Plug-in Hybrid Electric Vehicles (PHEV) Market share projected to register 18.5% CAGR through 2032

According to Future Market Insights research, The plug-in hybrid electric vehicles (PHEV) market share is expected to grow at a robust rate of 18.5% over the duration of the forecast period. In 2022, the market will be worth US$ 69,720.5 Million. By the year 2032, it is predicted that the market for plug-in hybrid electric cars (PHEV) will reach a peak of US$ 3,80,665.9 Million. The specialists at Future Market Insights have calculated a historical CAGR of 14.4% for the relevant market.

The sales of Plug-in Hybrid Electric Vehicles are estimated to propel with the top 3 countries projected to hold approximately 30-35% of the market by the end of 2022.

According to the study, the automotive industry is expected to witness a healthy growth backed by the technological advancements. Leading players are expected to launch unique driving techniques to strengthen their footprint. This will have a positive impact on the Plug-in Hybrid Electric Vehicles (PHEV) market. The report covers the ‘Highs and Lows’ of the past decade and gives future projections based on the latest trend in the automotive industry.

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COVID-19 Impact on Automotive Industry

With the onset of COVID-19, the automotive companies and market players witnessed a few set-backs. As the COVID-19 crisis continues to unfold, FMI delivers detailed and rapid insights to navigate through the crisis. The report presents in-depth findings obtained through innovative methodology. Information presented in the report, is interspersed with up-to-date statistics. Data available on the Plug-in Hybrid Electric Vehicles (PHEV) market is intended to aid both short-term and long-term strategic decision making. The report also offers a holistic overview, mapping the factors, opportunities and trends likely to help in the wake of the coronavirus pandemic.

The COVID-19 outbreak had a swift and severe impact on the automotive sector. Affects included disruption in supply chain activities and overall vehicle production. Starting in China, vehicle and vehicle part manufacturers around the world either placed their production lines on quarantine or shut down completely. This led to severe impact on automotive sales, thus hindering the Plug-in Hybrid Electric Vehicles (PHEV) market.

However, with recovery already registered in certain countries, future prospects are expected to improve for the Plug-in Hybrid Electric Vehicles (PHEV) market.

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Plug-in Hybrid Electric Vehicles (PHEV) Market: Segmentation

To gain a better perspective on the latest trends and opportunities, the information has been classified into key segments and sub-segments.

The global Plug-in Hybrid Electric Vehicle market is segmented on the basis of vehicle type, technology, and region.

The global Plug-in Hybrid Electric Vehicle Market is segmented on the basis of Vehicle Type

• passenger car
• light commercial vehicle.

The PHEV market is also segmented on the basis of Technology:

• series
• parallel
• series-parallel

Plug-in Hybrid Electric Vehicles (PHEV) Market: Competitive Analysis

The report on the Plug-in Hybrid Electric Vehicles (PHEV) market report offers a detailed analysis of some of the leading players operating in the market. It examines the impact of key strategies adopted by the market players, which include product launches, expansion of distribution channels, leveraging local networks, strategic mergers & acquisitions, and others.

Key players covered in the report include:

Daimler AG, General Motors Corporation, Toyota Motor Corporation, Mitsubishi Motors Corporation, BYD Auto Co. Ltd., Volkswagen AG, BMW AG, Honda Motor Co. Ltd., and Hyundai Motor Company among others.

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Critical Questions Answered in the Report

• Which are the top manufacturing companies operating in the Plug-in Hybrid Electric Vehicles (PHEV) market?
• What will be the future outlook of the Plug-in Hybrid Electric Vehicles (PHEV) market in the upcoming decade?
• Which are the some of the lucrative markets for Plug-in Hybrid Electric Vehicles (PHEV) market?
• Which factors will drive the Plug-in Hybrid Electric Vehicles (PHEV) market growth?
• What are the challenges faced by the prominent players of the global Plug-in Hybrid Electric Vehicles (PHEV) market?

Significant Contributions of the Report

• Key Trends and Challenges: Detailed analysis on the ‘ins and outs’ of the market with qualitative research and quantitative insights
• Recent Drivers and Opportunities: Detailed assessment on the key growth drivers, technological developments, and factors affecting the market over the forecast period.
• Segmental Analysis: Extensive research on each segment and sub-segment, compiled by expert research analysts of FMI
• Regional Market Forecast: Thorough analysis of each regional market to provide market players with real-time data and reliable statistic to gain a competitive edge in the industry
• Competitive Landscape: Comprehensive analysis on prominent players and new entrants eyeing to improve their revenue prospects in the industry