Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Lithuania

Lithuania

The projected revenue for Lithuania in the Plug-in Hybrid Electric Vehicles market is expected to reach US$75.3m by 2024.
It is anticipated that the revenue will show an annual growth rate of 20.06% (CAGR 2024-2029), resulting in a projected market volume of US$187.8m by 2029.
In terms of unit sales, it is expected that in Lithuania will reach 2,236.00vehicles in 2029.
Additionally, the volume weighted average price of the Plug-in Hybrid Electric Vehicles market in Lithuania is projected to be US$83.9k in 2024.
When compared internationally, it is evident that China will generate the highest revenue, amounting to US$165,600m in 2024.
Lithuania is experiencing a surge in demand for plug-in hybrid electric vehicles, driven by government incentives and growing environmental awareness.

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

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Lithuania has been experiencing significant growth in recent years, driven by customer preferences for environmentally friendly vehicles and the government's push for sustainable transportation options.

Customer preferences: Lithuanian customers have shown a growing interest in Plug-in Hybrid Electric Vehicles (PHEVs) due to their lower environmental impact compared to traditional combustion engine vehicles. PHEVs offer the advantage of being able to run on both electricity and gasoline, providing a flexible and convenient option for consumers. Additionally, the ability to charge the vehicle at home or at public charging stations has made PHEVs an attractive choice for Lithuanian drivers.

Trends in the market: One of the key trends in the PHEV market in Lithuania is the increasing availability of charging infrastructure. The government has been investing in the development of a comprehensive charging network across the country, making it easier for consumers to charge their PHEVs. This has helped alleviate range anxiety and has further boosted the adoption of PHEVs. Another trend in the market is the expanding range of PHEV models available in Lithuania. Major automakers have been introducing new PHEV models to cater to the growing demand in the country. This has increased consumer choice and made PHEVs more accessible to a wider range of consumers.

Local special circumstances: Lithuania has set ambitious targets for reducing greenhouse gas emissions, and the transportation sector plays a significant role in achieving these targets. The government has implemented various incentives and subsidies to encourage the adoption of electric and hybrid vehicles, including PHEVs. This has created a favorable environment for the growth of the PHEV market in Lithuania.

Underlying macroeconomic factors: The growing PHEV market in Lithuania is also influenced by broader macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased consumer purchasing power and made PHEVs more affordable for a larger segment of the population. Additionally, advancements in technology and improvements in battery efficiency have made PHEVs more attractive to consumers, as they offer a viable alternative to traditional combustion engine vehicles. In conclusion, the Plug-in Hybrid Electric Vehicles market in Lithuania is experiencing significant growth due to customer preferences for environmentally friendly vehicles, the availability of charging infrastructure, and government incentives. The expanding range of PHEV models and favorable macroeconomic factors have further contributed to the growth of the market. As Lithuania continues to prioritize sustainability and reduce greenhouse gas emissions, the PHEV market is expected to continue its upward trajectory.

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).