of going electric, charging up frequently is the key!

Global Plug In Hybrid Electric Vehicles Market Overview

So, the world of plug-in hybrid cars is really taking off, right? People are caring more about sustainable vehicles, worrying about the environment, and facing stricter rules about emissions. But, there are definitely some roadblocks. Like, we need way more places to charge these things, and let's be honest, they can be pretty expensive, especially those batteries. To really get things moving, we need government and companies to team up and build out the charging network and bring those prices down. Plus, we need to show people why plug-in hybrids are a better choice than your average gas guzzler.

Plug-in hybrid electric vehicles are a big deal because they help cut down on greenhouse gases, really giving the market a boost! When we talk about the market for these PHEVs, we're talking about cars that get their power from multiple sources – usually a classic internal combustion engine and an electric generator. The cool thing is, these electric systems, when plugged into similar generators, work better because they still use gasoline or diesel. The generator also powers the electric motor. Basically, a plug-in hybrid electric vehicle is designed so the engine can sip on different fuels while staying efficient no matter how fast you're going. This tweaking and tuning makes the engine run smoother and, importantly, saves you a bunch of money at the pump!

Hybrid cars? Yeah, they can be pretty pricey, which is a real challenge for getting them out there. The big thing driving that cost is the battery – you know, the heart of any hybrid, especially a plug-in! That battery really bumps up the price compared to your regular gasoline or diesel car. All those fancy components, like the battery and that regenerative braking system, they add up. But hey, there's good news! Battery prices have been dropping like crazy lately. Plus, the folks making them are doing tons of R&D to make them even cheaper. And on top of that, governments are getting involved, so we're seeing huge potential for hybrid cars to take off in countries where the economy is still growing.

Global Plug In Hybrid Electric Vehicles MarketSegmentation Analysis

The Global Plug In Hybrid Electric Vehicles Market is Segmented on the basis of Powertrain, Power Source, Vehicle Type, And Geography.

Plug In Hybrid Electric Vehicles Market, By Powertrain

• Series Hybrid
• Parallel Hybrid
• Combined Hybrid

When we look at what powers these vehicles, the market splits into three typesSeries Hybrid, Parallel Hybrid, and Combined Hybrid. Back in 2021, parallel hybrid vehicles were the most popular type of plug-in hybrid. How do they work? Well, a plug-in hybrid electric vehicle in parallel hybrid mode uses both an engine and an electric motor, working together to turn the wheels. The engine directly drives the wheels, and the electric motor kicks in to help when needed. This parallel setup is great because it cuts down on power losses during conversions between the electric motor and battery, allows for a smaller traction motor, and doesn't need a generator – all adding up to better efficiency!

Plug In Hybrid Electric Vehicles Market, By Power Source

• Stored Electricity
• On-board Electric Generator

Based on Power Source, the market is bifurcated into Stored Electricity and On-board Electric Generator. In 2021, the market for plug-in hybrid electric vehicles was dominated by the stored electricity segment. A plug-in hybrid electric vehicle’s low voltage auxiliary battery powers the plug-in hybrid electric vehicle’s accessories in addition to starting the vehicle before the traction battery turns in. The onboard electric generator segment was the fastest growing segment of the market in 2021.

Plug In Hybrid Electric Vehicles Market, By Vehicle Type

• Passenger Cars
• Commercial Vehicles
• Two Wheelers
• Others

Based on Vehicle Type, the market is bifurcated into Passenger Cars, Commercial Vehicles, Two Wheelers, and Others. The passenger cars segment dominated the Plug In Hybrid Electric Vehicles Market in 2021. Because there are more government efforts and energy source alternatives. Additionally, the industry is being driven by a growing awareness of environmental pollution and lower CO2 emissions. Additionally, rising gas prices dominate the markets for commercial vehicles and two-wheelers.

Plug In Hybrid Electric Vehicles Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

When we look at where plug-in hybrid electric vehicles (PHEVs) are popular around the world, we can break it down by regionNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Back in 2021, Asia-Pacific really stood out as the biggest market for these vehicles. Why? Well, it's a region with a huge, largely middle-class population. Basically, lots of people live there, and they're buying PHEVs! Because of this, experts think we'll see even more PHEVs sold in Asia-Pacific going forward. Plus, with gas prices going up, more and more people are turning to plug-in hybrids as a way to save money.

Key Players

The “Global Plug In Hybrid Electric Vehicles Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Nissan Motor Co., Ltd, Mercedes-Benz Group AG, General Motors, Volkswagen AG, Renault Group, Ford Motor Company, BMW Group, Honda Motor Co., Ltd, MITSUBISHI HEAVY INDUSTRIES, LTD, and TOYOTA MOTOR CORPORATION. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In May 2022Nissan announced its collaboration with British adventurer, Chris Ramsey, to undertake the world’s-first all-electric driving adventure from the magnetic North Pole to the South Pole.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Plug In Hybrid Electric Vehicles Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global Plug In Hybrid Electric Vehicles Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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