Plug-in Hybrid Electric Vehicles - North America

North America

Highlights

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicles market in North America is estimated to reach US$33.0bn.
It is expected that this revenue will exhibit an annual growth rate of 4.26% from 2024 to 2029, resulting in a projected market volume of US$40.7bn by 2029.
By 2029, the unit sales in the Plug-in Hybrid Electric Vehicles market are expected to 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 considering the international market, it is evident that China will generate the highest revenue, amounting to US$166bn in 2024.
In North America, the market for Plug-in Hybrid Electric Vehicles is rapidly expanding, driven by increasing consumer demand for eco-friendly and efficient transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in North America is experiencing significant growth due to changing customer preferences and favorable market trends.

Customer preferences: Customers in North America are increasingly opting for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. Plug-in Hybrid Electric Vehicles offer lower emissions compared to traditional gasoline-powered vehicles, making them a more sustainable transportation option. Additionally, the ability to switch between electric and gasoline power provides flexibility and convenience for customers, especially for longer trips where charging infrastructure may be limited. The rising awareness and concern for climate change and the push for greener transportation options have also contributed to the growing demand for Plug-in Hybrid Electric Vehicles in North America.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in North America is the expanding charging infrastructure. As more customers adopt Plug-in Hybrid Electric Vehicles, the demand for charging stations has increased. Governments, utility companies, and private businesses are investing in the development of charging infrastructure to support the growing number of Plug-in Hybrid Electric Vehicles on the road. This trend has made it more convenient for customers to own and operate Plug-in Hybrid Electric Vehicles, further driving their adoption. Another trend in the market is the increasing availability of Plug-in Hybrid Electric Vehicle models from various automakers. As technology advances and production costs decrease, automakers are introducing a wider range of Plug-in Hybrid Electric Vehicle models to cater to different customer preferences and needs. This increased competition in the market has led to more affordable options for customers, making Plug-in Hybrid Electric Vehicles a viable choice for a larger segment of the population.

Local special circumstances: The Plug-in Hybrid Electric Vehicles market in North America is also influenced by local special circumstances. In some states and provinces, there are government incentives and rebates available for customers who purchase Plug-in Hybrid Electric Vehicles. These incentives reduce the upfront cost of the vehicles and make them more affordable for customers. Additionally, some cities have implemented policies and regulations to promote the adoption of Plug-in Hybrid Electric Vehicles, such as preferential parking or access to carpool lanes. These local initiatives further incentivize customers to choose Plug-in Hybrid Electric Vehicles over traditional gasoline-powered vehicles.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in North America is supported by underlying macroeconomic factors. The region has a strong and stable economy, which provides consumers with the purchasing power to invest in Plug-in Hybrid Electric Vehicles. Additionally, advancements in technology and manufacturing processes have made Plug-in Hybrid Electric Vehicles more affordable for customers. The decreasing costs of batteries and other components have contributed to the overall affordability of Plug-in Hybrid Electric Vehicles, making them a more attractive option for customers. In conclusion, the Plug-in Hybrid Electric Vehicles market in North America is witnessing significant growth due to changing customer preferences, favorable market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for environmentally-friendly transportation options, expanding charging infrastructure, and the availability of a wider range of Plug-in Hybrid Electric Vehicle models are driving the growth of this market in North America.

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).