Plug-in Hybrid Electric Vehicles Market Share

Asia Pacific Market

Asia Pacific in plug-in hybrid electric vehicles market is set to dominate over 49.5% revenue share by 2037 owing to the strong presence of automobile manufacturers, rapid technological advancements in plug-in hybrid electric vehicles, and the increasing number of vehicle ownerships. Japan, China, and South Korea have a robust automotive manufacturing sector, which is directly increasing the sales of plug-in hybrid electric vehicles. The supportive government policies on electric vehicle adoption are also boosting the profits of PHEV manufacturers.

China is the fastest-growing economy in terms of population size, significantly influencing vehicle ownership rates in the country. The growing awareness of the benefits of electric vehicles is further contributing to the PHEV market growth. For instance, the International Energy Agency estimates that around 60% of new electric cars were registered in China in 2023.

Followed by China, India is also a lucrative marketplace for plug-in hybrid electric vehicle manufacturers owing to increasing public investments in EV charging infrastructure and auto component manufacturing. For instance, in August 2024, the India Brand Equity Foundation stated that the Ministry of Heavy Industries India approved around USD 96.13 billion for installing 7,432 public EV charging stations under the Phase-II of the FAME India scheme. Furthermore, the India EV market is anticipated to reach a valuation of USD 113.99 billion by 2029 and the EV battery sales are anticipated to be valued at USD 27.7 billion by 2028.

North America Market Statistics

The North America plug-in hybrid electric vehicles market is estimated to expand at the fastest pace during the forecast period owing to rapid advancements in battery technology, easy availability of a wide range of plug-in hybrid vehicles and the presence of advanced charging infrastructure. The presence of early adopters in the region is also drastically fuelling the demand for PHEVs.

In U.S. the hybrid electric vehicle sales are estimated to increase at a rapid pace during the forecasted period. According to the U.S. Environmental Protection Agency, currently, there are more than 50EV and PHEV models available in the U.S. market and this number is expected to boost in the coming years.  Also, as per the U.S. Office of Energy Efficiency & Renewable Energy analysis, the sales of hybrid electric vehicles increased by 53% in 2023.

In Canada, the strict regulations on carbon emissions and increasing investments in advanced charging infrastructure are fuelling the sales of plug-in hybrid electric vehicles. According to a report by the Canada Energy Regulator, around 25% of new plug-in hybrid electric vehicles were registered in the country in 2022.