Global Plug-in Hybrid Electric Vehicles Market is Predicted to Reach 4,263.00 Thousand Units by 2027

The latest market report published by Credence Research “Global Plug-in Hybrid Electric Vehicles Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around 2,068.38 Thousand Units in 2020 and expected to reach a healthy CAGR of over 12.81% during the forecast period from 2021 to 2027 to reach around 4,263.00 Thousand Units in 2027.

Global Plug-in Hybrid Electric Vehicles Market, 2020 – 2027 (Thousand Units)

With improved fuel efficiency and longer travel ranges that are not restricted by battery power, plug-in hybrid electric vehicles have the ability to reduce greenhouse gas emissions. Leading PHEV manufacturers agree that “greening up the grid and using existing energy infrastructure” is preferable than “constructing a whole new vehicle refueling infrastructure for accommodating greener liquid fuels for transportation purposes.”

Browse full report: https://www.credenceresearch.com/report/plug-in-hybrid-electric-vehicles-market

Key Trends in Global Market

Restraints due to High Cost of PHEVs

The global market growth is hampered due to the shortage of infrastructure such as plug-in charging stations, surged costs of plug-in hybrid electric cars, and high battery costs. To address these obstacles, the government organizations and private sector should collaborate to reduce the cost of plug-in hybrid vehicles and build appropriate infrastructure. In addition, public awareness campaigns should be conducted to educate the public about the advantages of plug-in hybrid electric vehicles over traditional vehicles.

Manufacturers of Luxury and High-performance Vehicles are shifting towards Hybrid Technology

Automobile giants such as BMW, Volkswagen and Mercedes-Benz are focusing on the production of electrified platforms in order to meet strict pollution targets. Manufacturers of luxury and high-performance vehicles are increasingly emphasizing on hybrid technology. Numerous research institutes, such as the Plug-in Hybrid and Electric Vehicle (PH&EV) Research Center, collaborate with automakers, utilities, regulators, and other research institutes including the Electric Power Research Institute. The partnerships are meant to create a long-term market for these vehicles.

Global Market by Vehicle Type Insights

Light Commercial Vehicles and Passenger Cars are the two Vehicle Types available in this market. Passenger Cars dominated the market share in 2020. It is popular in number of countries like Netherlands, India, China, Canada and US. In fact, in 21 European countries, registration of 552,899 new electric passenger cars was recorded in 2020.

Passenger Cars Segment to Dominate the global market

Global Market by Vehicle Type, 2020

Global Market by Technology Insights

Global market is segmented based on Technology as Series, Parallel, and Series-Parallel. Consumers are expected to continue to be interested in parallel hybrid PHEVs, with sales expected to grow at a double-digit CAGR during the forecast period.

Global Market by Regional Insights

The market for these vehicles is prominent in European and North America nations, though in Asia Pacific region China and Japan are the major market for plug-in hybrid electric vehicles. North America and Europe have a strong demand for plug-in hybrid electric vehicles, but China and Japan are the largest markets in Asia Pacific.

Global Market Competitive Landscape

Most prominent players in the global market include Daimler AG, BYD Auto Co. Ltd, General Motors Corporation, Volkswagen AG, Toyota Motor Corporation, Honda Motor Co. Ltd, Mitsubishi Motors Corporation, Hyundai Motor Company, BMW AG, and Apple Automotive. The report covers very detailed profiles of these key players.

Global Market, Company Distribution Network, 2020

Market Segmentation

Global Plug-in Hybrid Electric Vehicles Market by Vehicle Type, 2015 – 2027

· Passenger Cars

· Light Commercial Vehicles

Global Plug-in Hybrid Electric Vehicles Market by Technology, 2015 – 2027

· Series

· Parallel

· Series-Parallel

Global Plug-in Hybrid Electric Vehicles Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Plug-in Hybrid Electric Vehicles Market: Key Players

· Daimler AG

· General Motors Corporation

· Toyota Motor Corporation

· Mitsubishi Motors Corporation

· BYD Auto Co. Ltd

· Volkswagen AG

· BMW AG

· Honda Motor Co. Ltd

· Hyundai Motor Company

. Apple Automotive