The global market for plug-in hybrid electric vehicles (PHEVs) is poised to surge, with the imminent launch of 100 new models, Frost & Sullivan says in a new report.
The consulting firm’s report, “Global Plug-in Hybrid Electric Vehicle Market, Forecast to 2025,” estimates that the global PHEV market will reach about 3.7 million units by 2025, with 4.8 million light vehicles in an optimistic scenario and 2.9 million light vehicles in a conservative scenario.
Stringent emissions regulations – especially in Europe – and sufficient battery capacity for daily driving ranges will be among the catalysts for growth, according to the firm, which asserts that the prospects for battery electric vehicles are less rosy due to uncertainty in the charging infrastructure.
China and Europe likely will lead the global PHEV market, according to the report. Global OEMs, led by those in Europe, have developed aggressive PHEV strategies to meet emissions mandates. Volkswagen, for example, is forecast to produce 470,000 PHEVs by 2025, according to the report.
“Improvements in battery chemistries and energy density will boost the electric-only range of PHEVs, while fast-charging stations will help reduce charging times drastically,” said Pooja Bethi, a Frost & Sullivan intelligent mobility research analyst.
