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Plug-in Hybrid Electric Vehicles Market
Plugin Hybrid Electric Vehicles, or, PHEVs, combine a large rechargeable battery and an electric motor with a diesel or gasoline engine. PHEVs are capable of being plugged-in and recharged through an outlet, enabling them to drive longer distances by utilising just electricity.
Plug-in hybrid electric vehicles possess the potential of reducing greenhouse gas emissions, with increased fuel efficiency and longer driving ranges, which are not limited by capacity of the battery. Leading manufacturers of PHEVs believe in the fact that “greening up the grid and utilising exiting electricity infrastructure would be more convenient, instead of building a completely new vehicle refuelling infrastructure for accommodating greener liquid fuels for purpose of transportation.
Over the next decade, PHEVs are expected to offer relatively lower lifecycle costs than hydrogen fuel-cell as well as internal combustion (IC) vehicles. By 2025, 100 new models of PHEVs would be launched, with an estimated 3.7 Mn units to be sold. This indicates a transformational growth for the global plug-in hybrid electric vehicles market, which would be mainly driven by factors such as consumer attraction toward more appealing alternatively-fuelled vehicles.
In a bid to comply with stringent emission targets, automotive giants including Mercedes Benz, BMW, and Volkswagen, are concentrating on development of electrified platforms. High-performance & luxury automobile manufacturers are shifting their focus toward hybrid technology.
Several research centres, for example – The Plug-in Hybrid & Electric Vehicle (PH&EV) Research Center are collaborating with utilities, regulators, automakers, as well as other research institutes such as Electric Power Research Institute. The collaborations aim at the development of a sustainable market for plug-in hybrid electric vehicles.
However, majority of the population across the globe is unaware of the PHEV technology. In addition, consumers are hesitant when it comes to unfamiliar technologies, for example – there may be doubts concerning batter life and its replacement cost, along with recharging time and convenience.
Manufacturers are therefore concentrating on forging a strong partnership with retail car dealers, with an aim of spreading awareness and information about PHEVs among customers, and also exceeding the level of competence.
The global plug-in electric vehicles market will exhibit a staggering expansion throughout the forecast period 2017 to 2022, as projected by a latest study of Persistence Market Research (PMR). The global PHEVs market is estimated to surpass revenues worth US$ 20,000 Mn by 2022-end.
Europe is projected to be the fastest expanding market for PHEVs through 2022. In addition, Asia-Pacific excluding Japan (APEJ) will continue to be the largest market for PHEVs, with sales estimated to exceed US$ 8,000 Mn in revenues by 2022-end. In contrast, Middle East & Africa (MEA) is anticipated to be the least lucrative market for PHEVs over the forecast period.
On the basis of power source, sales of stored electricity PHEVs are expected to outgrow sales of on-board electric generator PHEVs through 2022. Sales of stored electricity PHEVs are expected to account for over three-fourth revenue share of the market during 2017 to 2022.
Based on powertrain, parallel hybrid PHEVs are expected to remain sought-after among consumers, with sales projected to expand at a high double-digit CAGR through 2022. Sales of series hybrid, and combined hybrid PHEVs will collectively account for over one-fourth revenue share of the market throughout the forecast period.
Accounting for over half revenue share of the market during 2017 to 2022, passenger cars will remain dominant in the global PHEVs market, based on vehicle type. In addition, revenues from two wheeler PHEVs are expected to be relatively lower, however their sales are expected to witness a robust expansion through 2022.
PMR’s report has profiled key participants in the global PHEVs market, which include Renault SA, Nissan Motor Corporation, Limited, Volkswagen AG, Honda Motor Company, Limited, General Motors, Ford Motor Company, Daimler AG, Bayerische Motoren Werke AG, Mitsubishi Heavy Industries Ltd., and Toyota Motor Corporation.
The report has offered forecast of the global plug-in hybrid electric vehicles market based on a segmentation analysis. The global PHEVs market has been segmented on the basis of vehicle type, powertrain, power source, and region. The chapters of the report offering forecast on segmentation analysis comprise market numbers in terms of revenue comparison, market share comparision, and Y-o-Y growth comparison. The report also offers analysis of the global PHEVs market across 6 key regions viz. Asia-Pacific excluding Japan (APEJ), North America, Europe, Latin America, Middle East & Africa (MEA), and Japan.