Plug-in Hybrid Electric Vehicles - Chile

Chile

Highlights

The projected revenue in the Plug-in Hybrid Electric Vehicles market for Chile is expected to reach US$53.5m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.55%, resulting in a projected market volume of US$66.9m by 2029.
The unit sales in the Plug-in Hybrid Electric Vehicles market for Chile are expected to reach 631.00vehicles in 2029.
The volume weighted average price of the Plug-in Hybrid Electric Vehicles market in Chile in 2024 is expected to amount to US$106.0k.
From an international perspective, it is evident that China will generate the most revenue, with US$166bn in 2024.
Chile is experiencing a surge in demand for Plug-in Hybrid Electric Vehicles as the government introduces incentives to promote sustainable transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Chile has been experiencing significant growth in recent years. This can be attributed to several factors, including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences in Chile have shifted towards more sustainable and environmentally-friendly transportation options. With increasing awareness about climate change and the need to reduce carbon emissions, consumers are actively seeking out vehicles that have lower environmental impacts. Plug-in Hybrid Electric Vehicles offer a solution by combining the benefits of electric vehicles with the convenience of a traditional internal combustion engine.

This allows consumers to reduce their reliance on fossil fuels while still having the flexibility of longer driving ranges. Trends in the market also contribute to the growth of Plug-in Hybrid Electric Vehicles in Chile. The government has implemented various incentives and policies to promote the adoption of electric vehicles, including tax exemptions, subsidies, and charging infrastructure development.

These initiatives have made Plug-in Hybrid Electric Vehicles more affordable and accessible to consumers, driving up demand in the market. Additionally, technological advancements in battery technology have improved the performance and range of Plug-in Hybrid Electric Vehicles, making them a more viable option for consumers. Local special circumstances in Chile further support the growth of the Plug-in Hybrid Electric Vehicles market.

The country has abundant renewable energy resources, particularly solar and wind power, which can be harnessed to charge electric vehicles. This makes Plug-in Hybrid Electric Vehicles a more sustainable choice compared to traditional gasoline or diesel vehicles. Additionally, Chile has a well-developed charging infrastructure network, with charging stations available in major cities and along major highways.

This infrastructure investment has helped alleviate range anxiety and increase consumer confidence in adopting Plug-in Hybrid Electric Vehicles. Underlying macroeconomic factors also play a role in the growth of the Plug-in Hybrid Electric Vehicles market in Chile. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer purchasing power.

This has made Plug-in Hybrid Electric Vehicles more affordable and attractive to a wider range of consumers. Additionally, the government's commitment to reducing greenhouse gas emissions and transitioning to a more sustainable economy has created a favorable regulatory environment for the Plug-in Hybrid Electric Vehicles market. In conclusion, the Plug-in Hybrid Electric Vehicles market in Chile is experiencing significant growth due to customer preferences for more sustainable transportation options, trends in the market such as government incentives and technological advancements, local special circumstances including renewable energy resources and a well-developed charging infrastructure, and underlying macroeconomic factors such as economic growth and government commitments to reduce emissions.

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).