Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Bulgaria

Bulgaria

The projected revenue for the Plug-in Hybrid Electric Vehicles market in Bulgaria is expected to reach US$45.0m in 2024.
This market segment is also anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 20.10%, leading to a projected market volume of US$112.4m by 2029.
In terms of unit sales, the Plug-in Hybrid Electric Vehicles market is expected to reach 963.00vehicles in 2029.
Furthermore, the volume weighted average price for this segment in Bulgaria is expected to be US$116.8k in 2024.
Looking at the international perspective, it is evident that China is projected to generate the highest revenue of US$165,600m in 2024.

"Bulgaria is experiencing a surge in demand for plug-in hybrid electric vehicles, driven by the government's strong commitment to promoting sustainable transportation."

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Bulgaria are increasingly opting for Plug-in Hybrid Electric Vehicles due to their numerous advantages. These vehicles offer a combination of an electric motor and an internal combustion engine, providing the benefits of both electric and traditional vehicles. The ability to switch between electric and gasoline power allows for increased range and flexibility, making Plug-in Hybrid Electric Vehicles a popular choice among Bulgarian consumers. Additionally, the growing awareness and concern for the environment have led to an increased demand for eco-friendly transportation options, further driving the popularity of Plug-in Hybrid Electric Vehicles.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Bulgaria is the increasing availability and variety of models. As more manufacturers introduce Plug-in Hybrid Electric Vehicles to their lineup, consumers have a wider range of options to choose from. This trend is driven by the growing demand for eco-friendly vehicles and the government's push for the adoption of electric and hybrid vehicles. Additionally, advancements in battery technology have resulted in improved performance and range, making Plug-in Hybrid Electric Vehicles a more viable option for Bulgarian consumers. Another trend in the market is the expansion of charging infrastructure. The Bulgarian government has been investing in the development of charging stations across the country, making it easier for Plug-in Hybrid Electric Vehicle owners to charge their vehicles. This expansion of charging infrastructure is essential in addressing the range anxiety concerns of potential buyers and encouraging the adoption of Plug-in Hybrid Electric Vehicles.

Local special circumstances: Bulgaria has a strong commitment to reducing greenhouse gas emissions and transitioning to cleaner forms of transportation. The government offers various incentives and subsidies to promote the purchase of Plug-in Hybrid Electric Vehicles. These incentives include tax breaks, reduced registration fees, and subsidies for the installation of home charging stations. These measures aim to make Plug-in Hybrid Electric Vehicles more affordable and attractive to Bulgarian consumers.

Underlying macroeconomic factors: Bulgaria's strong economic growth and increasing disposable income have contributed to the development of the Plug-in Hybrid Electric Vehicles market. As consumers have more purchasing power, they are more likely to invest in eco-friendly vehicles like Plug-in Hybrid Electric Vehicles. Additionally, the government's focus on reducing dependence on fossil fuels and promoting sustainable development aligns with the growing demand for Plug-in Hybrid Electric Vehicles. In conclusion, the Plug-in Hybrid Electric Vehicles market in Bulgaria is experiencing significant growth and development. Customer preferences for eco-friendly transportation options, the increasing availability of models, the expansion of charging infrastructure, government incentives, and favorable macroeconomic factors all contribute to the positive market trends in Bulgaria.

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).