Plug-in Hybrid Electric Vehicles (PHEV) Market Future Scenario, Key Insights, Top Companies 2032Posted by Research23 on February 27th, 2024 The global plug-in hybrid electric vehicles (PHEV) market is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period spanning from 2022 to 2032. In 2022, the market's estimated value stood at US$ 69,720.5 Million, and it is expected to surge significantly, potentially reaching an impressive US$ 3,80,665.9 Million by the year 2032. This anticipated growth represents a substantial increase in market value compared to historical trends, as the market previously recorded a CAGR of 14.4% according to an analysis conducted by Future Market Insights. Over the past few years, the market for plug-in hybrid electric vehicles (PHEV) has experienced phenomenal development. The industry is expanding as a result of the public's increased focus on using environmentally friendly vehicles. promoting the population's welfare and keeping in mind the current climatic conditions. The market is anticipated to continue expanding at a rapid rate as plug-in hybrid vehicles continue to gain popularity around the world, which will help PHEV sales rise overall in the future years. Get Access to Sample Now: Due to increasing public awareness of the fuel efficiency of hybrid electric vehicles, the PHEV industry is expected to offer opportunities for sustainable growth. Additionally, major PHEV producers are focusing on employing the current electrical infrastructure. Additionally, they are concentrating on greening the grid rather than building a completely new infrastructure to refuel cars with cleaner liquid fuels. Consequently, promoting the practicality of plug-in hybrid electric cars and assisting in boosting sales. Competitive Landscape Various companies in the market are focusing on extending their portfolio of electrified automobiles to efficiently cater to the changing needs of the customers while simultaneously retaining their competitiveness globally. Some of the major companies have developed new products which offer the benefits of two cars in one. These products are anticipated to offer the benefits and flexibility of both longer trips and everyday driving. The automotive functions as a hybrid car and can be charged just like other electric vehicles. At present, the Asian continent is poised to create robust opportunities over the assessment period. In countries like India, the emergence of hybrid vehicles is attracting cost-conscious buyers. These hybrid automobiles meet stricter emission norms, while the current prices of motor fuel are soaring in the country. Hybrid vehicles may be costly in comparison to traditional petrol cars but may offer significant fuel efficiency in comparison to petrol-run cars. The market players pay keen attention to maintaining superior quality of the products and innovation. Furthermore, they are also trying to diversify their range of manufacturing, indulging in mergers and acquisitions, and adopting organic growth strategies for a strong foothold in the global market. Some of the key companies in the market are
Read more: https://www.futuremarketinsights.com/reports/plug-in-hybrid-electric-vehicles-phev-market More Insights into the Plug-in Hybrid Electric Vehicles (PHEV) Market The European market is anticipated to dominate the global plug-in hybrid electric vehicles (PHEV) market. The growth of the region is attributed to the rising implementation of favorable policies that are actively promoting the usage of automobiles that lower greenhouse gas emissions, thus contributing towards a greener planet. Furthermore, the European population is embracing technologically advanced HEVs. They are known for their cost and fuel efficiency, therefore facilitating the market growth of PHEVs in the region. The rapid expansion of charging station infrastructure combined with the support of private industry and federal and state policymakers are strengthening the market size in this region. Another key driver for the regional growth includes the rising R&D activities to develop newer versions/types of plug-in hybrid electric vehicles. Like it? Share it! More by this author |