Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Ireland

Ireland

The projected revenue in the Plug-in Hybrid Electric Vehicles market in Ireland is expected to reach US$789.0m by 2024.
This segment is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 19.17%, resulting in a projected market volume of US$1,896.0m by 2029.
Moreover, it is estimated that the unit sales of Plug-in Hybrid Electric Vehicles market in Ireland will reach 28.00k vehicles by 2029.
In 2024, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in Ireland is expected to amount to US$67.9k.
When considering the international market, it is evident that China will generate the highest revenue with US$165,600m in 2024.
Ireland is experiencing a rising demand for Plug-in Hybrid Electric Vehicles due to government incentives and a growing awareness of environmental sustainability.

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

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Analyst Opinion

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

Customer preferences: Customers in Ireland are increasingly opting for Plug-in Hybrid Electric Vehicles due to their numerous benefits. These vehicles offer a combination of electric and conventional engines, providing a more environmentally friendly option without compromising on range. Additionally, Plug-in Hybrid Electric Vehicles offer lower running costs and reduced emissions compared to traditional petrol or diesel vehicles.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Ireland is the increasing availability of charging infrastructure. The government has been actively promoting the adoption of electric vehicles and has invested in the development of a comprehensive charging network across the country. This has significantly improved the convenience and accessibility of charging for Plug-in Hybrid Electric Vehicle owners, further incentivizing their purchase. Another trend in the market is the expanding range of Plug-in Hybrid Electric Vehicle models available in Ireland. As more manufacturers introduce new models with improved technology and longer electric range, consumers have a wider variety of options to choose from. This has contributed to the growing popularity of Plug-in Hybrid Electric Vehicles in the country.

Local special circumstances: Ireland has set ambitious targets to reduce greenhouse gas emissions and transition to a low-carbon economy. As part of these efforts, the government has implemented various incentives to encourage the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles. These incentives include grants for purchasing electric vehicles, reduced motor tax rates, and exemption from toll charges and parking fees. These measures have created a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market in Ireland.

Underlying macroeconomic factors: The Plug-in Hybrid Electric Vehicles market in Ireland is also influenced by broader macroeconomic factors. The country has a strong economy and a high level of disposable income, which enables consumers to consider environmentally friendly options when purchasing vehicles. Additionally, Ireland has a relatively small geographic size, making Plug-in Hybrid Electric Vehicles a practical choice for most consumers who do not require long-range capabilities. In conclusion, the Plug-in Hybrid Electric Vehicles market in Ireland is experiencing growth and development due to customer preferences for more environmentally friendly and cost-effective vehicles, the increasing availability of charging infrastructure, the expanding range of models, local special circumstances such as government incentives, and underlying macroeconomic factors.

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).