Plug-in Hybrid Electric Vehicles - Denmark

Denmark

Highlights

Denmark is projected to witness significant growth in the Plug-in Hybrid Electric Vehicles market.
In 2024, the projected revenue is expected to reach US$1.5bn.
Looking ahead, the market is predicted to experience a compound annual growth rate (CAGR) of 18.63% from 2024 to 2029, resulting in a projected market volume of US$3.4bn by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in Denmark are expected to reach 43.73k vehicles by 2029.
Furthermore, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in Denmark is estimated to be US$78.8k in 2024.
When considering the global scenario, it is worth noting that China is set to generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, with a projected revenue of US$166bn in 2024.
Denmark's increasing focus on sustainability and renewable energy has led to a surge in demand for plug-in hybrid electric vehicles.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: One of the main reasons for the growing popularity of Plug-in Hybrid Electric Vehicles in Denmark is the increasing concern for environmental sustainability. Danish consumers are becoming more aware of the impact of traditional gasoline-powered vehicles on the environment and are actively seeking alternative options. Plug-in Hybrid Electric Vehicles offer a greener and more sustainable mode of transportation, as they produce lower emissions compared to conventional vehicles. Additionally, the ability to switch between electric and gasoline power provides drivers with flexibility and convenience, making Plug-in Hybrid Electric Vehicles an attractive choice for many Danish consumers.

Trends in the market: The Danish government has been instrumental in driving the growth of the Plug-in Hybrid Electric Vehicles market. In recent years, the government has implemented various incentives and policies to encourage the adoption of electric vehicles. These include tax exemptions, grants for purchasing electric vehicles, and the establishment of charging infrastructure across the country. These initiatives have significantly reduced the barriers to entry for consumers, making Plug-in Hybrid Electric Vehicles more accessible and affordable. Another trend in the Plug-in Hybrid Electric Vehicles market in Denmark is the increasing availability of models from various automakers. As the demand for electric vehicles continues to rise, automakers are expanding their product offerings to cater to the Danish market. This increased competition has led to a wider range of options for consumers, allowing them to choose a Plug-in Hybrid Electric Vehicle that best suits their needs and preferences.

Local special circumstances: Denmark has a well-developed charging infrastructure, which is crucial for the widespread adoption of Plug-in Hybrid Electric Vehicles. The country has a high density of charging stations, making it convenient for drivers to charge their vehicles. This infrastructure development has been supported by both public and private investments, ensuring that drivers have access to charging facilities no matter where they are in the country.

Underlying macroeconomic factors: Denmark has a strong commitment to renewable energy and has set ambitious targets for reducing greenhouse gas emissions. The government's focus on sustainability aligns with the global trend towards electrification of transportation. As a result, there is a favorable regulatory environment for Plug-in Hybrid Electric Vehicles in Denmark, which encourages consumers to choose electric options. Furthermore, Denmark has a high average income and a strong economy, which allows consumers to afford the higher upfront cost of Plug-in Hybrid Electric Vehicles. The availability of government incentives further reduces the financial burden for consumers, making electric vehicles a more viable option. In conclusion, the Plug-in Hybrid Electric Vehicles market in Denmark is experiencing growth due to customer preferences for more sustainable transportation options, government incentives and policies, a wide range of vehicle models, a well-developed charging infrastructure, and a favorable regulatory environment. These factors, coupled with Denmark's commitment to renewable energy and strong economy, create a conducive environment for the continued growth of the Plug-in Hybrid Electric Vehicles market in the country.

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).