Global PHEVs Market Gaining from Growing Consumer Preference for Ecofriendly Practices
Across the world, efforts to curb growing population concerns has escalated in the past decade the trend is expected to continue in the near future, which is providing tremendous thrust on the global plug-in hybrid electric vehicles (PHEVs), according to the lead analyst of a fresh business intelligence study by Persistent Market Research (PMR). The report has detected that customers are now aware of their duty when it comes to reducing pollution levels and at the same time, governments are offering subsidies for the investors of green energy.
Consequently, the demand in the global plug-in hybrid electric vehicles is projected to increment at an eye-catching CAGR of 13.4% during the forecast period of 2017 to 2022. As per the estimations of the PMR report, the opportunities in this market would constitute for a revenue of US$20,000 mn by the end of the forecast period, 2022.
The primary driver of the global plug-in hybrid electric vehicles is its potential of lowering greenhouse gas emissions. Consumers are now willing to pay extra for this hybrid vehicles which can run on electric charges for the first duration and once that finishes, it can make use of fossil fuel such as gasoline or diesel for the further journey.
By using current electricity infrastructure and green up the grid, the automotive manufacturers are able to manufacture PHEVs without having to construct a whole new prototype. From the consumer’s perspective, plug-in hybrid electric vehicles offers not only environmental benefits, but also are economically affordable on the longer run and includes benefits such as flexibility during longer runs.
Some of the other factors augmenting the demand in the global plug-in hybrid electric vehicles market are: benefit of overcoming the dependency on fast charging infrastructure which is not readily available, incremented focus of automotive players to develop these plug-in hybrid electric vehicles, extension of battery capacity and running range after the recent technological advancements, and creation of LEZs and emission-free zones in various cities of several countries.
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On the other hand, the consistent need from the end users to charge their PHEV regularly, lowered fuel economy and CO2 emission whenever the vehicles are running on fossil fuel, and the need to further improve the range are a few factors obstructing the prosperity of the global plug-in hybrid electric vehicles market. The analysts of the report expect the lower lifecycle of plug-in hybrid electric vehicles to improve radically over the course of forecast period as more than 100 new models are in pipeline and are expected to generate a demand of 3.7 mn units across the globe.
Based on power source, the PMR report segments the global PHEV market into stored electricity and on board electric generator. In the near future, the stored electricity PHEVs segment is expected to outshine the other segment, providing for a demand share of more than three-fourth.
On the basis of powertrain, the market has been bifurcated into parallel hybrid, series hybrid, and combined hybrid plug-in electric vehicles. The former is currently the most sought-after category while series hybrid accounts for only one-fourth of the total demand.
Based on vehicle type, the market gains significantly more demand for passenger cars than other segments, viz. commercial vehicles, two wheelers, and others including gold carts.
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Nissan Motor Corp., Ltd., Renault SA, Honda Motor Company, Ltd., Volkswagen AG, General Motors, Daimler AG, Ford Motor Company, Bayerische Motoren Werke AG, Toyota Motor Corporation, and Mitsubishi Heavy Industries Ltd. are some of the companies who are currently ahead of the curve in the global PHEVs market
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