Plug-in Hybrid Electric Vehicles (PHEV) Market Size Predictions : USD 275.8 Bn by 2032
The global market for plug-in hybrid electric vehicles is anticipated to reach a value of US$ 120.87 billion in 2022 and continue to grow at a CAGR of 8.6% from 2022 to 2032, according to data from Future Market Insights. The market for plug-in hybrid electric vehicles is expected to grow rapidly, with the top 3 nations expected to control between 30 and 35 percent of it by the end of 2022.
Around 41% of the global market for electric vehicles, estimated to be valued at $288.36 billion in 2021, is made up of plug-in hybrid electric vehicles.
The Plug-in Hybrid Electric Vehicles market will surpass US$ 118.24 Bn in 2021, per the FMI estimate. The market for plug-in hybrid electric vehicles is projected to grow at a CAGR of 8.6% between 2022 and 2032. With the top 5 major manufacturers expected to control 60-65% of the global market for plug-in hybrid electric vehicles by the end of 2022, the demand for the passenger car segment by vehicle type is expected to increase.
Key Players:
- Renault SA
- Nissan Motor Corporation Limited
- Volkswagen AG
- Honda Motor Company Limited
- General Motors
- Ford Motor Company
- Daimler AG
- Mitsubishi Heavy Industries Ltd.
- Toyota Motor Corporation
- BMW AG
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