Plug-in Hybrid Electric Vehicles - United Kingdom

United Kingdom

Highlights

The revenue in the Plug-in Hybrid Electric Vehicles market in the United Kingdom is projected to reach US$9.6bn in 2024.
It is expected to show an annual growth rate of 10.13% (CAGR 2024-2029), resulting in a projected market volume of US$15.5bn by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in the United Kingdom are expected to reach 236.40k vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in the United Kingdom in 2024 is expected to be US$65.3k.
From an international perspective, it is shown that the most revenue will be generated China, with ¥US$166bn in 2024.
The United Kingdom has seen a surge in the adoption of Plug-in Hybrid Electric Vehicles, with increased government incentives and a growing charging infrastructure.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in United Kingdom has seen significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in the United Kingdom have shown a growing preference for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. With increasing awareness about climate change and the need to reduce carbon emissions, many consumers are opting for vehicles that have lower environmental impact. Plug-in Hybrid Electric Vehicles offer the advantage of being able to run on both electricity and petrol, providing a more sustainable transportation option. Additionally, the availability of government incentives and grants for purchasing electric vehicles has further encouraged customers to choose Plug-in Hybrid Electric Vehicles.

Trends in the market: The Plug-in Hybrid Electric Vehicles market in the United Kingdom has been driven by several trends. One key trend is the increasing number of charging infrastructure installations across the country. As the demand for electric vehicles grows, there is a need for a robust charging network to support these vehicles. The government has been actively investing in the expansion of charging infrastructure, which has made Plug-in Hybrid Electric Vehicles a more viable option for customers. Another trend in the market is the introduction of new models and improved technology by automakers. As technology advances, Plug-in Hybrid Electric Vehicles are becoming more efficient, offering longer electric ranges and faster charging times. This has made these vehicles more attractive to customers who were previously concerned about range anxiety and charging times.

Local special circumstances: The United Kingdom has set ambitious targets to reduce carbon emissions and transition to a low-carbon economy. As part of these efforts, the government has implemented various policies and initiatives to promote the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles. These policies include grants for purchasing electric vehicles, exemptions from congestion charges, and financial incentives for installing home charging stations. These special circumstances have created a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market in the United Kingdom.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in the United Kingdom is also influenced by underlying macroeconomic factors. The country has a stable economy and a high level of disposable income, which enables consumers to afford electric vehicles. Additionally, the government's commitment to supporting the electric vehicle industry through investments in infrastructure and incentives has created a positive business environment for automakers and other industry players. In conclusion, the Plug-in Hybrid Electric Vehicles market in the United Kingdom is developing at a rapid pace due to customer preferences for sustainable transportation options, market trends such as the expansion of charging infrastructure and technological advancements, local special circumstances including government policies and initiatives, and underlying macroeconomic factors such as a stable economy and high disposable income.

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).