Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - GCC

The projected revenue for the Plug-in Hybrid Electric Vehicles market in 2024 is estimated to be US$613.5m.
It is expected that the revenue will experience an annual growth rate of -5.27% from 2024 to 2029, resulting in a projected market volume of US$468.0m by 2029.
By 2029, the unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 4.42k vehicles.
In 2024, the volume weighted average price of the Plug-in Hybrid Electric Vehicles market is projected to be US$105.8k.
From an international perspective, it is evident that China will generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, amounting to US$165,600m in 2024.
In the GCC, the market for plug-in hybrid electric vehicles is growing rapidly, driven by government incentives and a strong focus on sustainability.

Key regions: China, Norway, United Kingdom, Netherlands, France

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in the GCC region have shown a growing interest in Plug-in Hybrid Electric Vehicles due to several reasons. Firstly, there is a rising concern about the environmental impact of traditional gasoline-powered vehicles, and Plug-in Hybrid Electric Vehicles offer a more sustainable and eco-friendly alternative. Additionally, customers in the region value the cost savings associated with these vehicles, as they offer lower fuel consumption and reduced maintenance costs compared to conventional vehicles. Furthermore, the advanced technology and features of Plug-in Hybrid Electric Vehicles appeal to customers who prioritize innovation and cutting-edge design.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in the GCC is the increasing availability of charging infrastructure. As governments and businesses in the region recognize the importance of supporting electric mobility, they have been investing in the development of charging stations across major cities and highways. This infrastructure expansion has helped alleviate range anxiety among potential customers and has contributed to the growing adoption of Plug-in Hybrid Electric Vehicles. Another trend in the market is the introduction of government incentives and subsidies. Several governments in the GCC region have implemented policies to encourage the purchase of Plug-in Hybrid Electric Vehicles. These incentives include tax exemptions, reduced registration fees, and financial grants. Such measures have played a crucial role in boosting the demand for Plug-in Hybrid Electric Vehicles, as they make these vehicles more affordable and attractive to customers.

Local special circumstances: The GCC region has a unique set of circumstances that contribute to the development of the Plug-in Hybrid Electric Vehicles market. Firstly, the abundance of oil reserves in the region has traditionally made gasoline prices relatively low, which has hindered the adoption of electric vehicles. However, with the increasing global focus on sustainability and the need to diversify economies, governments in the GCC are actively promoting the use of electric vehicles, including Plug-in Hybrid Electric Vehicles, as part of their long-term strategies.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Plug-in Hybrid Electric Vehicles market in the GCC. Firstly, the region has experienced rapid urbanization and population growth, leading to increased demand for transportation. This, coupled with the rising awareness of environmental issues, has created a favorable environment for the adoption of Plug-in Hybrid Electric Vehicles. Additionally, the GCC region has a high disposable income per capita, which allows customers to invest in more expensive and technologically advanced vehicles. The affordability of Plug-in Hybrid Electric Vehicles, combined with the long-term cost savings they offer, makes them an attractive option for customers in the region. In conclusion, the Plug-in Hybrid Electric Vehicles market in the GCC is developing rapidly due to customer preferences for environmentally friendly and cost-effective vehicles. The availability of charging infrastructure, government incentives, and unique local circumstances, along with favorable macroeconomic factors, have all contributed to the growth of this market.

Methodology

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).