The global plug-in hybrid electric vehicle market is likely to expand further, and it is projected to be around US$ 258.22 billion in 2033 from the US$ 102.26 billion of 2024. The compound annual growth rate between 2025 and 203 will be 10.84%. Factors driving the PHEV market include the rising environmental consciousness of the people, government incentives on electric vehicles, and battery technology improvement. PHEVs, with electric and combustion engines, are gaining popularity as consumers are seeking environmentally friendly yet flexible modes of transportation.

India Diesel Engine Market Forecast Report by Power Capacity (up to 0.5 MW, 0.5 MW-1MW, 1MW-2MW, 2MW-5MW, Above 5MW), Application (On-Road [Light Vehicles, Medium/Heavy Trucks, Light Trucks] Off-Road [Industrial/Construction Equipment, Power Generation, Agriculture Equipment, Marine Applications]), Regions (North, South, East & West India) and Company Analysis 2025-2033