Plug-in Hybrid Electric Vehicles - Southern Europe

Southern Europe

Highlights

Revenue in the Plug-in Hybrid Electric Vehicles market in Southern Europe is projected to reach US$10.6bn in 2024.
The revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.33%, resulting in a projected market volume of US$22.5bn by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in Southern Europe are expected to reach 388.80k vehicles in 2029.
The volume weighted average price of the Plug-in Hybrid Electric Vehicles market in Southern Europe in 2024 is expected to amount to US$56.9k.
From an international perspective, it is shown that China will generate the most revenue (US$166bn in 2024).
In Southern Europe, the adoption of plug-in hybrid electric vehicles is on the rise, with [COUNTRY] leading the way in embracing sustainable transportation solutions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Southern Europe is experiencing significant growth and development. Customer preferences in the region are shifting towards more environmentally friendly and sustainable transportation options.

As awareness of climate change and the need to reduce carbon emissions increases, consumers are increasingly opting for Plug-in Hybrid Electric Vehicles as a greener alternative to traditional gasoline-powered vehicles. The ability to switch between electric and gasoline power allows for greater flexibility and convenience, making Plug-in Hybrid Electric Vehicles an attractive choice for many customers in Southern Europe. Trends in the market indicate a steady increase in the adoption of Plug-in Hybrid Electric Vehicles in Southern Europe.

This can be attributed to several factors. Firstly, government incentives and subsidies are encouraging consumers to purchase Plug-in Hybrid Electric Vehicles by making them more affordable. These incentives include tax breaks, grants, and subsidies for purchasing and charging infrastructure.

Secondly, the availability of charging infrastructure is improving, making it more convenient for consumers to own and operate Plug-in Hybrid Electric Vehicles. As the charging network expands, range anxiety decreases, further boosting the demand for Plug-in Hybrid Electric Vehicles. Local special circumstances in Southern Europe also contribute to the growth of the Plug-in Hybrid Electric Vehicles market.

The region has a high population density and urbanization rate, resulting in increased traffic congestion and air pollution. Plug-in Hybrid Electric Vehicles offer a solution to these issues by providing a cleaner and more efficient mode of transportation. Additionally, Southern Europe has a strong cultural emphasis on sustainability and environmental stewardship, making Plug-in Hybrid Electric Vehicles a popular choice among environmentally conscious consumers.

Underlying macroeconomic factors also play a role in the development of the Plug-in Hybrid Electric Vehicles market in Southern Europe. The region is experiencing economic growth and increased disposable income, allowing more consumers to afford Plug-in Hybrid Electric Vehicles. Additionally, advancements in technology and manufacturing processes have led to a decrease in the cost of production, making Plug-in Hybrid Electric Vehicles more affordable for manufacturers and consumers alike.

In conclusion, the Plug-in Hybrid Electric Vehicles market in Southern Europe is growing due to shifting customer preferences towards sustainable transportation options, government incentives and subsidies, improving charging infrastructure, local special circumstances such as high population density and environmental consciousness, and favorable macroeconomic factors. With continued support from governments and advancements in technology, the Plug-in Hybrid Electric Vehicles market in Southern Europe is expected to continue its upward trajectory.

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).