Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Southeast Asia

Southeast Asia

In Southeast Asia, the revenue generated by the Plug-in Hybrid Electric Vehicles market is projected to reach US$1,870.0m in 2024.
This market is expected to experience an annual growth rate of -5.29% from 2024 to 2029, resulting in a projected market volume of US$1,425.0m by 2029.
By that time, the unit sales of Plug-in Hybrid Electric Vehicles market in this region are expected to reach 9.13k vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Southeast Asia is projected to be US$156.2k in 2024.
When considering the global perspective, it is evident that the highest revenue will be generated China, with an estimated amount of US$165,700m in 2024.
In Southeast Asia, the demand for Plug-in Hybrid Electric Vehicles is rapidly increasing due to the region's growing focus on sustainability and environmental consciousness.

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

Market

Region

Region comparison

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Southeast Asia has been experiencing significant growth in recent years. Customer preferences in the region have shifted towards more environmentally friendly and sustainable transportation options.

With increasing concerns about air pollution and climate change, consumers are becoming more conscious of their carbon footprint and are seeking alternative modes of transportation that are less harmful to the environment. Plug-in Hybrid Electric Vehicles offer a solution by combining the benefits of both electric and conventional fuel-powered vehicles, allowing consumers to reduce their reliance on fossil fuels and lower their emissions. Trends in the market show a growing demand for Plug-in Hybrid Electric Vehicles in Southeast Asia.

This can be attributed to several factors. Firstly, governments in the region have been implementing policies and incentives to promote the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles. These policies often include tax incentives, subsidies, and infrastructure development to support the charging infrastructure needed for electric vehicles.

As a result, consumers are incentivized to purchase Plug-in Hybrid Electric Vehicles, leading to an increase in sales. Another trend in the market is the expansion of the charging infrastructure. As the adoption of Plug-in Hybrid Electric Vehicles increases, there is a growing need for charging stations to support these vehicles.

Governments and private companies are investing in the development of charging infrastructure to meet this demand. This infrastructure expansion further encourages consumers to consider Plug-in Hybrid Electric Vehicles as a viable option, as they have access to convenient and reliable charging facilities. Local special circumstances in Southeast Asia also contribute to the growth of the Plug-in Hybrid Electric Vehicles market.

The region has a high population density in urban areas, resulting in congested roads and increased air pollution. Plug-in Hybrid Electric Vehicles offer a solution to these challenges by providing a cleaner and more efficient mode of transportation. Additionally, Southeast Asia has a growing middle class with increasing disposable income, leading to a higher demand for personal vehicles.

Plug-in Hybrid Electric Vehicles provide a sustainable option for consumers who want to own a car while minimizing their environmental impact. Underlying macroeconomic factors also play a role in the development of the Plug-in Hybrid Electric Vehicles market in Southeast Asia. The region has experienced steady economic growth, leading to an increase in purchasing power and consumer spending.

This economic growth has contributed to a rise in car ownership and a shift towards more environmentally friendly vehicles. Additionally, advancements in technology and improvements in battery technology have made Plug-in Hybrid Electric Vehicles more affordable and accessible to a wider range of consumers. In conclusion, the Plug-in Hybrid Electric Vehicles market in Southeast Asia is experiencing growth due to changing customer preferences, government incentives, infrastructure development, local special circumstances, and underlying macroeconomic factors.

As the region continues to prioritize sustainability and environmental conservation, the demand for Plug-in Hybrid Electric Vehicles is expected to continue to rise.

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).