Key regions: China, Norway, United Kingdom, Netherlands, France
The Plug-in Hybrid Electric Vehicles market in Israel is experiencing significant growth and development, driven by several key factors.
Customer preferences: In Israel, there is a growing demand for Plug-in Hybrid Electric Vehicles (PHEVs) due to their environmental benefits and cost savings. Customers are increasingly aware of the impact of traditional combustion engine vehicles on air pollution and greenhouse gas emissions, leading them to seek more sustainable transportation options. PHEVs offer a solution by combining the benefits of electric vehicles with the convenience of a hybrid system, allowing drivers to switch between electric and gasoline power as needed. Additionally, PHEVs offer significant fuel savings compared to conventional vehicles, making them an attractive option for cost-conscious consumers.
Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Israel is the increasing availability and variety of models. Major automakers are expanding their PHEV offerings in response to growing demand and government incentives. This has led to a wider range of options for consumers, including luxury vehicles, compact cars, and SUVs. The increased availability of PHEVs has made them more accessible to a broader range of customers, further driving market growth. Another trend in the market is the development of charging infrastructure. As the adoption of PHEVs increases, the need for a reliable and convenient charging network becomes crucial. In response, the Israeli government and private companies are investing in the expansion of charging stations across the country. This infrastructure development is essential to address range anxiety and encourage more consumers to choose PHEVs.
Local special circumstances: Israel has unique circumstances that contribute to the growth of the Plug-in Hybrid Electric Vehicles market. The country has a strong commitment to reducing its dependence on imported oil and transitioning to cleaner energy sources. As a result, the government has implemented various incentives and policies to promote the adoption of electric and hybrid vehicles. These include tax exemptions, reduced import duties, and financial incentives for purchasing PHEVs. The combination of these incentives and environmental awareness among consumers has created a favorable environment for the growth of the PHEV market in Israel.
Underlying macroeconomic factors: The Plug-in Hybrid Electric Vehicles market in Israel is also influenced by underlying macroeconomic factors. The country has a strong economy and a high standard of living, which allows consumers to afford the upfront cost of PHEVs. Additionally, the Israeli government's commitment to sustainable transportation aligns with global efforts to reduce carbon emissions and combat climate change. This alignment creates a supportive environment for PHEVs and encourages further market growth. In conclusion, the Plug-in Hybrid Electric Vehicles market in Israel is experiencing significant growth and development due to customer preferences for sustainable transportation options, the increasing availability of PHEV models, the development of charging infrastructure, local special circumstances, and underlying macroeconomic factors. As these trends continue, the market is expected to expand further, contributing to a cleaner and more sustainable transportation sector in Israel.
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).
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