Plug-in Hybrid Electric Vehicles - Finland

Finland

Highlights

The projected revenue in the Plug-in Hybrid Electric Vehicles market in Finland is expected to reach US$821.3m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate of 18.49% from 2024 to 2029, resulting in a projected market volume of US$1.9bn by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in Finland are expected to reach 47.13k vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is expected to amount to US$40.9k.
From an international perspective, it is notable that China is projected to generate the highest revenue of US$166bn in 2024.
Finland's plug-in hybrid electric vehicle market is booming, driven by government incentives and a strong commitment to sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Finland has been experiencing steady growth in recent years. Customer preferences for environmentally friendly vehicles, along with government incentives and infrastructure development, have contributed to this trend.

Customer preferences: In Finland, there is a growing demand for Plug-in Hybrid Electric Vehicles (PHEVs) due to their environmental benefits. Customers are increasingly concerned about reducing their carbon footprint and are willing to invest in vehicles that are more sustainable. PHEVs offer a compromise between the lower emissions of electric vehicles and the convenience of traditional combustion engines, making them an attractive option for many Finnish consumers.

Trends in the market: The PHEV market in Finland has been growing steadily due to several factors. Firstly, the government has implemented various incentives to encourage the adoption of electric and hybrid vehicles. These incentives include tax breaks, reduced registration fees, and subsidies for purchasing PHEVs. These measures have made PHEVs more affordable and attractive to potential buyers. Additionally, the development of charging infrastructure across the country has made it more convenient for PHEV owners to charge their vehicles. Finland has been investing in expanding its network of charging stations, making it easier for PHEV owners to find charging points and reducing range anxiety.

Local special circumstances: Finland has a unique geography and climate that influence the adoption of PHEVs. The country experiences long and cold winters, which can affect the performance and range of electric vehicles. PHEVs, with their ability to switch to a combustion engine when needed, are seen as a more reliable option in extreme weather conditions. This factor has contributed to the popularity of PHEVs in Finland, where consumers value vehicles that can handle the challenges of the local climate.

Underlying macroeconomic factors: Finland has a strong economy and a high standard of living, which enables consumers to invest in more expensive and technologically advanced vehicles like PHEVs. Additionally, the Finnish government has set ambitious targets for reducing greenhouse gas emissions, which has led to increased support for electric and hybrid vehicles. The combination of a favorable economic environment and government support has created a conducive market for PHEVs in Finland. In conclusion, the Plug-in Hybrid Electric Vehicles market in Finland is growing steadily due to customer preferences for environmentally friendly vehicles, government incentives, infrastructure development, and the unique local circumstances. With the continued focus on reducing carbon emissions and the expansion of charging infrastructure, the PHEV market in Finland is expected to continue its upward trajectory.

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).