Plug-In Hybrid Electric Vehicle Powertrain Market

Market Overview:

The global plug-in hybrid electric vehicle powertrain market size is expected to exhibit a growth rate (CAGR) of 10.1% during 2024-2032.

A plug-in hybrid electric vehicle (PHEV) powertrain refers to an assembly of several critical components that work together to transfer energy from the battery system of the vehicle to the motors. It primarily consists of a power distribution module, inverter, battery pack, DC-AC converter, electric motor, and onboard charger. A plug-in hybrid electric vehicle's powertrain has 60% fewer parts than an internal combustion engine and more potent batteries that enable faster acceleration. It is a compact, lightweight system that produces instant torque and generates extremely low vibrations.

Plug-In Hybrid Electric Vehicle Powertrain Market Trends:

The expanding automotive industry along with the continuous electrification of powertrain components is primarily driving the global plug-in hybrid electric vehicle powertrain market. In addition to this, the inflating need for lightweight driveshafts to enhance fuel efficiency and improve vehicular performance is also creating a positive outlook for the market. Furthermore, the growing consumer concerns towards the detrimental effects of greenhouse gas emissions on the environment are also catalyzing the demand for PHEVs, thereby propelling the market growth. Apart from this, numerous government bodies across the globe are introducing stringent emission regulations and fuel economy norms to reduce carbon footprints, which, in turn, is acting as a significant growth-inducing factor. These organizations are also providing purchase grants, related incentives, tax rebates, utility rate reductions, and parking privileges to encourage the adoption of PHEVs. Moreover, continuous improvements in powertrain technology, such as the introduction of piezoelectric devices that reduce the size of the battery while also improving the range and accelerating battery charging, are expected to drive the global plug-in hybrid electric vehicle powertrain market in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global plug-in hybrid electric vehicle powertrain market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on component, powertrain type, position type and vehicle type.

Breakup by Component:

• Transmission
• Motor/Generator
• Battery
• Engine
• Controller
• Axles
• Others
   

Breakup by Powertrain Type:

• Series Hybrid
• Parallel Hybrid
   

Breakup by Position Type:

• Front Wheel Drive
• Rear Wheel Drive
• All Wheel Drive
   

Breakup by Vehicle Type:

• Passenger Cars
• Commercial Vehicle
   

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage: