Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market Trends, Scope, Forecast 2027

Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Introduction

Plug-in hybrid electric vehicle (PHEV) uses an electric motor in addition to an internal combustion engine to obtain power. These vehicles can be externally recharged, which allows them to drive over extended distance. The electric motor used in PHEV helps reduce fuel consumption and produces less pollution.

Global Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Competition Landscape

In 2018, Toyota Motor Corporation announced the launch of Corolla and Levin PHEV passenger cars in 2019. The company is also set to invest in China to boost the production of inverters, batteries, and other electric vehicle technologies. The PHEV variants of Corolla and Levin will be manufactured in China, which would the first overseas production of PHEV vehicles by Toyota Motor Corporation.

Tesla

Founded in 2003, Tesla is headquartered in Palo Alto, California, the U.S. The company is a leading manufacturer of electric vehicles and green energy solutions. The company manufactures PHEV and fully electric vehicles. Tesla is a pioneer in global electrification and a key player operating worldwide.

BMW AG

Founded in 1916, BMW AG is headquartered in Munich, Germany. The company operates through two business verticals: automotive and motorcycle. BMW AG has 31 production plants worldwide and is located in 51 countries. The company offers PHEV models such as X5, Mini Countryman, 330e, and 530e, among others. The company is investing in the development of the electric vehicle technology. BMW AG has targeted to launch 25 electric models by 2025.

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Toyota Motor Corporation

Founded in 1937, Toyota Motor Corporation is headquartered in Toyota City, Japan. The company is a leading manufacturer of vehicles worldwide. The company’s brands include Lexus, Toyota, TRD, Ranz, Daihatsu, and Gazoo Racing.

Global Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Dynamics

Government Incentives Fueling Demand for Plug-in Hybrid Electric Vehicles

Sale of plug-in hybrid electric vehicles is largely influenced by government incentives. The sale of PHEVs has increased substantially is Europe, following the decline in car registration charges for PHEVs and taxes. The China Government is supporting the production of PHEVs by offering subsidies on electric batteries, PHEVs, and battery electric vehicles (BEVs). Other non-monetary benefits, such as access to special driving lanes and free parking have spurred the adoption of PHEVs.

Stringent Emission Norms to Drive Global Market

Automakers are manufacturing plug-in hybrid electric vehicles to meet rising emission standards. The Government of China has directed automakers to include 3%–4% production of electric vehicles in their total production in 2019–2020, thereby boosting the automotive plug-in hybrid electric vehicle (PHEV) market in China. China, India, Mexico, and Brazil are likely to revise their emission norms and reach the EURO 6 equivalent standards. Higher targets for CO2 emission are expected to fuel the adoption of plug-in hybrid electric vehicles and drive the global market.

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Global Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Segmentation

In terms of vehicle type, the global automotive plug-in hybrid electric vehicle (PHEV) market can be segmented into: