Plug-in Hybrid Electric Vehicles - Southern Africa

Southern Africa

Highlights

The Plug-in Hybrid Electric Vehicles market in Southern Africa is projected to reach a revenue of US$42.2m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.53%, resulting in a projected market volume of US$52.7m by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in this segment are expected to reach 335.00vehicles in 2029.
The volume weighted average price of the Plug-in Hybrid Electric Vehicles market in Southern Africa in 2024 is expected to amount to US$157.5k.
From an international perspective, it is shown that China will generate the most revenue, with US$166bn in 2024.
Southern Africa is experiencing a growing demand for Plug-in Hybrid Electric Vehicles as consumers seek more environmentally-friendly transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Southern Africa is experiencing steady growth due to increasing customer preferences for environmentally friendly transportation options.

Customer preferences: Customers in Southern Africa are increasingly seeking out vehicles that are more fuel-efficient and have lower emissions. Plug-in Hybrid Electric Vehicles (PHEVs) offer a solution to these concerns, as they combine the benefits of both electric and traditional combustion engines. PHEVs allow drivers to switch between electric and gasoline power, providing the flexibility of a traditional vehicle with the added advantage of reduced fuel consumption and emissions. This appeals to environmentally conscious consumers who want to reduce their carbon footprint without sacrificing the convenience and range of a traditional vehicle.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Southern Africa is the increasing availability of PHEV models from major automakers. As technology improves and production costs decrease, automakers are expanding their PHEV offerings to meet growing consumer demand. This trend is also driven by government regulations and incentives that encourage the adoption of electric vehicles. As a result, consumers in Southern Africa now have a wider variety of PHEV options to choose from, ranging from compact sedans to SUVs. Another trend in the market is the development of charging infrastructure. While PHEVs offer the advantage of being able to use traditional gasoline stations, there is also a growing need for electric charging stations to support the increasing number of electric vehicles on the road. Governments and private companies in Southern Africa are investing in charging infrastructure to meet this demand. This trend is expected to further drive the adoption of PHEVs, as consumers have more confidence in the availability of charging options.

Local special circumstances: Southern Africa has unique circumstances that contribute to the development of the PHEV market. One of these is the region's abundant renewable energy resources. Southern Africa has a high potential for solar and wind power generation, which can be used to charge electric vehicles. This presents an opportunity for consumers to power their PHEVs with clean, renewable energy, further reducing their environmental impact.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in Southern Africa is also influenced by macroeconomic factors. Rising fuel prices and concerns about climate change are driving consumers to seek out more fuel-efficient and environmentally friendly transportation options. Additionally, government policies and incentives, such as tax credits and subsidies, play a role in encouraging the adoption of PHEVs. These factors, combined with increasing consumer awareness and the availability of PHEV models, contribute to the steady growth of the market in Southern Africa.

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).