Precision Business Insights has published a report on the global plug-in hybrid electric vehicles (PHEV)s market, estimating its value at USD 7,800 Million in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/plug-in-hybrid-electric-vehicles-phev-s-market
The Plug-in Hybrid Electric cars (PHEVs) Market includes cars that include an internal combustion engine (ICE), an electric motor, and a rechargeable battery. Unlike traditional hybrids, PHEVs may be charged externally and run in electric mode for short distances (usually 20-50 miles) before switching to gasoline.
Drivers:
- Rising and unpredictable fuel prices push consumers toward more efficient and cost-effective alternatives like PHEVs.
- Growth in public and home charging stations supports broader adoption and convenience for users.
The global plug-in hybrid electric vehicles (PHEV)s market segmentation:
1) By Power Source: Stored electricity, On-Board electric generator
2) By Powertrain: Series Hybrid, Parallel Hybrid, combined Hybrid
3) By Vehicle Type: Passenger Cars, Commercial Vehicles, two Wheelers, Others
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Regional Overview:
The report also examines the current concerns and their Future Effects on the plug-in hybrid electric vehicles (PHEV)s market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the plug-in hybrid electric vehicles (PHEV)s market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
The competitive landscape is dominated by major players like Nissan Motor Co., Ltd, Mercedes-Benz Group AG, General Motors, Renault Group, Ford Motor Company, BMW Group, Honda Motor Co., Ltd, Mitsubishi Heavy Industries, Ltd, Toyota Motor Corporation.
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