Plug-in Hybrid Electric Vehicles - Morocco

Morocco

Highlights

Revenue in the Plug-in Hybrid Electric Vehicles market in Morocco is projected to reach US$44.3m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.51%, resulting in a projected market volume of US$55.3m by 2029.
Unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 217.00vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is expected to amount to US$254.8k.
From an international perspective, it is shown that the most revenue will be generated China (US$166bn in 2024).
Morocco is experiencing a surge in demand for Plug-in Hybrid Electric Vehicles, driven by government incentives and a growing awareness of environmental sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Morocco is experiencing significant growth and development. Customer preferences for environmentally friendly vehicles, government incentives, and improving infrastructure are driving this trend. Additionally, local special circumstances, such as Morocco's commitment to renewable energy and its strategic location as a gateway to Africa, are contributing to the growth of the Plug-in Hybrid Electric Vehicles market in the country.

Customer preferences: In line with global trends, Moroccan customers are increasingly prioritizing environmentally friendly vehicles. The demand for Plug-in Hybrid Electric Vehicles is driven by a desire to reduce carbon emissions and contribute to a cleaner and more sustainable future. Customers are attracted to the lower fuel costs and reduced environmental impact of Plug-in Hybrid Electric Vehicles compared to traditional gasoline-powered vehicles.

Trends in the market: The Plug-in Hybrid Electric Vehicles market in Morocco is witnessing a surge in sales and production. Automakers are introducing a wide range of Plug-in Hybrid Electric Vehicles models to meet the growing demand. This includes both domestic and international manufacturers. The availability of a diverse range of Plug-in Hybrid Electric Vehicles is appealing to customers, as they have more options to choose from.

Local special circumstances: Morocco has set ambitious renewable energy targets, aiming to generate 52% of its electricity from renewable sources by 2030. This commitment to renewable energy aligns with the increased adoption of Plug-in Hybrid Electric Vehicles, as they contribute to reducing greenhouse gas emissions. Additionally, Morocco's strategic location as a gateway to Africa provides an opportunity for the country to position itself as a leader in the electric vehicle market on the continent.

Underlying macroeconomic factors: Government incentives and policies play a crucial role in the growth of the Plug-in Hybrid Electric Vehicles market in Morocco. The government has implemented tax breaks and subsidies to encourage the adoption of electric vehicles. These incentives make Plug-in Hybrid Electric Vehicles more affordable for customers, driving up demand. Additionally, the government is investing in the development of charging infrastructure, making it easier for customers to charge their vehicles and alleviating range anxiety. In conclusion, the Plug-in Hybrid Electric Vehicles market in Morocco is experiencing significant growth due to customer preferences for environmentally friendly vehicles, government incentives, and improving infrastructure. Morocco's commitment to renewable energy and its strategic location as a gateway to Africa further contribute to the development of the Plug-in Hybrid Electric Vehicles market in the country. As the market continues to expand, it is expected that more automakers will enter the market and offer a wider range of Plug-in Hybrid Electric Vehicles models to meet the growing demand.

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).