The Future of Plug-In Hybrid Vehicle Market: Trends, Competition, and Industry Size Forecasts

MANHATTAN, N.Y. - Feb. 20, 2023 - PRLog -- The global plug-in hybrid vehicle market is set to witness rapid growth in the upcoming years. This growth is a result of the continuous development of battery technology and the increasing preference of consumers towards electric vehicles. In a plug-in hybrid electric vehicle (PHEV), the electric motor is powered by the batteries in addition to the internal combustion engine that runs on gasoline. The car is composed of various components such as an electrical drive motor, charging port, battery pack, internal combustion engine, DC/DC converter, power electronics controller, onboard charger, and electric generator.

Although maintaining an electric vehicle is cheaper than maintaining an internal combustion engine, the initial cost of purchasing is higher due to various factors. Thus, the global plug-in hybrid vehicle market is expected to grow at a moderate pace in the coming years.

Many customers prioritize the driving range of electric vehicles, which is why PHEVs are becoming increasingly popular as they offer an increased EV range for daily commutes. In 2021, the International Energy Agency (IEA) estimated that over 6.8 million electric vehicles were delivered globally, and China saw a twofold increase in PHEV sales from the previous year, with over 600,000 PHEVs sold. European automakers and original equipment manufacturers (OEMs) are introducing PHEV versions of large and high-end car models to boost electric vehicle sales.

Asia-Pacific is the region with the most electric vehicles on the road, followed by Europe and North America. The demand for electric vehicles has surged as a result of the rigorous rules and restrictions that many countries around the world have put in place to reduce carbon emissions.

Based on vehicle type, passenger cars have more shares due to large number of vehicles on road. Additionally, The majority of automakers provide range of Passenger plug-in hybrid vehicle models which further increases its demand. Furthermore, On the basis of range, 40- 60 km segment leading the market with majority of shares followed by up to40 km.

Some of the major companies operating in the global plug-in hybrid vehicle Market includes:

• Renault SA
• Nissan Motor Corporation Ltd.
• Volkswagen AG
• Honda Motor Company Ltd.
• General Motors
• Ford Motor Company
• Daimler AG
• Bayerische Motoren Werke AG
• Mitsubishi Heavy Industries Ltd.
• Toyota Motor Corporation

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