Plug-in Hybrid Electric Vehicles - Cyprus

Cyprus

Highlights

In 2024, the revenue in the Plug-in Hybrid Electric Vehicles market in Cyprus is projected to reach US$48.0m units.
It is expected to have an annual growth rate (CAGR 2024-2029) of 20.03%, resulting in a projected market volume of US$119.7m units by 2029.
By 2029, the unit sales of Plug-in Hybrid Electric Vehicles market in Cyprus are expected to reach 1.44k vehicles units.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Cyprus in 2024 is expected to be US$83.4k units.
From an international perspective, it is shown that the most revenue will be generated China, with US$166bn units in 2024.
Cyprus is experiencing a surge in the adoption of Plug-in Hybrid Electric Vehicles, driven by government incentives and a growing awareness of environmental sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Cyprus has been experiencing significant growth in recent years. Customer preferences for environmentally friendly vehicles, coupled with government incentives and increasing charging infrastructure, have contributed to this upward trend.

Customer preferences in the Plug-in Hybrid Electric Vehicles market in Cyprus have been shifting towards more sustainable transportation options. As awareness of the environmental impact of traditional gasoline-powered vehicles increases, consumers are seeking alternatives that reduce their carbon footprint. Plug-in Hybrid Electric Vehicles offer a solution by combining the benefits of electric and gasoline power, allowing for reduced emissions and increased fuel efficiency.

This aligns with the global trend towards greener transportation options and reflects a growing concern for the environment among consumers in Cyprus. The market for Plug-in Hybrid Electric Vehicles in Cyprus is also being driven by government incentives. The Cypriot government has implemented various measures to promote the adoption of electric and hybrid vehicles, including tax exemptions, reduced registration fees, and subsidies for purchasing and installing charging stations.

These incentives make Plug-in Hybrid Electric Vehicles more affordable and attractive to consumers, encouraging them to consider these vehicles as a viable alternative to traditional gasoline-powered cars. Furthermore, the increasing availability of charging infrastructure is contributing to the growth of the Plug-in Hybrid Electric Vehicles market in Cyprus. As more charging stations are installed across the country, consumers are gaining confidence in the practicality and convenience of owning a Plug-in Hybrid Electric Vehicle.

The ability to charge their vehicles at home, at work, or at public charging stations alleviates concerns about range anxiety and makes Plug-in Hybrid Electric Vehicles a more viable option for everyday use. In addition to customer preferences and government incentives, there are also local special circumstances that are driving the growth of the Plug-in Hybrid Electric Vehicles market in Cyprus. The country's small size and relatively short average driving distances make Plug-in Hybrid Electric Vehicles a practical choice for many Cypriot consumers.

The limited range of electric-only vehicles is less of a concern in Cyprus compared to larger countries, making Plug-in Hybrid Electric Vehicles a suitable compromise between electric and gasoline power. Underlying macroeconomic factors, such as rising fuel prices and increasing concerns about air pollution, are also contributing to the growth of the Plug-in Hybrid Electric Vehicles market in Cyprus. As fuel costs continue to rise, consumers are looking for more cost-effective alternatives, and Plug-in Hybrid Electric Vehicles offer the potential for reduced fuel consumption.

Additionally, the government's commitment to reducing air pollution and meeting emission reduction targets further supports the growth of the Plug-in Hybrid Electric Vehicles market. In conclusion, the Plug-in Hybrid Electric Vehicles market in Cyprus is experiencing significant growth due to customer preferences for environmentally friendly transportation options, government incentives, increasing charging infrastructure, local special circumstances, and underlying macroeconomic factors. As these trends continue to evolve, the market for Plug-in Hybrid Electric Vehicles in Cyprus is expected to expand further 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).