Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Luxembourg

Luxembourg

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicles market in Luxembourg is estimated to reach US$299.0m.
It is expected that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 19.58%, resulting in a projected market volume of US$731.0m by 2029.
By 2029, it is anticipated that the unit sales in the Plug-in Hybrid Electric Vehicles market will reach 14.04k vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Luxembourg is expected to be US$52.3k in 2024.
From an international standpoint, it is evident that China will generate the highest revenue (US$165,600m in 2024).
Luxembourg is experiencing a surge in demand for plug-in hybrid electric vehicles, driven by the country's high income levels and commitment to sustainability.

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

Market

Region

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Currency

Analyst Opinion

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

Customer preferences: Luxembourg, being one of the wealthiest countries in the world, has a population that is highly conscious about the environment and sustainability. As a result, there is a growing demand for Plug-in Hybrid Electric Vehicles (PHEVs) in the country. PHEVs offer the advantage of being able to run on both electricity and gasoline, providing consumers with the flexibility of long-range driving without compromising on environmental concerns. Additionally, the government of Luxembourg has been actively promoting the use of PHEVs by offering incentives such as tax breaks and subsidies, further driving the demand for these vehicles.

Trends in the market: One of the key trends in the PHEV market in Luxembourg is the increasing number of models available to consumers. Major automakers have been introducing new PHEV models with improved battery technology and longer electric range. This has made PHEVs more appealing to consumers who previously had concerns about limited electric range. Furthermore, the charging infrastructure in Luxembourg has been expanding rapidly, making it more convenient for consumers to own and operate PHEVs. Another trend in the market is the growing popularity of luxury PHEVs. As mentioned earlier, Luxembourg is a wealthy country, and consumers in this segment are willing to pay a premium for luxury vehicles that also offer environmental benefits. Luxury automakers have recognized this demand and have been introducing PHEV versions of their popular models. These luxury PHEVs offer high performance, advanced features, and a luxurious driving experience, attracting affluent consumers who want to make a statement with their vehicle choice.

Local special circumstances: Luxembourg is a small country with a high population density. This presents unique challenges and opportunities for the PHEV market. On one hand, the limited space and crowded cities make it more difficult to build and expand charging infrastructure. However, on the other hand, the short distances between cities and towns make PHEVs a practical choice for everyday commuting. The compact size of the country also makes it easier for the government to implement policies and incentives that promote the adoption of PHEVs.

Underlying macroeconomic factors: Luxembourg has a strong economy with a high GDP per capita. This means that consumers in the country have more disposable income, making it easier for them to afford the higher upfront cost of PHEVs compared to conventional vehicles. Additionally, the government has been actively promoting sustainable transportation solutions as part of its environmental and climate change policies. This has created a favorable regulatory environment for PHEVs, encouraging consumers to choose these vehicles over traditional gasoline-powered cars. In conclusion, the Plug-in Hybrid Electric Vehicles market in Luxembourg is experiencing growth due to the country's environmentally conscious population, government incentives, expanding charging infrastructure, the availability of a wide range of models, and the unique characteristics of the country. As the demand for environmentally friendly transportation continues to increase, the PHEV market in Luxembourg is expected to further expand in the coming years.

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).