Plug-in Hybrid Electric Vehicles - New Zealand

New Zealand

Highlights

In 2024, the revenue in the Plug-in Hybrid Electric Vehicles market in New Zealand is projected to reach US$467.1m.
The market is expected to show an annual growth rate of 3.81% (CAGR 2024-2029), resulting in a projected market volume of US$563.0m by 2029.
By 2029, the unit sales of Plug-in Hybrid Electric Vehicles market in New Zealand are expected to reach 14.57k vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is expected to amount to US$38.7k.
From an international perspective, it is shown that China will generate the most revenue in the Plug-in Hybrid Electric Vehicles market, with US$166bn in 2024.
New Zealand is experiencing a surge in demand for Plug-in Hybrid Electric Vehicles as consumers prioritize sustainability and government incentives drive adoption.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: One of the main reasons for the growth in the Plug-in Hybrid Electric Vehicles market in New Zealand is the increasing demand for environmentally friendly transportation options. With growing concerns about climate change and air pollution, consumers are becoming more conscious of their carbon footprint and are actively seeking out greener alternatives. Plug-in Hybrid Electric Vehicles offer a solution by combining the benefits of both electric and traditional combustion engines, allowing consumers to reduce their reliance on fossil fuels while still enjoying the convenience and range of a traditional vehicle.

Trends in the market: Another trend driving the growth of the Plug-in Hybrid Electric Vehicles market in New Zealand is the availability of government incentives and subsidies. The New Zealand government has implemented various policies and initiatives to promote the adoption of electric vehicles, including plug-in hybrids. These incentives include financial incentives such as rebates and tax credits, as well as infrastructure development to support the charging needs of electric vehicles. These incentives have made plug-in hybrids more affordable and accessible to a wider range of consumers, further fueling the market growth.

Local special circumstances: New Zealand's unique geography and relatively small population also contribute to the growth of the Plug-in Hybrid Electric Vehicles market. The country has a high proportion of urban dwellers, who are more likely to benefit from the shorter driving distances and charging infrastructure available in cities. Additionally, New Zealand's abundant renewable energy resources, such as hydroelectric and geothermal power, make it an ideal location for electric vehicle adoption. The availability of clean and sustainable energy sources further enhances the appeal of plug-in hybrids in the country.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in New Zealand is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, leading to increased disposable income and consumer spending. As a result, more consumers are able to afford the higher upfront cost of plug-in hybrid vehicles. Additionally, advancements in technology and manufacturing processes have made plug-in hybrids more efficient and affordable, making them a viable option for a larger segment of the population. In conclusion, the Plug-in Hybrid Electric Vehicles market in New Zealand is experiencing growth due to customer preferences for environmentally friendly transportation options, government incentives and subsidies, the country's unique geography and renewable energy resources, and underlying macroeconomic factors such as economic growth and technological advancements. As these trends continue, the market for plug-in hybrids is expected to further expand in New Zealand.

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).