Plug-in Hybrid Electric Vehicle Battery Market Size (2024 - 2029)

The plug-in hybrid electric vehicle battery market is projected to experience substantial growth over the forecast period, driven by the increasing adoption of electric vehicles and decreasing lithium-ion battery costs. Despite potential challenges such as limited raw material reserves, advancements in battery technology, including enhanced energy density and faster charging, are expected to offer significant opportunities for market expansion. Europe is anticipated to be the fastest-growing region, reflecting the broader global trend towards electric vehicle adoption.

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Market Size of Plug-in Hybrid Electric Vehicle Battery Industry

Plug-in Hybrid Electric Vehicle Battery Market Summary
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

Plug-in Hybrid Electric Vehicle Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

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)]
North America
United States
Canada
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
Middle East and Africa
Saudi Arabia
United Arab Emirates
Nigeria
Egypt
Qatar
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Colombia
Rest of South America
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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.

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Plug-in Hybrid Electric Vehicle Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 The Increasing Electric Vehicle (EV) Production

        2. 1.5.1.2 Declining Lithium-ion Battery Prices

      2. 1.5.2 Restraints

        1. 1.5.2.1 Lack of Raw Material Reserves

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Investment Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Battery Type

      1. 2.1.1 Lithium-ion Battery

      2. 2.1.2 Lead-Acid Battery

      3. 2.1.3 Sodium-ion Battery

      4. 2.1.4 Other Battery Types

    2. 2.2 Vehicle Type

      1. 2.2.1 Passenger Cars

      2. 2.2.2 Commercial Vehicles

    3. 2.3 Geography [Market Size and Demand Forecast till 2029 (for regions only)]

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 France

        3. 2.3.2.3 United Kingdom

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 NORDIC

        7. 2.3.2.7 Russia

        8. 2.3.2.8 Turkey

        9. 2.3.2.9 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Australia

        4. 2.3.3.4 Japan

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Malaysia

        7. 2.3.3.7 Thailand

        8. 2.3.3.8 Indonesia

        9. 2.3.3.9 Vietnam

        10. 2.3.3.10 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 Saudi Arabia

        2. 2.3.4.2 United Arab Emirates

        3. 2.3.4.3 Nigeria

        4. 2.3.4.4 Egypt

        5. 2.3.4.5 Qatar

        6. 2.3.4.6 South Africa

        7. 2.3.4.7 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Colombia

        4. 2.3.5.4 Rest of South America

Plug-in Hybrid Electric Vehicle Battery Market Size FAQs

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.

In 2024, the Plug-in Hybrid Electric Vehicle Battery Market size is expected to reach USD 15.06 billion.

Plug-in Hybrid Electric Vehicle Battery Market Report Snapshots

Plug-in Hybrid Electric Vehicle Battery Market Size & Share Analysis - Growth, Trends and Forecasts (2024-2029)