Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Sri Lanka

Sri Lanka

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicle segment in Sri Lanka is expected to reach US$3.7m.
It is anticipated that the revenue will display an annual growth rate (CAGR 2024-2028) of 2.77%, leading to a projected market volume of US$4.2m by 2028.
By 2028, the unit sales of Plug-in Hybrid Electric Vehicles market in Sri Lanka are expected to reach 66.00vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is projected to be US$63.2k.
When considering the international market, it is evident that in China will generate the highest revenue, amounting to US$110,200m in 2024.
Sri Lanka's plug-in hybrid electric vehicle market is experiencing steady growth due to increasing government incentives and growing environmental consciousness among consumers.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Sri Lanka are increasingly opting for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. Plug-in Hybrid Electric Vehicles offer a more sustainable transportation option, as they produce lower emissions compared to traditional gasoline-powered vehicles. Additionally, the ability to switch between electric and gasoline power allows for greater fuel efficiency, resulting in reduced fuel consumption and lower operating costs for consumers.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Sri Lanka is the increasing availability and variety of models. As more manufacturers introduce Plug-in Hybrid Electric Vehicles into the market, consumers have a wider range of options to choose from. This increased competition has also led to more competitive pricing, making Plug-in Hybrid Electric Vehicles more accessible to a larger segment of the population. Another trend in the market is the growing infrastructure to support Plug-in Hybrid Electric Vehicles. Sri Lanka has been investing in the development of charging stations across the country, making it easier for consumers to charge their vehicles. This infrastructure development is crucial for the widespread adoption of Plug-in Hybrid Electric Vehicles, as it addresses one of the key concerns of potential buyers - the availability of charging facilities.

Local special circumstances: Sri Lanka has set ambitious goals to reduce its carbon emissions and promote sustainable transportation. The government has implemented various initiatives and incentives to encourage the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles. These include tax exemptions and import duty reductions for electric vehicles, as well as subsidies for charging infrastructure development. These measures have played a significant role in driving the growth of the Plug-in Hybrid Electric Vehicles market in Sri Lanka.

Underlying macroeconomic factors: The Plug-in Hybrid Electric Vehicles market in Sri Lanka is also influenced by broader macroeconomic factors. The country's economic growth and rising income levels have contributed to an increase in consumer spending power, making Plug-in Hybrid Electric Vehicles more affordable for a larger segment of the population. Additionally, the government's focus on sustainable development and reducing dependence on fossil fuels has created a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market. In conclusion, the Plug-in Hybrid Electric Vehicles market in Sri Lanka is experiencing significant growth due to customer preferences for more sustainable and cost-effective transportation options. The increasing availability of models, growing charging infrastructure, government initiatives, and favorable macroeconomic factors have all contributed to the development of the market. As the market continues to evolve, it is expected that the adoption of Plug-in Hybrid Electric Vehicles in Sri Lanka will continue to increase in the coming years.

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).