Plug-in Hybrid Electric Vehicles - Australia & Oceania

Australia & Oceania

Highlights

The revenue in the Plug-in Hybrid Electric Vehicles market in Australia & Oceania is estimated to reach US$1.3bn in 2024.
It is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.86%, leading to a market volume of US$1.5bn by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in this segment are expected to reach 27.76k vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is anticipated to be US$54.9k.
From an international standpoint, China is projected to generate the highest revenue in this segment, amounting to US$166bn in 2024.
The demand for Plug-in Hybrid Electric Vehicles in Australia is steadily increasing due to government incentives and a growing eco-conscious consumer base.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Australia & Oceania is experiencing significant growth and development. Customer preferences in the region are shifting towards more sustainable and eco-friendly transportation options.

As awareness about climate change and environmental issues increases, consumers are becoming more conscious of their carbon footprint and are seeking alternative modes of transportation. Plug-in Hybrid Electric Vehicles offer a viable solution by combining the benefits of electric and conventional combustion engines, providing reduced emissions and increased fuel efficiency. Trends in the market indicate a growing demand for Plug-in Hybrid Electric Vehicles in Australia & Oceania.

Government incentives and subsidies, such as tax rebates and grants, have played a crucial role in promoting the adoption of these vehicles. These incentives make Plug-in Hybrid Electric Vehicles more affordable and attractive to consumers, encouraging them to make the switch from traditional gasoline-powered vehicles. Additionally, advancements in technology have led to improved battery performance and longer driving ranges, addressing concerns about limited electric range and charging infrastructure.

Local special circumstances in Australia & Oceania further contribute to the development of the Plug-in Hybrid Electric Vehicles market. The region is characterized by vast distances and a reliance on personal vehicles for transportation. As a result, there is a growing need for more sustainable and efficient modes of transportation.

Plug-in Hybrid Electric Vehicles offer the flexibility of both electric and gasoline power, making them suitable for long-distance travel without the anxiety of running out of electric charge. This makes them an appealing option for consumers in Australia & Oceania. Underlying macroeconomic factors also play a role in the growth of the Plug-in Hybrid Electric Vehicles market in the region.

Rising fuel prices and concerns about energy security have motivated consumers to seek more fuel-efficient alternatives. Plug-in Hybrid Electric Vehicles offer the advantage of reduced fuel consumption, providing cost savings over time. Additionally, the development of charging infrastructure and the availability of renewable energy sources further support the adoption of Plug-in Hybrid Electric Vehicles in Australia & Oceania.

In conclusion, the Plug-in Hybrid Electric Vehicles market in Australia & Oceania is experiencing growth and development due to shifting customer preferences towards sustainable transportation, government incentives and subsidies, advancements in technology, local special circumstances, and underlying macroeconomic factors. As these trends continue, the market for Plug-in Hybrid Electric Vehicles is expected to further expand in the region.

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).