Global Plug-In Hybrid Electric Vehicle Market Report 2023: Rapid Adoption of EVs Points to Sustained and Substantial Growth

DUBLIN, May 24, 2023 /PRNewswire/ -- The "Global Plug-In Hybrid Electric Vehicle Market - Share, Size, Growth, Trends and Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The government incentives and regulations promoting low-emission vehicles, advances in battery technology, increasing demand for fuel-efficient vehicles, and growing consumer awareness and concern about the environment. Additionally, improvements in charging infrastructure, and range of the PHEVs, and the availability of more PHEV models from different manufacturers have also contributed to the growth of the global Plug in hybrid electric vehicle market.

However, the high cost of PHEVs compared to conventional gasoline vehicles, limited driving range of PHEVs on electric power alone, and lack of charging infrastructure in some areas are restraining the growth of PHEV market. Additionally, competition from other low-emission vehicle technologies, such as battery electric vehicles (BEVs) and hydrogen fuel cell vehicles, may also limit the growth of the PHEV market in the long term.

Plug-In Hybrid Electric Vehicles (PHEVs) are electric vehicles which use batteries to power an electric motor, as well as another fuel, such as gasoline or diesel, to power an internal combustion engine or another propulsion source. PHEVs can charge their batteries via charging equipment and regenerative braking. PHEVs offer advantages over conventional vehicles such as a high fuel economy use. Depending on one's driving habits, it is possible to drive a PHEV and barely ever go to a fuel station.

The global EV market is advancing rapidly. A total of 10.5 million brand-new BEVs and PHEVs were delivered in total in 2022, up +55% from 2021. But the pattern of regional growth is changing. The share of electric vehicles reached to 13% in 2022 from 8.3% in 2021, pointing to rapid growth.

In 2022, PHEV sales made up 27% of all Plug-in electric vehicle (PEV) sales, down from 29% in 2021. Although their sales volumes continued to rise, their share of the PEV mix is falling as a result of reduced incentives and better BEV offerings. The level of electrification is becoming an ever-greater factor in sales growth. Non-chargeable full hybrids increased by 15%, and mild hybrids increased by 1% year over year, while BEVs increased by +59% and PHEVs by +46%.

Rapid EV uptake in underdeveloped auto markets has increased EV shares even more. In 2022, compared to 8,3% in 2021, BEVs (9,5%) and PHEVs (3,5%) accounted for 13% of all light vehicle sales worldwide. Norway had the greatest EV market share (BEV 71% + PHEV 8%), followed by China (27%), Europe (20.8%), and the United States (7.2%). Indonesia (from 1k to 10k), India (+223% to 50k, practically all BEVs), and New Zealand (+151% to 23k for 20% market share) had the fastest growing markets. The global south is currently experiencing a rapid expansion of EV supply and uptake.

The global battery electric vehicles market is anticipated to dominate the EV segment as the cost of lithium-ion batteries is witnessing an impressive price reduction and rapid advancements in battery technology to beat the range anxiety associated with BEVs. Although PHEVs will coexist with EVs for a while until extensive charging infrastructure is established.

Regional Analysis
Europe

The number of new battery electric vehicle (BEV) registrations increased in 2022 despite a general downturn in the EU car market. As a result, the market share of BEVs increased to 12.1%, an increase of 3.0 percentage points over 2021. Hybrid vehicles also had a successful year, with a market share of 22.6%, and PHEVs with 9.4% of the new car sales in 2022. Traditional fuels like gasoline and diesel, meanwhile, continued to lose appeal. In all, they still made up more than half of the EU's auto sales in 2022.

United States

US passenger car sales decreased in 2022, but EV sales increased by an impressive 65 percent, or nearly two-thirds, over 2021 levels. 5.8% of all new cars sold in the US were electric vehicles, up from 3.1 percent the year before. Five years ago, only 55% of new electric car sales were BEVs; today, 75% of new EV sales are BEVs, which results in a higher share of BEVs compared to PHEVs in the overall EV stock (65%) than in 2015-2016 (about 50%).

Asia Pacific

Asia pacific is currently dominating the global EV market due to the presence of huge markets such as China and India which have registered exponential growth in EV sales in the recent years. The China Association of Automobile Manufacturers (CAAM) estimates that 6.89 million of the 26.86 million vehicles sold in 2022 were electric vehicles. Due to inexpensive electricity and government policies supporting electric mobility in China, EV sales nearly doubled, increasing by 93.4 percent year over year.

Plug-in hybrid sales are accelerating in China, and their popularity is anticipated to grow in the future years. Carmakers are competing to offer more models, and by the end of the year, subsidies for new energy vehicles are set to terminate.

Chinese automakers, particularly independent ones, have made significant investments in plug-in hybrid vehicles. With more to come in 2023, nearly all significant businesses, including BYD, Great Wall Motors, and Geely, have now debuted their PHEV models.

Though the Indian electric vehicle market is also growing at a rapid pace, majority of the new electric vehicles are battery electric vehicles.

Recent Developments

• Recently, Dongfeng Honda Automobile released details of its 2023 business plan. The automaker intends to accelerate the switch to electrified vehicles by releasing a number of hybrid and plug-in hybrid EVs in 2023. By 2025, the company wants to have 50% of its portfolio made up of EVs
• With the primary objective of growing the company's market share, Chinese automaker Geely announced its plan to introduce new vehicles every month in 2023, more than 90% of them being new energy vehicles
• Renault's mobility arm launches 'mobilize' power solutions for EV charging solutions in Europe. It will provide companies with a simpler and optimized solution for EV and PHEV fleet charging infrastructure

What is covered in the Report?
PHEV Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyse the degree of impact.

PHEV Market Analysis

This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.

This section also provides an assessment of COVID-19's impact on PHEV Market demand.

PHEV Market Size and Demand Forecast

The report provides the Global PHEV Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.

PHEV Market Industry Analysis

The report examines the critical elements of the PHEV industry supply chain, its structure, and the participants.

Using Porter's five forces framework, the report covers the assessment of the electric vehicle industry's state of competition and profitability.

PHEV Market Segmentation & Forecast

The report dissects the Global PHEV Market into various segments based on vehicle type (passenger vehicles, and commercial vehicles). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each market segment.

Further, market share, size, and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a 'bespoke' market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions. Following are the notable countries covered under each region.

North America - United States, Canada, Mexico, and Rest of North America
Europe - Germany, France, United Kingdom (UK), Norway, and the Rest of Europe
Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC
Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the Electric Vehicle industry such as Honda Motor Company Ltd, Mitsubishi Motor Corporation, Ford Motor Company, Toyota Motor Corporation, BMW AG, etc. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

For more information about this report visit https://www.researchandmarkets.com/r/m0tj88

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