Persistence Market Research (PMR), in its latest published report, has projected a staggering 13.4% CAGR for the global plug-in hybrid electric vehicles (PHEVs) market throughout the forecast period (2017-2022). Global sales of PHEVs are expected to account for over US$ 20,000 Mn revenues by 2022-end.
PHEVs to Come with Lower Life Cycle Costs than Vehicles Equipped with IC & Hydrogen Fuel-cell
With the potential to lower greenhouse gas emissions, plug-in hybrid electric vehicles have longer driving ranges without being restrained by battery capacity limits, and provide higher fuel-efficiency. Greening up the grid & utilising exiting electricity infrastructure is gaining popularity as a new trend among PHEV manufacturers, rather than constructing an entirely new vehicle refuelling infrastructure in order to accommodate green liquid fuels for transportation purposes.
From the perspective of consumers, PHEVs offer both, economic & environmental benefits, and flexibility & convenience of traditional fuels concerning longer travels. In next ten years, plug-in hybrid electric vehicles will come with a comparatively lower lifecycle prices, than the internal combustion (IC) and hydrogen fuel-cell engine equipped vehicles. In addition, approximately 4 Mn units of PHEVs are expected to be sold, with impending 100 new models to be launched globally, indicating a transformational growth for the PHEVs market. This growth would mainly be favoured by consumer attraction towards the appealing alternatively-fuelled vehicles.
Forging a Strong Relationship with Retail Vehicle Dealers Imperative for PHEV Manufacturers
Most of the population around the world has been observed to be unaware of PHEV technology. In addition, when it comes to electric vehicle technologies, consumers are hesitant in its adoption owing to concerns with recharging, convenience, and battery life along with its replacement cost. Forging a strong relationship with retail vehicle dealers is therefore imperative for manufacturers to spread information and awareness about PHEVs, and exceed level of competence.
High-performance & luxury vehicle manufacturers are inclining toward adoption of hybrid technology for making innovations and developments in their existing designs. Automotive giants such as Volkswagen, BMW, and Mercedes Benz, are focusing on developing their dedicated electrified platforms, to remain compliant with strict emission norms imposed on vehicles. A slew of research centres, including The Plug-in Hybrid & Electric Vehicle (PH&EV) Research Center, are concentrating on making collaborations with automotive manufacturers, regulators, various utilities, and also other research institutions such as Argonne National Lab, for developing sustainable market for PHEVs.
Key Takeaways from PMR’s Report on Global Plug-in Hybrid Electric Vehicles Market
- Although APEJ is anticipated to remain the most lucrative market for PHEVs, the market in Europe is projected to register the highest CAGR through 2022. In addition, North America is expected to be the second-largest market for plug-in hybrid electric vehicles by 2022-end.
- Stored electricity will continue to be preferred power source for PHEVs across the globe, with sales estimated to account for nearly US$ 16,000 Mn revenues by 2022-end. On-board electric generator will remain a relatively less attractive power source for PHEVs among customers.
- Parallel hybrid powertrain for PHEVs are expected to remain sought-after in the market, with revenues projected to account for approximately three-fourth share of the market during 2017 to 2022.
- On the basis of vehicle type, passenger cars segment of PHEVs are expected to remain the most lucrative in the global market, with sales projected to exhibit the fastest expansion through 2022. Commercial vehicles are expected to be the second most lucrative vehicle type of PHEVs in the market by 2022-end.
Key players profiled in PMR’s report on global plug-in hybrid electric vehicles market include Toyota Motor Corporation, Mitsubishi Heavy Industries Ltd., Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, General Motors, Honda Motor Company, Limited, Volkswagen AG, Nissan Motor Corporation, Limited, and Renault SA.