Plug-in Hybrid Electric Vehicles - Sweden

Sweden

Highlights

Sweden is projected to see a revenue of US$4.1bn in the Plug-in Hybrid Electric Vehicles market by 2024.
It is expected to have an annual growth rate (CAGR 2024-2029) of 15.24%, resulting in a projected market volume of US$8.3bn by 2029.
In 2029, the unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 132.70k vehicles.
The volume weighted average price of the Plug-in Hybrid Electric Vehicles market in 2024 is projected to be US$62.5k.
From an international perspective, it is evident that China will generate the highest revenue of US$166bn in 2024.
Sweden is leading the way in the adoption of Plug-in Hybrid Electric Vehicles, with government incentives and a strong charging infrastructure driving consumer demand.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Sweden is experiencing significant growth and development.

Customer preferences: Customers in Sweden are increasingly choosing plug-in hybrid electric vehicles due to their environmental benefits and cost savings. Plug-in hybrid vehicles offer a combination of electric and gasoline power, allowing drivers to switch between modes depending on their needs. This flexibility is appealing to customers who want to reduce their carbon footprint while still having the convenience of a traditional gasoline engine for longer trips. Additionally, the availability of charging infrastructure and government incentives for electric vehicles in Sweden further encourage customers to choose plug-in hybrid models.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Sweden is the increasing number of models available to customers. As more automakers introduce plug-in hybrid options to their lineup, customers have a wider range of choices to suit their needs and preferences. This increased competition among automakers also leads to lower prices and improved technology, making plug-in hybrid vehicles more accessible to a larger customer base. Another trend in the market is the growing demand for larger plug-in hybrid vehicles, such as SUVs and crossovers. These vehicles offer the benefits of electric power while still providing ample space and utility for families or outdoor enthusiasts. As the popularity of SUVs and crossovers continues to rise globally, this trend is also reflected in the Plug-in Hybrid Electric Vehicles market in Sweden.

Local special circumstances: Sweden has a strong commitment to sustainability and reducing greenhouse gas emissions. The government has implemented various policies and incentives to promote the adoption of electric vehicles, including plug-in hybrids. These incentives include tax breaks, reduced parking fees, and access to bus lanes. These measures not only encourage customers to choose plug-in hybrid vehicles but also help to build the necessary charging infrastructure across the country.

Underlying macroeconomic factors: Sweden has a well-developed electric vehicle market, with a high level of public awareness and acceptance of electric vehicles. The country has a strong charging infrastructure network, making it easier for customers to charge their plug-in hybrid vehicles. Additionally, Sweden has a stable economy and high disposable income levels, which allow customers to afford the upfront cost of plug-in hybrid vehicles. In conclusion, the Plug-in Hybrid Electric Vehicles market in Sweden is experiencing growth and development due to customer preferences for environmentally friendly vehicles, the availability of a wide range of models, and government incentives. The market is also influenced by local special circumstances, such as Sweden's commitment to sustainability and the presence of a well-developed charging infrastructure. These factors, along with the underlying macroeconomic conditions, contribute to the positive trajectory of the Plug-in Hybrid Electric Vehicles market in Sweden.

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).