Plug-in Hybrid Electric Vehicles Market Analysis

Power Source (Stored Electricity, On-board Electric Generators)

Stored electricity segment is poised to hold over 75.1% plug-in hybrid electric vehicles market share by the end of 2037. Most plug-in hybrid electric vehicles use stored electricity from the connected batteries. Charging equipment or regenerative braking systems provide power to plug-in hybrid electric vehicles. Compared to fully electric models where the charging device is installed externally, PHEVs are powered by batteries. The ongoing innovations in batteries such as lithium-ion batteries are boosting the overall performance of vehicles. For instance, automotive lithium-ion battery sales increased by 65% to 550 GWh in 2022 from 330 GWh in 2021.

Vehicle Type (Passenger Cars, Commercial Vehicles, Two Wheelers, Others)

By the end of 2037, passenger cars segment is estimated to capture around 87.5% plug-in hybrid electric vehicles market share, owing to the increasing popularity of hybrid electric vehicles for their energy-efficiency quality. The dual power source aspect is majorly contributing to the sales growth of plug-in hybrid electric passenger vehicles. In March 2024, JSW MG Motor announced its plan to launch new plug-in hybrid electric passenger vehicles in India.

Our in-depth analysis of the plug-in hybrid electric vehicles market includes the following segments