Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Americas

Americas

The Plug-in Hybrid Electric Vehicles market in the Americas is forecasted to generate revenue of US$37.5bn in 2024.
This market is expected to experience a steady growth rate of 4.09% annually from 2024 to 2029 (CAGR 2024-2029), resulting in a projected market volume of US$45.9bn by 2029.
By that time, unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 456.00k vehicles.
In 2024, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in the Americas is projected to be US$101.0k.
It is worth noting that China is anticipated to be the market leader, generating the highest revenue of US$165,600m in 2024, in the international perspective.
In the Americas, the market for Plug-in Hybrid Electric Vehicles is rapidly growing due to increased consumer demand for environmentally-friendly transportation options.

Key regions: China, Norway, United Kingdom, Netherlands, France

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Americas is experiencing significant growth, driven by increasing customer preferences for environmentally friendly transportation options and the implementation of supportive government policies.

Customer preferences: Customers in the Americas are increasingly turning to Plug-in Hybrid Electric Vehicles as a way to reduce their carbon footprint and contribute to a more sustainable future. The rising awareness of climate change and the need to reduce greenhouse gas emissions has led to a shift in consumer preferences towards more eco-friendly transportation options. Additionally, the high fuel efficiency and potential cost savings associated with Plug-in Hybrid Electric Vehicles are also attracting customers.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in the Americas is the expanding range of electric vehicle models available to customers. Major automakers are investing heavily in the development and production of Plug-in Hybrid Electric Vehicles, offering customers a wider variety of options to choose from. This increased competition is driving innovation and technological advancements in the market, leading to improved battery performance, longer driving ranges, and faster charging times. Another trend in the market is the growing infrastructure to support Plug-in Hybrid Electric Vehicles. Governments in the Americas are investing in the development of charging stations and other necessary infrastructure to encourage the adoption of electric vehicles. This infrastructure expansion is crucial in addressing the issue of range anxiety and providing customers with the necessary support to confidently choose Plug-in Hybrid Electric Vehicles.

Local special circumstances: The Plug-in Hybrid Electric Vehicles market in the Americas is diverse, with different countries and regions having their own unique circumstances. For example, in the United States, the federal government offers tax incentives and rebates to customers who purchase Plug-in Hybrid Electric Vehicles, making them more affordable and attractive. In Canada, some provinces provide additional incentives, such as rebates and grants, to further encourage the adoption of electric vehicles.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in the Americas is also influenced by underlying macroeconomic factors. For instance, the increasing volatility of oil prices has made customers more conscious of their fuel expenses, leading them to consider more fuel-efficient options like Plug-in Hybrid Electric Vehicles. Additionally, advancements in battery technology and declining production costs have made Plug-in Hybrid Electric Vehicles more affordable and accessible to a wider range of customers. In conclusion, the Plug-in Hybrid Electric Vehicles market in the Americas is witnessing significant growth due to increasing customer preferences for environmentally friendly transportation options, the availability of a wider range of electric vehicle models, the expansion of charging infrastructure, and supportive government policies. These factors, along with underlying macroeconomic factors, are driving the development and adoption of Plug-in Hybrid Electric Vehicles in the region.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).