The global sales of plug-in hybrid electric vehicles (PHEVs) have surged, surpassing the sales of traditional hybrid electric vehicles (HEVs) for the first time. In 2024, PHEV sales reached 6.78 million units, marking a significant year-on-year growth of 58%. In contrast, HEV sales only saw an 18% increase, totaling 6.54 million units. Notably, Chinese automakers dominate the PHEV market, claiming a substantial 70% market share among the top six PHEV original equipment manufacturers (OEMs).
This impressive growth is largely attributed to BYD, which leads the PHEV sector. The company’s market share rose by 3 percentage points from the previous year, reaching 38.4%, firmly establishing its position as the world’s leading PHEV manufacturer. In 2024, BYD sold 2.48 million PHEVs, representing a remarkable 70% increase. The Song series alone accounted for approximately 630,000 units sold, achieving record-high sales. The Song series is also popular in the battery electric vehicle (BEV) category, with sales around 110,000 units.
PHEVs offer longer ranges compared to BEVs, alleviating concerns about running out of battery power, and their product lines are rapidly expanding. Following BYD in the PHEV market is Li Auto, which specializes in extended-range electric vehicles (EREVs) and holds a market share of 7.9%. While both PHEVs and EREVs have fuel refueling and charging capabilities, the key difference is that PHEVs utilize both electric motors and internal combustion engines, whereas EREVs generate electricity for the electric motor using an engine.
Meanwhile, Japan, known for its strong HEV market, is facing challenges in the PHEV segment, where it needs to enhance its competitiveness. Toyota, a significant player in the hybrid market, currently ranks only 13th in the PHEV market.
