Plug-in Hybrid Electric Vehicles Market Segmentation:
Power Source Segment Analysis
Stored electricity segment is poised to hold over 75.1% plug-in hybrid electric vehicles market share by the end of 2035. Most plug-in hybrid electric vehicles use stored electricity from the connected batteries. Charging equipment or regenerative braking systems provide power to plug-in hybrid electric vehicles. Compared to fully electric models where the charging device is installed externally, PHEVs are powered by batteries. The ongoing innovations in batteries such as lithium-ion batteries are boosting the overall performance of vehicles. For instance, automotive lithium-ion battery sales increased by 65% to 550 GWh in 2022 from 330 GWh in 2021.
Vehicle Type Segment Analysis
By the end of 2035, passenger cars segment is estimated to capture around 87.5% plug-in hybrid electric vehicles market share, owing to the increasing popularity of hybrid electric vehicles for their energy-efficiency quality. The dual power source aspect is majorly contributing to the sales growth of plug-in hybrid electric passenger vehicles. In March 2024, JSW MG Motor announced its plan to launch new plug-in hybrid electric passenger vehicles in India.
Our in-depth analysis of the plug-in hybrid electric vehicles market includes the following segments
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Power Source
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Powertrain |
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Vehicle Type |
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