Key regions: China, Norway, United Kingdom, Netherlands, France
The Plug-in Hybrid Electric Vehicles market in BRICS countries is experiencing significant growth and development.
Customer preferences: Customers in BRICS countries are increasingly showing a preference for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. These vehicles offer a more sustainable transportation option, as they produce lower emissions compared to traditional gasoline-powered vehicles. Additionally, Plug-in Hybrid Electric Vehicles provide the flexibility of using both electricity and gasoline, allowing customers to switch between the two power sources based on their needs. This versatility is particularly appealing to customers in BRICS countries, where the availability of charging infrastructure is still limited in some areas.
Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in BRICS countries is the increasing adoption of these vehicles by government organizations and fleets. Governments in BRICS countries are implementing policies and incentives to promote the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles, as part of their efforts to reduce carbon emissions and combat climate change. As a result, government organizations and fleets are increasingly incorporating Plug-in Hybrid Electric Vehicles into their vehicle fleets, which is driving the overall market growth. Another trend in the market is the expansion of charging infrastructure. BRICS countries are investing in the development of charging stations to support the growing number of Plug-in Hybrid Electric Vehicles on the roads. This infrastructure expansion is crucial to address the range anxiety concerns of potential customers and to encourage more people to switch to Plug-in Hybrid Electric Vehicles.
Local special circumstances: Each BRICS country has its own unique set of circumstances that influence the Plug-in Hybrid Electric Vehicles market. For example, in Brazil, the government has implemented tax incentives for the purchase of Plug-in Hybrid Electric Vehicles, making them more affordable for customers. In Russia, the government is focusing on increasing the localization of Plug-in Hybrid Electric Vehicle production to boost the domestic automotive industry. In India, the government is investing in the development of charging infrastructure and offering subsidies to promote the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles.
Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in BRICS countries is also influenced by underlying macroeconomic factors. For example, the increasing urbanization and rising middle-class population in BRICS countries are driving the demand for personal transportation. At the same time, concerns about air pollution and climate change are leading to a shift towards more sustainable transportation options. Additionally, advancements in technology and decreasing battery costs are making Plug-in Hybrid Electric Vehicles more affordable and accessible to a wider range of customers in BRICS countries. Overall, the Plug-in Hybrid Electric Vehicles market in BRICS countries is experiencing significant growth due to customer preferences for environmentally-friendly and cost-effective transportation options, government support, the expansion of charging infrastructure, and underlying macroeconomic factors. As these trends continue to evolve, the market is expected to further expand and contribute to the overall transformation of the automotive industry in BRICS countries.
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).
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
