The global Plug-in Hybrid Electric Vehicles market is expected to cross market value of 4,263.00 Thousand Units in 2027 from 2068.38 Thousand Units in 2020. It is expected to grow at a CAGR of over 12.81% during the forecast period.
A PHEV comprise of an electric motor, a rechargeable battery and gasoline engine. The IC Engine allows it to work even after the battery has been depleted. The vehicle's ability to travel long distances is aided by the amalgamation of electric and internal combustion engine fuel. They emit less toxic greenhouse gases than conventional vehicles, which makes them more environmentally friendly. PHEVs are extremely common in lot of countries, including the United States, Japan, Canada, China, the Netherlands, and others. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Plug-in Hybrid Electric Vehicles Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
High Demand at Automotive Industry
PHEVs are widely used in the automotive industry. The demand for these vehicles has been rising as automakers' specifications have become more stringent. For example, these adhesives are used to bind similar and dissimilar materials together, as well as to replace conventional substrate materials with synthetic substrates. The demand for these vehicles is also increasing as people become more concerned about the environment. These adhesives are used to tie together similar and dissimilar materials, as well as to substitute traditional substrate materials with synthetic substrates. As people become more concerned about the environment, this market is reaching high.
North America to Dominate the global market
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. North America dominated with over 48.12% share in 2020.
Global Market is led by the Passenger Cars in terms of vehicle type
Light Commercial Vehicles and Passenger Cars are the two Vehicle Types of global market. These vehicles emit greenhouse gases which are less harmful than traditional vehicles, making them more environmentally friendly. PHEVs are primarily passenger cars, but they can also be used in heavy commercial vehicles, light commercial vehicles, and two-wheelers. The growth of the electric commercial segment has been aided by the growing adoption of electric buses, especially in China and India.
Series continue to dominate the global market in terms of Technology
Series, Series-Parallel and Parallel are three various technologies of this market. Parallel has dominated the market and will continue to do so in future. Throughout the forecast period, sales of series hybrid and combined hybrid PHEVs will account for more than a quarter of the market's revenue.
Frequently asked questions about global industry
Which are the different Vehicle Types of in this industry? Ans: Light Commercial Vehicles, and Passenger Cars are the different Vehicle Types available in the market
Who are the prominent players in the global industry? Ans: Daimler AG, BYD Auto Co. Ltd, Toyota Motor Corporation, Volkswagen AG, Mitsubishi Motors Corporation, General Motors Corporation, and Honda Motor Co. Ltd are the key players operating in this market
Which is the fastest growing Technology segment for global industry? Ans: Parallel Technology offers tremendous opportunities to players
Which is the leading regional market for global industry? Ans: North America has the largest share owing to various developments happening in this space
What will be the CAGR (2021 - 2027) of in global industry? Ans: The market is anticipated to reach a CAGR of 12.81% in the forthcoming years
