Plug-in Hybrid Electric Vehicles - Czechia

Czechia

Highlights

The Plug-in Hybrid Electric Vehicles market in Czechia is anticipated to generate a revenue of US$340.2m by 2024.
It is projected to experience a compound annual growth rate (CAGR 2024-2029) of 19.80%, leading to a market volume of US$839.6m by 2029.
Consequently, the unit sales of Plug-in Hybrid Electric Vehicles market in Czechia are expected to reach 9.40k vehicles by 2029.
In 2024, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in Czechia is estimated to be US$89.4k.
From a global standpoint, China is expected to generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, amounting to US$166bn in 2024.
Czechia is experiencing a surge in demand for plug-in hybrid electric vehicles, driven by government incentives and increasing environmental consciousness among consumers.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Czechia has been experiencing significant growth in recent years.

Customer preferences: One of the key reasons for the growth of the Plug-in Hybrid Electric Vehicles market in Czechia is the increasing demand for environmentally-friendly and fuel-efficient vehicles. Customers are becoming more conscious about the impact of traditional vehicles on the environment and are actively seeking alternatives that can help reduce carbon emissions. Plug-in Hybrid Electric Vehicles offer a viable solution as they combine the benefits of both electric and conventional engines, allowing for reduced fuel consumption and lower emissions.

Trends in the market: A major trend in the Plug-in Hybrid Electric Vehicles market in Czechia is the increasing availability and variety of models. Automakers are expanding their product portfolios to include more plug-in hybrid options, catering to the growing demand in the market. This trend is driven by both domestic and international manufacturers, who recognize the potential of the Czech market for Plug-in Hybrid Electric Vehicles. Another trend in the market is the improving infrastructure for electric vehicles. The Czech government has been investing in the development of charging stations across the country, making it more convenient for Plug-in Hybrid Electric Vehicle owners to recharge their vehicles. This infrastructure development is expected to further boost the adoption of Plug-in Hybrid Electric Vehicles in Czechia.

Local special circumstances: Czechia has a strong automotive industry, with several major automakers having production facilities in the country. This local presence of automotive manufacturers has contributed to the growth of the Plug-in Hybrid Electric Vehicles market in Czechia. These manufacturers have been actively promoting and marketing their plug-in hybrid models, creating awareness and generating interest among customers.

Underlying macroeconomic factors: The growing Plug-in Hybrid Electric Vehicles market in Czechia can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, which has resulted in increased disposable income for consumers. This has made Plug-in Hybrid Electric Vehicles more affordable and accessible to a larger segment of the population. Additionally, the Czech government has implemented various incentives and subsidies to encourage the adoption of electric and hybrid vehicles. These incentives include tax breaks, purchase subsidies, and reduced registration fees, making Plug-in Hybrid Electric Vehicles a more attractive option for customers. In conclusion, the Plug-in Hybrid Electric Vehicles market in Czechia is experiencing significant growth due to increasing customer preferences for environmentally-friendly vehicles, the availability of a wider range of models, improving infrastructure, the presence of local automotive manufacturers, and favorable macroeconomic factors. As the market continues to evolve, it is expected that the adoption of Plug-in Hybrid Electric Vehicles will continue to increase in Czechia.

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).