Plug-in Hybrid Electric Vehicles - Croatia

Croatia

Highlights

The projected revenue for the Plug-in Hybrid Electric Vehicles market in Croatia is expected to reach US$120.2m in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 23.25%, leading to a projected market volume of US$341.9m by 2029.
In 2029, it is estimated that the unit sales for the Plug-in Hybrid Electric Vehicles market will reach 3.56k vehicles.
The volume weighted average price for the Plug-in Hybrid Electric Vehicles market in 2024 is projected to be US$96.3k.
Looking at the international perspective, it is evident that the highest revenue will be generated China, amounting to US$166bn in 2024.
Croatia, with its growing charging infrastructure and favorable government incentives, is witnessing a surge in the adoption of plug-in hybrid electric vehicles.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Croatia has been steadily growing in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Croatian customers have shown a growing interest in Plug-in Hybrid Electric Vehicles due to their environmental benefits and potential cost savings. As awareness of climate change and air pollution increases, more consumers are looking for greener transportation options. Plug-in Hybrid Electric Vehicles offer a solution by providing lower emissions compared to traditional gasoline-powered vehicles. Additionally, the ability to switch between electric and gasoline power allows drivers to save on fuel costs, making these vehicles an attractive option for budget-conscious consumers.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Croatia is the expanding range of available models. As major automakers invest in electric and hybrid technologies, more options are becoming available to Croatian consumers. This increased variety of models allows customers to choose a vehicle that best fits their needs in terms of size, range, and features. Furthermore, technological advancements in battery technology are improving the performance and range of Plug-in Hybrid Electric Vehicles, making them a more viable option for everyday use.

Local special circumstances: Croatia's government has implemented various policies and incentives to promote the adoption of electric and hybrid vehicles. These include tax incentives, subsidies, and the development of charging infrastructure. Such measures have helped to create a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market in Croatia. Additionally, the country's small size and relatively short average driving distances make Plug-in Hybrid Electric Vehicles a practical choice for many Croatian consumers.

Underlying macroeconomic factors: The growing Plug-in Hybrid Electric Vehicles market in Croatia is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased consumers' purchasing power and overall demand for vehicles. Additionally, rising fuel prices and concerns about future availability have made consumers more interested in alternative fuel vehicles. As a result, Plug-in Hybrid Electric Vehicles have become an attractive option for Croatian consumers who want to reduce their reliance on fossil fuels. In conclusion, the Plug-in Hybrid Electric Vehicles market in Croatia is developing due to customer preferences for greener transportation options, market trends such as the expanding range of models and technological advancements, local special circumstances including government policies and incentives, and underlying macroeconomic factors such as economic growth and rising fuel prices. As these factors continue to drive the market, the Plug-in Hybrid Electric Vehicles sector in Croatia is expected to further expand in the coming years.

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).