Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Introduction
Plug-in hybrid electric vehicle (PHEV) uses an electric motor in addition to an internal combustion engine to obtain power. These vehicles can be externally recharged, which allows them to drive over extended distance. The electric motor used in PHEV helps reduce fuel consumption and produces less pollution.
Global Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Competition Landscape
In 2018, Toyota Motor Corporation announced the launch of Corolla and Levin PHEV passenger cars in 2019. The company is also set to invest in China to boost the production of inverters, batteries, and other electric vehicle technologies. The PHEV variants of Corolla and Levin will be manufactured in China, which would the first overseas production of PHEV vehicles by Toyota Motor Corporation.
Founded in 2003, Tesla is headquartered in Palo Alto, California, the U.S. The company is a leading manufacturer of electric vehicles and green energy solutions. The company manufactures PHEV and fully electric vehicles. Tesla is a pioneer in global electrification and a key player operating worldwide.
Founded in 1916, BMW AG is headquartered in Munich, Germany. The company operates through two business verticals: automotive and motorcycle. BMW AG has 31 production plants worldwide and is located in 51 countries. The company offers PHEV models such as X5, Mini Countryman, 330e, and 530e, among others. The company is investing in the development of the electric vehicle technology. BMW AG has targeted to launch 25 electric models by 2025.
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Toyota Motor Corporation
Founded in 1937, Toyota Motor Corporation is headquartered in Toyota City, Japan. The company is a leading manufacturer of vehicles worldwide. The company’s brands include Lexus, Toyota, TRD, Ranz, Daihatsu, and Gazoo Racing.
Global Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Dynamics
Government Incentives Fueling Demand for Plug-in Hybrid Electric Vehicles
Sale of plug-in hybrid electric vehicles is largely influenced by government incentives. The sale of PHEVs has increased substantially is Europe, following the decline in car registration charges for PHEVs and taxes. The China Government is supporting the production of PHEVs by offering subsidies on electric batteries, PHEVs, and battery electric vehicles (BEVs). Other non-monetary benefits, such as access to special driving lanes and free parking have spurred the adoption of PHEVs.
Stringent Emission Norms to Drive Global Market
Automakers are manufacturing plug-in hybrid electric vehicles to meet rising emission standards. The Government of China has directed automakers to include 3%–4% production of electric vehicles in their total production in 2019–2020, thereby boosting the automotive plug-in hybrid electric vehicle (PHEV) market in China. China, India, Mexico, and Brazil are likely to revise their emission norms and reach the EURO 6 equivalent standards. Higher targets for CO2 emission are expected to fuel the adoption of plug-in hybrid electric vehicles and drive the global market.
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Global Automotive Plug-in Hybrid Electric Vehicle (PHEV) Market: Segmentation
In terms of vehicle type, the global automotive plug-in hybrid electric vehicle (PHEV) market can be segmented into:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Based on technology, the global automotive plug-in hybrid electric vehicle (PHEV) market can be divided into:
The report on the global automotive plug-in hybrid electric vehicle (PHEV) market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.