Plug-in Hybrid Electric Vehicles - EU-27

EU-27

Highlights

In the EU-27, the projected revenue in the Plug-in Hybrid Electric Vehicles market is estimated to reach US$65.0bn in 2024.
This segment is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 12.08%, leading to a projected market volume of US$114.9bn by 2029.
By then, it is anticipated that unit sales in the Plug-in Hybrid Electric Vehicles market will reach 1.69m vehicles.
Furthermore, in 2024, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in the EU-27 is projected to be US$68.9k.
When considering the global perspective, it is evident that China will generate the highest revenue in this segment, with an estimated US$166bn in 2024.
Germany, as the largest market for Plug-in Hybrid Electric Vehicles in the EU-27, is experiencing a surge in demand driven by government incentives and a growing environmental consciousness among consumers.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in EU-27 is experiencing significant growth and development.

Customer preferences: Customers in the EU-27 region are increasingly opting for Plug-in Hybrid Electric Vehicles due to their numerous benefits. These vehicles offer a combination of electric and internal combustion engine power, providing flexibility and convenience. Customers are attracted to the environmental benefits of Plug-in Hybrid Electric Vehicles, as they produce lower emissions compared to traditional vehicles. Additionally, the ability to switch between electric and gasoline power allows for longer driving ranges, addressing the issue of range anxiety commonly associated with fully electric vehicles.

Trends in the market: The Plug-in Hybrid Electric Vehicles market in EU-27 is witnessing several key trends. Firstly, there is a growing demand for more affordable Plug-in Hybrid Electric Vehicles as customers seek cost-effective options. Manufacturers are responding to this trend by introducing models with lower price points, making Plug-in Hybrid Electric Vehicles more accessible to a wider range of customers. Additionally, there is an increasing focus on improving the charging infrastructure for Plug-in Hybrid Electric Vehicles. Governments and private companies are investing in the development of charging stations, making it easier for customers to charge their vehicles and further enhancing the appeal of Plug-in Hybrid Electric Vehicles.

Local special circumstances: The EU-27 region has set ambitious targets for reducing greenhouse gas emissions and transitioning to cleaner forms of transportation. As a result, governments in the region are implementing policies and incentives to promote the adoption of Plug-in Hybrid Electric Vehicles. These include financial incentives such as subsidies and tax breaks, as well as regulatory measures such as stricter emissions standards and low-emission zones. These initiatives are driving the demand for Plug-in Hybrid Electric Vehicles by making them more attractive and affordable to customers.

Underlying macroeconomic factors: The EU-27 region is experiencing economic growth, which is positively impacting the Plug-in Hybrid Electric Vehicles market. As disposable incomes rise, customers have more purchasing power and are more likely to invest in Plug-in Hybrid Electric Vehicles. Additionally, the EU-27 region is home to several major automobile manufacturers who are actively investing in the development and production of Plug-in Hybrid Electric Vehicles. This investment is driving innovation and competition in the market, leading to a wider range of models and improved technology. Furthermore, the EU-27 region has a strong commitment to sustainability and environmental protection, which aligns with the benefits offered by Plug-in Hybrid Electric Vehicles. This cultural and societal focus on sustainability is driving the demand for these vehicles and shaping customer preferences. In conclusion, the Plug-in Hybrid Electric Vehicles market in EU-27 is experiencing growth and development due to customer preferences for environmentally friendly and flexible vehicles, as well as the implementation of supportive policies and incentives by governments. The market is also benefiting from economic growth and the commitment to sustainability in the region. As a result, the future of the Plug-in Hybrid Electric Vehicles market in EU-27 looks promising.

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).