The report of Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market by Product Type (Series, Parallel, PHEV), End User (Passenger Vehicle, Commercial Vehicles), Battery Type(Lithium-ion, Lead-Acid, Lead carbon), and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ XX Mn. by 2027, at a CAGR of 13 % during a forecast period.
Plug-in Hybrid Electric vehicle use motor along with engine which is used in Internal Combustion engine. Plug-in Hybrid vehicle is eco-friendly and runs on electrical power which is stored in battery to assist engine run vehicle. Plug-in Hybrid vehicle is not only depending on battery capacity. These vehicles can drive over extended distance.
Global Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Key Players
Toyota Motors launched plug in hybrid electric vehicle in passenger vehicle segment. The vehicle named Corolla and Levin which are launched in 2019. These vehicles have hybrid engine which will drive with the assist of electric motor. Toyota is also interested to invest in china for production of battery and inverter.
US car manufacturer Tesla is foremost manufacturer in electric vehicle and green energy. Tesla manufacture plug in hybrid electric vehicle as well as fully electric vehicle.
Germany vehicle manufacturer BMW operates two segments of vehicle, automotive and motorbike. BMW has Plug in hybrid vehicle line up as X5, 330e, 530e and Mini Countryman that will be targeted to launch in 25 such vehicle at the end of 2025.
Global Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Regional Overview
Asia Pacific Region will be a major market for Plug in Hybrid Electric Vehicle. PHEV forecasted to show growth owing to countries like Japan and China. India and South Korea are also taking initiatives to implement rules to reduce greenhouse gas emissions. These will surge the growth of plug in hybrid electric vehicle, which in result increases sale of solar module. To improve the use of renewable energy government is also taking initiative by reducing taxes on this type of vehicles and on manufacturing industries working in this sector got tax relaxations as well. Owing to this factor, the Asia Pacific region segment is forecasted to be a major market for Automotive Plug-in Hybrid Electric Vehicle (PHEV).
Europe is expected to be fastest growing region for market of plug in hybrid vehicle in forecasted period. Europe has rigid infrastructure for electric vehicle and hybrid vehicle technology also getting popular. Middle East and Africa will be least growing market for Plug in hybrid electrical vehicle.
The MMR report will provide an accurate prediction of the contribution of the various segments to the growth of the Automotive Plug-in Hybrid Electric Vehicle (PHEV) market size. By end-user, the Passenger Vehicle segment was valued at US$ XX Mn in 2020 and is expected to reach US$ XX Mn by 2027 at a CAGR of XX% during the forecast period.
Key players operating in the Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market are, Volkswagen, Toyota, Ford, Mahindra, Nissan, GM, Sono Motors, Cruise Car, Solar Electric Vehicle Company.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explain Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market.”
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