Plug-in Hybrid Electric Vehicles - Austria

Austria

Highlights

In Austria, the revenue in the Plug-in Hybrid Electric Vehicles market is projected to reach US$1.3bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 18.66%, resulting in a projected market volume of US$3.1bn by 2029.
By 2029, the unit sales of Plug-in Hybrid Electric Vehicles market in Austria are expected to reach 43.11k vehicles.
The volume weighted average price of the Plug-in Hybrid Electric Vehicles market in Austria in 2024 is expected to amount to US$72.2k.
From an international perspective, it is shown that the most revenue in the Plug-in Hybrid Electric Vehicles market will be generated China (US$166bn in 2024).
Austria, known for its commitment to sustainability, is experiencing a surge in demand for plug-in hybrid electric vehicles as consumers embrace eco-friendly transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: Austrian customers are increasingly opting for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. These vehicles offer a combination of electric and gasoline power, allowing for reduced fuel consumption and lower emissions compared to traditional vehicles. With growing concerns about climate change and air pollution, Austrian consumers are becoming more conscious of their carbon footprint and are actively seeking greener transportation options. Furthermore, the availability of government incentives and subsidies for purchasing Plug-in Hybrid Electric Vehicles has also contributed to the rising demand.

Trends in the market: One major trend in the Plug-in Hybrid Electric Vehicles market in Austria is the expanding range of vehicle models available. Automakers are continuously introducing new models with advanced features and improved battery technology, offering customers a wider selection to choose from. This increased variety appeals to different customer segments and helps to drive market growth. Additionally, there is a growing trend towards longer electric driving ranges in Plug-in Hybrid Electric Vehicles, as customers seek to maximize their electric driving experience and reduce their reliance on gasoline.

Local special circumstances: Austria's commitment to sustainable transportation and renewable energy plays a significant role in the development of the Plug-in Hybrid Electric Vehicles market. The country has set ambitious targets for reducing greenhouse gas emissions and increasing the share of renewable energy in the transportation sector. This has led to a supportive policy environment, including subsidies and tax incentives for Plug-in Hybrid Electric Vehicles. Furthermore, Austria has a well-developed charging infrastructure, with an extensive network of public charging stations, making it convenient for customers to charge their vehicles.

Underlying macroeconomic factors: The Plug-in Hybrid Electric Vehicles market in Austria is also influenced by broader macroeconomic factors. The country has a stable economy and a high standard of living, which allows consumers to afford the higher upfront cost of Plug-in Hybrid Electric Vehicles. Additionally, the government's focus on sustainability and reducing emissions aligns with the global trend towards cleaner transportation options, making Austria an attractive market for automakers to introduce their Plug-in Hybrid Electric Vehicle models. Furthermore, advancements in battery technology and decreasing costs are making 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 Austria is experiencing growth and development due to customer preferences for greener transportation options, the availability of a wider range of vehicle models, supportive government policies, a well-developed charging infrastructure, and underlying macroeconomic factors. As the market continues to evolve, it is expected that the adoption of Plug-in Hybrid Electric Vehicles will continue to increase, contributing to a more sustainable and environmentally friendly transportation sector in Austria.

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).