The U.S. sales of Plug-in Hybrid-Electric Vehicles (PHEVs) exhibited a generally upward trend from 2013 to 2023, with values growing from 49.01 thousand units to 68.37 thousand units. There were noticeable fluctuations, including a significant dip in 2015 by 22.64% and a slight decline in 2022 by 5.46%. However, the market quickly recovered with a year-on-year increase of 3.77% in 2023. The five-year compound annual growth rate (CAGR) leading up to 2023 was 4.28%.
Looking forward, forecasted data from 2024 to 2028 suggest a steady growth trajectory, with the PHEV market expected to reach 80.37 thousand units by 2028. The forecasted five-year CAGR stands at 2.43%, indicating a slower yet steady growth pattern averaging at 12.74% over this period.
Trends to watch for in the coming years include advancements in battery technology, improvements in charging infrastructure, and potential policy incentives supporting sustainable automotive solutions.
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