Plug-in Hybrid Electric Vehicles - Malta

Malta

Highlights

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicles market in Malta is expected to reach US$83.2m.
This market segment is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 20.05%, leading to a projected market volume of US$207.5m by 2029.
Furthermore, it is estimated that the unit sales of Plug-in Hybrid Electric Vehicles market in Malta will reach 2.59k vehicles by 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in the country is projected to be US$80.2k in 2024.
When considering the international market, it is evident that China is expected to generate the highest revenue in this segment.
In 2024, China is projected to generate US$166bn in revenue.
Malta is experiencing a growing demand for Plug-in Hybrid Electric Vehicles, as the government has implemented various incentives to promote their adoption.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Malta is experiencing steady growth due to customer preferences for more environmentally friendly transportation options.

Customer preferences: Customers in Malta are increasingly concerned about the environmental impact of their transportation choices and are seeking more sustainable alternatives. Plug-in Hybrid Electric Vehicles (PHEVs) offer a solution that combines the benefits of electric vehicles with the convenience of a traditional combustion engine. PHEVs allow customers to reduce their carbon footprint while still having the flexibility to travel longer distances without worrying about range anxiety.

Trends in the market: The Plug-in Hybrid Electric Vehicles market in Malta is witnessing a growing trend of customers transitioning from traditional gasoline-powered vehicles to PHEVs. This shift is driven by several factors. Firstly, the government of Malta has implemented policies and incentives to promote the adoption of electric vehicles, including PHEVs. These incentives include tax breaks, grants, and subsidies for purchasing PHEVs, making them more affordable for customers. Additionally, the increasing availability of charging infrastructure in Malta has made PHEVs more practical for daily use. Customers now have access to a network of charging stations across the country, which alleviates concerns about running out of battery power. This infrastructure development has also been supported by investments from both the government and private sector.

Local special circumstances: The small size of Malta, with its limited road network and relatively short commuting distances, makes it an ideal market for PHEVs. Customers can easily travel within the country using the electric mode of their PHEVs, reducing their reliance on fossil fuels. The compact nature of the island also means that customers do not need to worry about range anxiety, as they can easily find charging stations within a short distance.

Underlying macroeconomic factors: The growing Plug-in Hybrid Electric Vehicles market in Malta is also influenced by broader macroeconomic factors. The rising cost of gasoline and diesel fuels has made PHEVs a more attractive option for customers, as they offer lower fuel costs and potential long-term savings. Additionally, advancements in battery technology have made PHEVs more efficient and affordable, further driving their adoption in the market. In conclusion, the Plug-in Hybrid Electric Vehicles market in Malta is experiencing growth due to customer preferences for more environmentally friendly transportation options. The government's incentives, the increasing availability of charging infrastructure, and the island's unique circumstances contribute to the market's development. The rising cost of traditional fuels and advancements in battery technology also play a role in driving the adoption of PHEVs in Malta.

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).