The plug in hybrid market is about to be transformed, say analysts.
From the imminent launch of 100 new models, favourable incentives, and emission target compliance, to sufficient battery capacity for daily driving ranges and consumer willingness to pay, plug-in hybrid vehicles, or PHEVs, are ready for growth.
The research finds that the global PHEV market is estimated to reach about 3.7 million units by 2025.
However, the phasing out of electric vehicle incentives, advent of long-range battery electric vehicles, emergence of 48V mild hybrids, and the complexity of having two powertrains in a single vehicle may impede PHEV adoption.
“The stringent emission norms of 95 g CO2/km can only be met by PHEV technology, while EV battery technology evolves to overcome limitations, said Frost & Sullivan Intelligent Mobility Research Analyst Pooja Bethi.
“PHEVs have a better market than BEVs due to uncertainty in charging infrastructure. Owing to their ability to provide internal combustion engines and EV advantages, the PHEV market is set for high demand and growth.”
Global Plug-in Hybrid Electric Vehicle Market, Forecast to 2025, forms part of Frost & Sullivan’s Mobility: Automotive & Transportation Growth Partnership Service programme.