Market Size of Plug-in Hybrid Electric Vehicle Battery Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 15.06 Billion |
| Market Size (2029) | USD 39.58 Billion |
| CAGR (2024 - 2029) | 21.32 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Plug-in Hybrid Electric Vehicle Battery Market Analysis
The Plug-in Hybrid Electric Vehicle Battery Market size is estimated at USD 15.06 billion in 2024, and is expected to reach USD 39.58 billion by 2029, growing at a CAGR of 21.32% during the forecast period (2024-2029).
- Over the medium term, rising adoption of electric vehicles (EV) and declining lithium-ion battery prices are expected to drive the demand for plug-in hybrid electric vehicle batteries during the forecast period.
- On the other hand, the lack of raw material reserves can significantly restrain the growth of the plug-in hybrid electric vehicle battery market.
- Nevertheless, technological advancements in battery materials like higher energy density, faster charging times, improved safety, and longer lifespan are expected to create significant opportunities for plug-in hybrid electric vehicle battery market players in the near future.
- Europe is the fastest-growing region in the global plug-in hybrid electric vehicle battery market during the forecast period due to the rising adoption of electric vehicles.
Plug-in Hybrid Electric Vehicle Battery Industry Segmentation
The battery of a plug-in hybrid electric (PHEV) vehicle is a rechargeable energy storage system that provides power to its electric motor. Unlike standard hybrid electric vehicles (HEVs), PHEVs can be plugged into an external electric power source to charge their batteries, allowing for extended electric-only driving range.
The global plug-in hybrid electric vehicle battery market is segmented by battery type (lithium-ion batteries, lead-acid batteries, sodium-ion batteries, and battery types), vehicle type (passenger cars and commercial vehicles), and geography (North America (United States, Canada, and Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, Nordic, Russia, Turkey, Rest of Europe), Asia-Pacific (China, India, Australia, Japan, South Korea, Malaysia, Thailand, Indonesia, Vietnam, Rest of Asia-Pacific), the Middle East and Africa (Saudi Arabia, United Arab Emirates, Nigeria, Egypt, Qatar, South Africa, and Rest of the Middle East and Africa), and South America (Brazil, Argentina, Colombia, and Rest of South America)). The report also covers the market size and forecasts for the global plug-in hybrid electric vehicle battery market across major regions. the report offers the market size and forecasts in revenue (USD) for all of the above.
| Battery Type | |
| Lithium-ion Battery | |
| Lead-Acid Battery | |
| Sodium-ion Battery | |
| Other Battery Types |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Geography [Market Size and Demand Forecast till 2029 (for regions only)] | ||||||||||||
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Plug-in Hybrid Electric Vehicle Battery Market Size Summary
The plug-in hybrid electric vehicle (PHEV) battery market is poised for significant growth, driven by the increasing adoption of electric vehicles and advancements in battery technology. The market is expected to expand substantially over the forecast period, with Europe emerging as the fastest-growing region due to its strong regulatory support and consumer demand for sustainable transportation solutions. The decline in lithium-ion battery prices, coupled with technological innovations such as higher energy density and faster charging times, is anticipated to bolster the market's expansion. However, challenges such as the scarcity of raw material reserves could potentially hinder growth. Despite these challenges, the market presents numerous opportunities for players to capitalize on the growing demand for eco-friendly vehicles.
Globally, the lithium-ion battery market is experiencing a dynamic shift, with increasing adoption driven by their favorable performance characteristics and decreasing costs. Governments worldwide are actively promoting electric vehicles through various policies and incentives, which is further fueling demand for lithium-ion batteries. Significant investments by major automotive players, such as Hyundai's substantial investment in South Korea, are expected to enhance production capabilities and meet the rising demand for electric vehicles. In Europe, the expansion of charging infrastructure and government initiatives to reduce carbon emissions are key factors driving the demand for PHEV batteries. The market is characterized by a semi-fragmented landscape, with key players like BYD Company Ltd, Duracell Inc., and Panasonic Holdings Corporation playing pivotal roles in shaping its future.
Plug-in Hybrid Electric Vehicle Battery Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 The Increasing Electric Vehicle (EV) Production
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1.5.1.2 Declining Lithium-ion Battery Prices
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1.5.2 Restraints
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1.5.2.1 Lack of Raw Material Reserves
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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1.8 Investment Analysis
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2. MARKET SEGMENTATION
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2.1 Battery Type
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2.1.1 Lithium-ion Battery
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2.1.2 Lead-Acid Battery
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2.1.3 Sodium-ion Battery
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2.1.4 Other Battery Types
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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2.3 Geography [Market Size and Demand Forecast till 2029 (for regions only)]
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 France
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2.3.2.3 United Kingdom
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 NORDIC
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2.3.2.7 Russia
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2.3.2.8 Turkey
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2.3.2.9 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Australia
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2.3.3.4 Japan
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2.3.3.5 South Korea
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2.3.3.6 Malaysia
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2.3.3.7 Thailand
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2.3.3.8 Indonesia
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2.3.3.9 Vietnam
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2.3.3.10 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 Saudi Arabia
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2.3.4.2 United Arab Emirates
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2.3.4.3 Nigeria
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2.3.4.4 Egypt
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2.3.4.5 Qatar
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2.3.4.6 South Africa
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2.3.4.7 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Colombia
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2.3.5.4 Rest of South America
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Plug-in Hybrid Electric Vehicle Battery Market Size FAQs
How big is the Plug-in Hybrid Electric Vehicle Battery Market?
The Plug-in Hybrid Electric Vehicle Battery Market size is expected to reach USD 15.06 billion in 2024 and grow at a CAGR of 21.32% to reach USD 39.58 billion by 2029.
What is the current Plug-in Hybrid Electric Vehicle Battery Market size?
In 2024, the Plug-in Hybrid Electric Vehicle Battery Market size is expected to reach USD 15.06 billion.
