Plug-in Hybrid Vehicles Market By Propulsion (HEV, PHEV, NGV); By Electric Powertrain Type (Parallel Hybrid, Series Hybrid); By Degree of Hybridization (Full Hybrid, Micro Hybrid, Mild Hybrid); By Region (North America , Latin America, Europe, Asia Pacific, Middle east) – Global Demand Analysis & Opportunity Outlook 2027
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
A Plug-in Hybrid Vehicle (PHV) is a vehicle which works on batteries, internal combustion engine (IC Engine) and an electric motor. It can be recharged by plugging in the external source of electric power as well as its on-board engine and generator. The combination of both IC engine and battery lead to travel long distances and less utilization of fuel; which is environment friendly and cost-effective. Conventional vehicles emit more harmful greenhouse gases than the plug-in hybrid vehicle. PHV majorly focuses on passenger cars but it also entails with light commercial vehicle, heavy commercial vehicle and two wheelers. Charging the battery from the grid can cost lesser than using the on-board engine which consumes fuel such as petrol, diesel, and CNG helping to reduce operating cost.
The plug-in hybrid vehicle market is estimated to be 3,687 Thousand Units in 2017 and is projected to reach 7,954 Thousand Units by 2027, at a CAGR of 9.3% during the forecast period. This significant growth of the plug-in hybrid vehicle market can be attributed to less air pollution, less consumption of fuel and others. Further, development and manufacturing of advance electric passenger cars is expected to strengthen the growth of plug-in hybrid vehicle market.
In the regional platform, North America is the largest market in the term of market share of overall plug-in hybrid vehicles market. Further, North America is expected to continue its dominance over the forecast period. Increasing concern regarding environmental pollution and high disposal income of the consumer in the market of plug-in hybrid vehicles is believed to benefit from the rising demand for LMV (Light Motor Vehicle). U.S. is expected to contribute significant revenue to global plug-in hybrid vehicle during the forecast period. Continuous advancement in batteries and transmission system of vehicle is likely to drive the growth of PHV market in the country.
Asia Pacific plug-in hybrid vehicle market is expected to grow at a significant pace over the forecast period. Further, the market of commercial and passenger plug-in hybrid vehicle in Asia Pacific is projected to grow at highest CAGR during the forecast period. Increasing automotive research & development expenditure is envisioned to positively impact the growth of plug-in hybrid vehicle market. Moreover, rising pollution activities in Asia Pacific countries is expected to fuel the demand for plug-in hybrid vehicle market during the forecast period.
Our in-depth analysis has segmented plug-in hybrid vehicle market into the following segments:
Global plug-in hybrid vehicle market is further classified on the basis of region as follows:
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Plug-in hybrid vehicle is primarily driven by the rising adoption of the electric car in the populated cities of the world namely Los Angles, Beijing, Tokyo and New York. Further, rapid pace of urbanization and positive growth of the automotive industry is likely to positively influence the plug-in hybrid car market. In U.S., the growing trend towards the modern lifestyle has been observed among the population. People are inclined towards affordable, sedan and compact car that suits their changing lifestyles. Moreover, the automotive car manufacturers are trying to cater to the metropolitan ways of life to consumers and are adding appealing features to the cars. Therefore, the manufacturers in order to meet the rising needs of the consumers are diversifying their product portfolio. Their vehicle now includes the various new features that attributes by aesthetically appealing and comfortable rides without creation of pollution, and thus supplementing the growth of the global PHEV market.
The plug-in hybrid vehicle market is expected to grow at a higher pace in North America, Asia Pacific and Europe. Electric vehicle market is anticipated to grow on the account of rising environmental concern, subsidies & tax benefits by the government and stringent emission norms. Hybrid vehicle consumes electricity and save fuel which is beneficial for the growth of ecofriendly atmosphere in the era of air pollution.
However, lack of vehicle charging infrastructure is a major stumbling block for the growth of plug-in hybrid vehicle market. In addition, costs of fuel and other raw material have also increased which has increased the price of the electric vehicle in the U.S. and China.
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