Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Nordics

Nordics

The Plug-in Hybrid Electric Vehicles market in the Nordics is forecasted to generate a revenue of US$7.3bn in 2024.
This market is expected to experience a steady growth with an annual growth rate (CAGR 2024-2029) of 16.69%, resulting in a projected market volume of US$15.9bn by 2029.
By that time, the unit sales of Plug-in Hybrid Electric Vehicles market in the Nordics are anticipated to reach 254.00k vehicles.
Furthermore, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in the Nordics is projected to be US$62.6k in 2024.
In terms of international comparison, China is expected to generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, with an estimated US$165,600m in 2024.
In Norway, the increasing popularity of Plug-in Hybrid Electric Vehicles is driven by generous government incentives and a strong commitment to reducing carbon emissions.

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

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Analyst Opinion

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

Customer preferences: Customers in the Nordics have shown a strong preference for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. The region has a strong commitment to sustainability, and Plug-in Hybrid Electric Vehicles align with this ethos. Additionally, the availability of government incentives and subsidies for electric vehicles has further incentivized customers to choose Plug-in Hybrid Electric Vehicles over traditional combustion engine vehicles.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Nordics is the increasing range of models available to customers. As technology improves and manufacturers invest more in electric vehicle development, there has been a significant expansion in the variety of Plug-in Hybrid Electric Vehicles on offer. This has given customers more choice and has made Plug-in Hybrid Electric Vehicles a viable option for a wider range of customers. Another trend in the market is the improvement in charging infrastructure. The Nordics have been investing heavily in the development of charging stations, making it easier and more convenient for customers to charge their Plug-in Hybrid Electric Vehicles. This has alleviated concerns about range anxiety and has made Plug-in Hybrid Electric Vehicles a more practical choice for customers.

Local special circumstances: The Nordics have a unique set of circumstances that have contributed to the growth of the Plug-in Hybrid Electric Vehicles market. The region has a high level of public awareness and concern about climate change, which has created a strong demand for environmentally-friendly transportation options. Additionally, the Nordics have a high level of disposable income, which has made Plug-in Hybrid Electric Vehicles more affordable for customers.

Underlying macroeconomic factors: The Plug-in Hybrid Electric Vehicles market in Nordics has also been influenced by macroeconomic factors. The Nordics have a stable and prosperous economy, which has allowed customers to have the financial means to purchase Plug-in Hybrid Electric Vehicles. Additionally, the region has a well-developed infrastructure, which has made it easier for manufacturers to distribute and sell Plug-in Hybrid Electric Vehicles. In conclusion, the Plug-in Hybrid Electric Vehicles market in Nordics is experiencing significant growth due to customer preferences for environmentally-friendly vehicles, the increasing range of models available, the improvement in charging infrastructure, and the unique local circumstances and macroeconomic factors in the region.

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).