Plug-in Hybrid Electric Vehicles Market to Reach US$ 20,000 Mn Revenues by 2022-End: Persistence Market Research

Persistence Market Research

APEJ Likely to remain the Most Lucrative Market in Global Plugin Hybrid Electric Vehicles Market During 2017-2022

A Plugin Hybrid Electric Vehicle (PHEV) is a combination of an electric motor with a gasoline or diesel engine along with a large rechargeable battery. A PHEV has the ability to be plugged-in in addition to recharge via an outlet, facilitating them to drive lengthy distances by using only electricity.

These vehicles have the potential of diminishing the greenhouse gas emissions, increased fuel competence along with longer driving scopes that are not restricted by the competence of the battery.

The worldwide market is considered to exhibit a staggering CAGR of 13.4% during the five year projection period of 2017-2022. The sales of PHEVs is also estimated to reach a market valuation of nearly US$ 20,000 Million in terms of revenues by the end of 2022.

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Market Segmentation

Analysis by vehicle type

Based on vehicle type, the overall market is segmented into two-wheelers, commercial vehicles, passenger cars and other such as golf cart etc. The passenger cars are projected to be the most productive in the worldwide market, with sales estimated to demonstrate the rapid expansion by 2022 end, followed by the commercial vehicles,

Analysis by power train

On the basis of power train, the worldwide market is categorized into a combined hybrid, parallel hybrid and series hybrid.  The parallel hybrid power train is likely to be the most sought in the worldwide market, with revenues anticipated to reach close to three-fourths of the market share throughout the assessment period of 2017-2022.

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Analysis by power source

Based on the power source, the market is broadly categorized into an onboard electric generator and stored electricity. The stored electricity segment is unlikely to change the status quo and will be the most lucrative across the globe, with sales projected to reach a value of about US$ 16,000 Mn in terms of revenue through the end of 2022. The onboard electric generator, however, is estimated to be relatively less attractive among customers.

Analysis by region

The overall market is segmented into Latin America, North America, APEJ, Japan, Europe and MEA. While APEJ is likely to be the most productive PHEVs market, the European market is considered to record the maximum CAGR by 2022 end. Additionally, North America is considered to remain the second biggest lucrative market for PHEVs through the end of the forecast period.

Key Market Player

The major companies operating in the worldwide market for plug-in hybrid electric vehicles include.

  • Groupe PSA
  • General Motors Company
  • Daimler AG
  • Ford Motor Company
  • Groupe Renault
  • Tesla Motors Inc.
  • Volkswagen AG
  • Toyota Motor Corporation
  • Mitsubishi Motors Corporation
  • Honda Motor Co. Ltd.
  • Bayerische Motoren Werke AG
  • Nissan Motor Corporation Ltd.

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Source: Persistence Market Research