ARE PHEVS THE ANSWER?

Combining the virtues of emission-free electric travel and long-distance ICE capability, could this once-interim technology be the way forward?

- Graham Eagle

The year 2024 marked some significant developments for the EV industry. Growth continued; sales of plug-in vehicles increased by 26% YoY (year on year) to a total of 17.2 million and a growing global market share of 22%.

Of this volume, 63% comprised battery electric vehicles (BEV), with the balance of 37% being plug-in hybrid electric vehicles (PHEV). This share grew from 31% in 2023, following YoY PHEV growth of 53% vs. just 14% for BEVS.

This trend contradicts previous industry assumptions that view hybrids as merely an interim solution in the transition from internal combustion engines (ICE) to BEV adoption, suggesting the current overall BEV offering is not appealing to motorists to the extent that was originally forecast. Those switching from an ICE vehicle to a PHEV in preference to a BEV will have their own reasons for doing so, but these will likely include concerns over vehicle pricing, charging infrastructure, range anxiety and resale value.