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. 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. 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. The expanding automotive industry along with the continuous electrification of powertrain components is primarily driving the global plug-in hybrid electric vehicle powertrain market. Plug-In Hybrid Electric Vehicle Powertrain Market Trends: It is a compact, lightweight system that produces instant torque and generates extremely low vibrations. 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 primarily consists of a power distribution module, inverter, battery pack, DC-AC converter, electric motor, and onboard charger. The global plug-in hybrid electric vehicle powertrain market is expected to exhibit a growth rate (CAGR) of 10.6% during 2023-2028.Ī 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.

Plug in hybrid electric vehicles