The global sales of plug-in hybrid electric vehicles (PHEVs) have surpassed those of traditional hybrid electric vehicles (HEVs) for the first time. In 2024, PHEV sales reached 6.78 million units, marking a remarkable year-on-year growth of 58%. In contrast, HEV sales only increased by 18%, totaling 6.54 million units. This surge in PHEV popularity is largely driven by Chinese car manufacturers, who dominate the market with a 70% share among the top six original equipment manufacturers (OEMs).
Leading this charge is BYD, which has established itself as a major player in the PHEV segment. The company increased its market share by 3 percentage points from the previous year to reach 38.4%, solidifying its position as the world’s top producer of plug-in hybrid electric vehicles. In 2024, BYD sold 2.48 million PHEVs, reflecting a 70% increase year-on-year. Notably, the Song series alone accounted for approximately 630,000 units sold, setting a record for the company.
BYD’s Song series is also popular in the battery electric vehicle (BEV) market, with sales around 110,000 units. Compared to BEVs, PHEVs offer longer ranges and alleviate concerns about running out of battery power. The product line for PHEVs is rapidly expanding, catering to a growing consumer demand.
In terms of market rankings, the second position is held by Li Auto, which specializes in extended-range electric vehicles (EREVs) and boasts a market share of 7.9%. Both PHEVs and EREVs provide the option for fuel refueling and charging. However, the critical difference is that PHEVs utilize both an electric motor and an internal combustion engine, while EREVs use the engine solely to generate electricity for the electric motor.
This significant growth in PHEV sales highlights the shifting trends in the automotive market, with consumers increasingly favoring vehicles that combine the benefits of both electric and hybrid technologies.
