Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Brazil

Brazil

In Brazil, the revenue in the Plug-in Hybrid Electric Vehicles market is projected to reach US$4,039.0m in 2024.
The revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.61%, resulting in a projected market volume of US$4,594.0m by 2029.
The unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 37.16k vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is expected to amount to US$123.9k.
From an international perspective, it is shown that the most revenue will be generated China (US$165,600m in 2024).
Brazil is seeing a growing demand for Plug-in Hybrid Electric Vehicles as consumers become more conscious 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 Brazil has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth of the Plug-in Hybrid Electric Vehicles market in Brazil is the increasing concern for the environment. Customers are becoming more conscious about the impact of traditional vehicles on the environment and are seeking alternative options that are more sustainable. Plug-in Hybrid Electric Vehicles offer a solution by combining the benefits of electric vehicles with the convenience of traditional internal combustion engines. This allows customers to reduce their carbon footprint while still having the flexibility to travel longer distances without worrying about battery range.

Trends in the market: Another trend driving the growth of the Plug-in Hybrid Electric Vehicles market in Brazil is the government's push for cleaner transportation. The Brazilian government has implemented several initiatives to promote the adoption of electric vehicles, including tax incentives and subsidies for Plug-in Hybrid Electric Vehicles. These incentives make Plug-in Hybrid Electric Vehicles more affordable for consumers, encouraging them to make the switch from traditional gasoline-powered vehicles.

Local special circumstances: Brazil is known for its abundant natural resources, including a significant portion of the Amazon rainforest. This makes the country particularly vulnerable to the effects of climate change. As a result, there is a growing awareness among the Brazilian population about the need to reduce greenhouse gas emissions and protect the environment. This has created a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market, as consumers are actively seeking greener transportation options.

Underlying macroeconomic factors: In addition to environmental concerns, there are also several macroeconomic factors driving the growth of the Plug-in Hybrid Electric Vehicles market in Brazil. The country has been experiencing economic growth in recent years, which has led to an increase in disposable income for many Brazilians. This has made Plug-in Hybrid Electric Vehicles more affordable for a larger portion of the population, further fueling demand. Furthermore, Brazil has a large domestic automotive industry, which has the capacity to produce Plug-in Hybrid Electric Vehicles locally. This reduces the cost of importing vehicles and makes Plug-in Hybrid Electric Vehicles more accessible to consumers. The presence of a local automotive industry also creates jobs and contributes to the overall economic development of the country. In conclusion, the Plug-in Hybrid Electric Vehicles market in Brazil is experiencing significant growth due to customer preferences for more sustainable transportation options, government incentives, local environmental awareness, and favorable macroeconomic factors. As the market continues to develop, it is expected that more consumers will make the switch to Plug-in Hybrid Electric Vehicles, further driving the growth of the market.

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).