Plug-in Hybrid Electric Vehicles - NAFTA

NAFTA

Highlights

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicles market is estimated to reach US$33.0bn.
This market segment is expected to experience an annual growth rate (CAGR 2024-2029) of 4.26%, resulting in a projected market volume of US$40.7bn by 2029.
By 2029, it is anticipated that unit sales in the Plug-in Hybrid Electric Vehicles market will reach 414.60k vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is expected to be US$98.4k.
When analyzing the international perspective, it is evident that China will generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, amounting to US$166bn in 2024.
in North American Free Trade Agreement (NAFTA), which includes United_States, Canada, and Mexico, also plays a significant role in this market segment.
The adoption of plug-in hybrid electric vehicles in the NAFTA region is rapidly increasing due to government incentives and growing consumer awareness.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in NAFTA has been experiencing significant growth in recent years. Customer preferences for more sustainable and fuel-efficient transportation options have driven the demand for plug-in hybrid electric vehicles in this region. Additionally, several trends in the market have contributed to its development.

Customer preferences: Customers in NAFTA have shown a strong preference for vehicles that are environmentally friendly and offer fuel efficiency. With increasing concerns about climate change and rising fuel prices, consumers are actively seeking alternatives to traditional gasoline-powered vehicles. Plug-in hybrid electric vehicles provide a solution by combining an internal combustion engine with an electric motor, allowing for reduced emissions and improved fuel efficiency. As a result, these vehicles have gained popularity among environmentally conscious consumers in NAFTA.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in NAFTA is the increasing availability of charging infrastructure. As the demand for electric vehicles grows, governments and private companies have been investing in the development of charging stations across the region. This infrastructure expansion has made it more convenient for consumers to own and operate plug-in hybrid electric vehicles, further driving the market growth. Another trend in the market is the introduction of new models by automakers. Major automotive manufacturers in NAFTA have been expanding their product portfolios to include a wider range of plug-in hybrid electric vehicles. This increased variety of models has provided consumers with more options to choose from, catering to different preferences and budgets. The availability of diverse models has contributed to the overall growth of the market in NAFTA.

Local special circumstances: NAFTA countries, such as the United States and Canada, have implemented various incentives and policies to promote the adoption of plug-in hybrid electric vehicles. These include tax credits, rebates, and grants for purchasing or leasing these vehicles. Additionally, governments have also introduced regulations to reduce emissions and promote cleaner transportation. These local special circumstances have created a favorable environment for the growth of the plug-in hybrid electric vehicles market in NAFTA.

Underlying macroeconomic factors: Several macroeconomic factors have influenced the development of the Plug-in Hybrid Electric Vehicles market in NAFTA. These include the overall economic growth in the region, which has led to an increase in disposable income and consumer spending. As a result, consumers are more willing to invest in environmentally friendly vehicles, including plug-in hybrid electric vehicles. Furthermore, advancements in technology and decreasing costs of battery production have made plug-in hybrid electric vehicles more affordable for consumers. This has further contributed to the growth of the market in NAFTA. As technology continues to improve and costs decrease, it is expected that the plug-in hybrid electric vehicles market in NAFTA will continue to expand in the coming years. In conclusion, the Plug-in Hybrid Electric Vehicles market in NAFTA is developing due to customer preferences for more sustainable and fuel-efficient transportation options, along with the increasing availability of charging infrastructure and the introduction of new models by automakers. Local special circumstances, such as government incentives and regulations, have also played a role in driving the market growth. Additionally, underlying macroeconomic factors, including economic growth and advancements in technology, have contributed to the development of the market in NAFTA.

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).