Top Plug-in Hybrid Electric Vehicle (PHEV) Companies in 2025
23 May, 2025

The Global Plug in Hybrid Electric Vehicle reached a value of US$ 102.26 Billion in 2024.  Looking forward, Renub Research expects the market value to reach US$ 258.22 Billion by 2033, growing at a CAGR of 10.84% during the forecast period (2025-2033). The market for plug-in hybrid electric vehicles, or PHEVs, is expanding rapidly as governments and consumers look for more environmentally friendly and effective modes of transportation. By enabling short-distance electric-only driving while maintaining the range advantages of a gasoline engine, plug-in hybrid electric vehicles (PHEVs) provide a sensible compromise between conventional internal combustion engines and totally electric cars. They are a desirable alternative in light of growing environmental concerns and changing emission restrictions because of their dual potential. Thanks to improvements in battery technology, energy management systems, and encouraging government subsidies, automakers are increasing the range of PHEVs they provide. Even if issues like greater upfront costs and a lack of adequate charging infrastructure still exist, these are being addressed by further technology advancement and legislative backing. PHEVs are positioned as a crucial transitional technology in the move toward complete electrification of the automobile industry, as global environmental goals become increasingly pressing. Similarly, The North America plug-in hybrid electric vehicle market is projected to grow at a compound annual growth rate (CAGR) of 10.20% from 2025 to 2033, from US$ 35.15 Billion in 2024 to US$ 84.24 Billion by 2033.

To increase their hybrid product portfolio, top PHEV firms are making significant investments in R&D and manufacturing. They concentrate on raising vehicle performance, cutting emissions, and increasing battery economy. In order to satisfy global sustainability goals and spur innovation, these companies are also collaborating with governments and tech companies.

Discover key trends, growth opportunities, and major challenges shaping the Plug-in Hybrid Electric Vehicle Industry in Renub Research’s latest in-depth market report. Download your free sample now

Best PHEV Brands and Automotive Innovators

Tesla

Establishment: 2003

Headquarters: United States of America

Website: www.tesla.com

Revenue: US$ 97,690 Million in 2024

Tesla Inc. (Tesla) is an energy and automobile business.  It creates, develops, produces, markets, and rents energy generating, storage, and electric vehicle solutions.  The Model Y, Model 3, Model X, Model S, Cybertruck, Tesla Semi, and Tesla Roadster are among the automobiles it manufactures and markets.  In addition, Tesla sells solar power, installs and maintains energy systems, and provides end-to-end sustainable energy products that include generating, storage, and consumption.  It uses company-owned stores and galleries to market and sell automobiles to customers.  The corporation operates throughout Asia Pacific and Europe and has production sites in the US, Germany, and China.  The US city of Austin, Texas, is home to Tesla's headquarters.

BMW Group

Establishment: 1916

Headquarters: Germany

Website: www.bmwgroup.com

Revenue: US$ 154,069 Million in 2024

The automobile manufacturer is Bayerische Motoren Werke AG (BMW).  It creates, produces, and markets engines, spare parts, and accessories for cars and motorcycles.  In addition, the firm provides fleet management, insurance, retail customer and dealer finance, deposit business, and vehicle leasing services.  It sells goods under the John Cooper Works, Alphabet, Rolls-Royce, BMW, MINI, and Motorrad brands.  Automobiles and off-road vehicles are developed, manufactured, assembled, and sold by BMW.  The business provides services to clients in Asia, the Americas, Europe, and other areas.  It has global sales networks in addition to production and assembly facilities.  Germany's Munich, Bayern, is home to BMW's headquarters.

BYD Company Ltd.

Establishment: 2003

Headquarters: China

Website: www.bydglobal.com

Revenue: US$ 63,015 Million in 2022

The electronic and automotive firm BYD Co Ltd (BYD) creates, produces, and markets automobiles, rechargeable batteries, photovoltaic devices, cell phone parts, and other electronic goods. The business also provides assistance for assembling entire products. It manufactures and offers traditional fuel-engine vehicles and new energy vehicles. Rechargeable batteries, photovoltaics, cellphones, laptops, notebook computers, gaming gear, and other consumer goods are among the things the business has produced. High-, medium-, and low-end automobiles, whole car molds, auto components, dual-mode (DM), and fully electric vehicles are all considered automobile goods. It provides its goods and services to producers of electric power tools, cell phones, and other portable electronic devices. The business has operations in Asia Pacific, Europe, and North America. The headquarters of BYD are located in Shenzhen, Guangdong, China.

