Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Greece

Greece

The projected revenue in the Plug-in Hybrid Electric Vehicles market in Greece is expected to reach US$432.0m in 2024.
This market segment is also projected to show an annual growth rate (CAGR 2024-2029) of 19.32%, resulting in a projected market volume of US$1,045.0m by 2029.
It is anticipated that unit sales in the Plug-in Hybrid Electric Vehicles market will reach 23.88k vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Greece is expected to amount to US$43.8k in 2024.
From an international perspective, it is evident that China will generate the most revenue in this segment, with an estimated US$165,600m in 2024.
Greece has experienced a surge in demand for plug-in hybrid electric vehicles due to government incentives and a growing awareness of environmental issues.

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

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Greece has been steadily growing in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Greece have played a significant role in the development of the Plug-in Hybrid Electric Vehicles market.

Greek consumers are increasingly concerned about the environmental impact of traditional combustion engine vehicles and are looking for more sustainable transportation options. Plug-in Hybrid Electric Vehicles offer a compromise between the range and convenience of traditional vehicles and the environmental benefits of electric vehicles, making them an attractive choice for many Greek consumers. Trends in the market have also contributed to the growth of the Plug-in Hybrid Electric Vehicles market in Greece.

As technology has advanced and become more affordable, the range and performance of Plug-in Hybrid Electric Vehicles have improved significantly. This has made them a more viable option for Greek consumers, who are now able to enjoy the benefits of electric driving without the range anxiety associated with fully electric vehicles. Additionally, the availability of charging infrastructure in Greece has improved, making it easier for consumers to charge their Plug-in Hybrid Electric Vehicles and further increasing their appeal.

Local special circumstances have also played a role in the development of the Plug-in Hybrid Electric Vehicles market in Greece. The Greek government has implemented various incentives and subsidies to promote the adoption of electric and hybrid vehicles, including tax breaks, grants, and exemptions from registration fees. These incentives have made Plug-in Hybrid Electric Vehicles more affordable and attractive to Greek consumers, further driving the market growth.

Underlying macroeconomic factors have also contributed to the growth of the Plug-in Hybrid Electric Vehicles market in Greece. The country has experienced economic recovery in recent years, leading to increased consumer confidence and purchasing power. As a result, more Greek consumers are able to afford Plug-in Hybrid Electric Vehicles and are willing to invest in more sustainable transportation options.

In conclusion, the Plug-in Hybrid Electric Vehicles market in Greece is developing due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Greek consumers are increasingly interested in more sustainable transportation options, and Plug-in Hybrid Electric Vehicles offer a compromise between the range and convenience of traditional vehicles and the environmental benefits of electric vehicles. As technology has advanced and become more affordable, the range and performance of Plug-in Hybrid Electric Vehicles have improved, making them a more viable option for Greek consumers.

The availability of charging infrastructure and government incentives have also contributed to the growth of the market. Additionally, the country's economic recovery has increased consumer purchasing power, further driving the adoption of Plug-in Hybrid Electric Vehicles.

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).