Plug-in Hybrid Electric Vehicles - Romania

Romania

Highlights

The revenue in the Plug-in Hybrid Electric Vehicles market in Romania is projected to reach US$349.7m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 19.84%, resulting in a projected market volume of US$864.2m by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in Romania are expected to reach 8.21k vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Romania in 2024 is expected to amount to US$105.4k.
From an international perspective, it is shown that the most revenue will be generated China (US$166bn in 2024).
Romania is experiencing a surge in demand for Plug-in Hybrid Electric Vehicles as the government implements incentives for eco-friendly transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: One of the main reasons for this growth is the increasing demand for environmentally friendly vehicles. Customers in Romania are becoming more aware of the negative impact of traditional gasoline-powered vehicles on the environment and are looking for alternative options. Plug-in Hybrid Electric Vehicles offer a solution by combining the benefits of both electric and gasoline-powered vehicles. They allow customers to reduce their carbon footprint while still having the convenience of a traditional vehicle.

Trends in the market: Another trend driving the growth of the Plug-in Hybrid Electric Vehicles market in Romania is the government's support for electric vehicles. The Romanian government has implemented various incentives and subsidies to encourage the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles. These incentives include tax breaks, grants, and access to charging infrastructure. This has made Plug-in Hybrid Electric Vehicles more affordable and accessible to customers, further fueling the market growth.

Local special circumstances: Romania has a well-developed charging infrastructure, which has also contributed to the growth of the Plug-in Hybrid Electric Vehicles market. Customers in Romania have access to a network of charging stations, making it convenient for them to charge their vehicles. This has alleviated the range anxiety that is often associated with electric vehicles and has increased the confidence of customers in adopting Plug-in Hybrid Electric Vehicles.

Underlying macroeconomic factors: The economic growth in Romania has also played a role in the development of the Plug-in Hybrid Electric Vehicles market. As the economy grows, consumers have more disposable income, which they can allocate towards purchasing electric vehicles. Additionally, the rising fuel prices have made Plug-in Hybrid Electric Vehicles more attractive to customers, as they offer cost savings in terms of fuel consumption. Overall, the Plug-in Hybrid Electric Vehicles market in Romania is experiencing growth due to customer preferences for environmentally friendly vehicles, government support, a well-developed charging infrastructure, and underlying macroeconomic factors. As these trends continue, it is expected that the market will continue to expand in the coming years.

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).