Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - ASEAN

ASEAN

The Plug-in Hybrid Electric Vehicles market in ASEAN is set to witness a significant increase in revenue, with projections indicating that it will reach US$1,863.0m by 2024.
Moreover, this market segment is expected to exhibit a steady growth rate of -5.29% (CAGR 2024-2029), leading to a projected market volume of US$1,420.0m by 2029.
As for unit sales, it is anticipated that the Plug-in Hybrid Electric Vehicles market will sell 9.09k vehicles units in 2029.
Additionally, in 2024, the volume weighted average price for Plug-in Hybrid Electric Vehicles market is estimated to be US$156.2k.
When considering the global scenario, it is evident that China will generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, with an impressive amount of US$165,600m projected for 2024.
In ASEAN, the market for Plug-in Hybrid Electric Vehicles is rapidly growing, driven by increasing government support and a growing awareness of environmental sustainability.

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

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in ASEAN is experiencing significant growth and development.

Customer preferences: Customers in ASEAN countries are increasingly showing a preference for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. Plug-in Hybrid Electric Vehicles offer a more sustainable transportation option as they produce lower emissions compared to traditional gasoline-powered vehicles. Additionally, with rising fuel prices, customers are attracted to the fuel efficiency of Plug-in Hybrid Electric Vehicles, which can help them save money in the long run.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in ASEAN is the increasing availability of charging infrastructure. Governments and private companies are investing in the development of charging stations to support the growing demand for Plug-in Hybrid Electric Vehicles. This trend is encouraging more customers to consider purchasing Plug-in Hybrid Electric Vehicles as they have greater confidence in the availability of charging facilities. Another trend in the market is the introduction of government incentives and subsidies. Many ASEAN countries have implemented policies to promote the adoption of Plug-in Hybrid Electric Vehicles. These incentives include tax breaks, rebates, and subsidies, which make Plug-in Hybrid Electric Vehicles more affordable for customers. The availability of these incentives is driving the demand for Plug-in Hybrid Electric Vehicles in ASEAN.

Local special circumstances: Each ASEAN country has its own unique set of circumstances that influence the Plug-in Hybrid Electric Vehicles market. For example, in Singapore, where land is limited, the government is actively promoting the adoption of Plug-in Hybrid Electric Vehicles as a solution to reduce congestion and pollution. In Thailand, the government has implemented policies to promote the local manufacturing of Plug-in Hybrid Electric Vehicles, which has led to an increase in production and availability of these vehicles in the market.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in ASEAN is also influenced by underlying macroeconomic factors. Economic growth and rising income levels in ASEAN countries have led to an increase in consumer spending power, making Plug-in Hybrid Electric Vehicles more affordable for a larger segment of the population. Additionally, the increasing focus on sustainable development and the transition towards renewable energy sources in ASEAN countries are driving the demand for Plug-in Hybrid Electric Vehicles. In conclusion, the Plug-in Hybrid Electric Vehicles market in ASEAN is experiencing significant growth and development. Customer preferences for environmentally friendly and cost-effective transportation options, the availability of charging infrastructure, government incentives, and underlying macroeconomic factors are all contributing to the expansion of the Plug-in Hybrid Electric Vehicles market in ASEAN.

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).