Sales of plug-in hybrid electric vehicles (PHEVs) in China have experienced significant growth from 2022 to 2024, with an annual increase of over 80%. This growth has allowed China to surpass Europe as the world's leading PHEV market, making PHEVs the primary driver of China's electric vehicle (EV) sales expansion, according to DIGITIMES, which added that as demand for PHEVs continues to rise in China, local automakers have substantially increased their market share, exceeding 70% of the global PHEV market in the first three quarters of 2024.
Chinese automakers have launched various PHEV models in response to diverse customer needs. Meanwhile, Japanese, European, and American carmakers have recognized the potential of the PHEV market and shifted their focus to this segment, accelerating the release of several new PHEV models.
From 2022 to 2024, the annual growth of PHEV sales in China exceeded 80%, making it the leading market for PHEVs globally, surpassing Europe. Furthermore, the sales of PHEVs in China have grown much faster than battery electric vehicles (BEVs) during the same period, making PHEVs the primary force driving China's EV sales growth.
PHEV sales in China more than tripled those of Europe and the US in 2024
China PHEV sales growing higher than BEV; Europe sees growth from BEV
Chart 4: PHEV and BEV Y/Y sales growth of major markets, 2022-2024
Chart 6: Global market share of major PHEV makers, 2020 & 1Q-3Q24
Chart 7: BEV and PHEV sales of BYD and PHEV share, 2020-2024 (k units)
Chart 9: Global PHEV launch deployment of other Chinese automakers
Limited charging facilitie and EU BEV tariff boosted China PHEV exports
Chart 10: BEV and PHEV exports of China, 2020-2024 (k units)
European automakers turn to PHEVs as Western BEV demand weakens
US automakers pushing PHEVs as BEV sales in North America slip
Chinese automakers leading peers to push into hybrid power deployment