Mercedes-Benz Group AG

Establishment: 1926

Headquarters: Germany

Website: www.group.mercedes-benz.com

Revenue: US$ 26,068 Million in 2023

Mercedes-Benz Group AG (Mercedes-Benz), originally known as Daimler AG, is a manufacturer of automobiles.  It creates, produces, and sells vans, two-seater automobiles, passenger cars, and accessories.  Among other things, the firm provides fleet management, insurance brokerage, finance, leasing, automobile subscriptions, car rentals, digital services for payment and charging, and new mobility services.  Its production sites are located in Asia, Africa, North and South America, and Europe.  Under the brands Maybach, Mercedes-Benz, AMG, Mercedes-Benz Bank, Mercedes-Benz Financial Services, Mercedes-EQ, Mercedes-me, and Athlon, the company sells its automobiles and offers services to clients throughout the world.  The headquarters of Mercedes-Benz are located in Stuttgart, Baden-Wurttemberg, Germany.

Ford Motor Company

Establishment: 1903

Headquarters: United States of America

Website: www.ford.com

Revenue: US$ 184,992 Million in 2024

Ford Motor Company (Ford) is a maker of automobiles. Manufacturing and selling a variety of automobiles, including trucks, sport utility vehicles, electric vehicles, commercial vans, sedans, and luxury vehicles, are the company's main business operations. Additionally, Ford creates embedded software and provides linked services. Serving both individual and business clients throughout South America, the Middle East, Europe, North America, Africa, and Asia Pacific, Ford's goods and services are used in a wide range of sectors. It runs parts distribution centers, engineering centers, manufacturing plants, casting plants, metal stamping plants, engine plants, transmission plants, assembly plants, and other component plants. The Ford and Lincoln brands are used by the business to sell its goods. The US city of Dearborn, Michigan, is home to Ford's headquarters.

General Motor Company

Establishment: 1908

Headquarters: United States of America

Website: www.gm.com

Revenue: US$ 187,442 Million in 2024

General Motors Corporation (GM) is a manufacturer of automobiles. It creates, manufactures, and sells vehicle parts as well as automobiles, SUVs, crossovers, and trucks. Additionally, the business offers vehicle finance services through General Motors Financial Company, a subsidiary. Whether directly or through a network of dealers, GM sells automobiles and trucks to governments, daily rental vehicle businesses, leasing firms, and commercial fleet clients. Chevrolet, Cadillac, Buick, GMC, Onstar, Ultium, Baojun, and Wuling are some of its most well-known brands. The corporation operates in South America, the Middle East and Africa, Asia Pacific, and North America. The US city of Detroit, Michigan, is home to GM's headquarters.

Nissan Motor Co. Ltd.

Establishment: 1933

Headquarters: Japan

Website: www.nissan.co.jp

Revenue: US$ 87,531 Million in 2024

Nissan is a company that manufactures automobiles. It is responsible for designing, manufacturing, and selling automobiles. Sedans, small cars, SUVs, sports cars, minivans, kei cars, light commercial vehicles, and associated parts are among the company's product offerings. Among other brands, the corporation sells cars under the Nissan and Infiniti trademarks. In addition, Nissan offers a range of vehicle finance options, such as extended warranty services, payment protection insurance, and auto insurance. Through a network of retail locations across Asia Pacific, Europe, the Middle East, Africa, and the Americas, the corporation advertises its goods and services. The headquarters of Nissan are located in Yokohama-shi, Kanagawa-ku, Japan.

Toyota Motor Corporation

Establishment: 1937

Headquarters: Japan

Website: www.global.toyota

Revenue: US$ 311,158 in 2024

Toyota is a corporation that manufactures automobiles. Designing, producing, assembling, and selling passenger cars, buses, minivans, trucks, specialized automobiles, recreational and sport-utility vehicles, as well as associated components and accessories, are the company's main business operations. Among other services, Toyota offers biotechnology, housing, information technology, telecommunication, financial services, car leasing, and marine services. The business serves a broad spectrum of clients from individuals to corporations in a variety of industries by marketing its goods and services under the Toyota brand. The business is run by a network of joint ventures, associates, and consolidated subsidiaries. The business has operations across the Middle East, Asia Pacific, Europe, Africa, and the Americas. The headquarters of Toyota are located in Toyota City, Aichi, Japan.