Plug-In Hybrid Vehicles To Drive Global EV Growth

Seoul: The global market for electric vehicles (EVs) is expected to see significant growth this year driven by the plug-in hybrid electric vehicle (PHEV) segment, while the battery electric vehicle (BEV) segment may continue to face challenges, a think tank run by Hyundai Motor Group said on Wednesday.

Yang Jin-soo, head of the mobility industry research division at Hyundai Motor Group Business Research Center, predicted the global EV market, including BEVs and PHEVs, will grow from 17.2 million units in 2024 to 20.7 million units in 2025, reports Yonhap news agency.

While BEV sales are expected to grow 18.9 per cent on-year, PHEV sales are projected to jump 23.8 per cent, offsetting the growth slowdown in the BEV segment, according to Yang.