Plug-in Hybrid Electric Vehicles - United States

United States

Highlights

The revenue in the Plug-in Hybrid Electric Vehicles market in the United States is projected to reach US$18.8bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.57%, resulting in a projected market volume of US$23.5bn by 2029.
In 2029, the unit sales of Plug-in Hybrid Electric Vehicles market in the United States are expected to reach 359.80k vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in the United States in 2024 is expected to amount to 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 States is experiencing a surge in demand for Plug-in Hybrid Electric Vehicles, driven by a growing awareness of environmental sustainability and government incentives.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in United States has experienced significant growth in recent years, driven by changing customer preferences and favorable market trends.

Customer preferences: Customers in the United States have shown a growing interest in Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. Plug-in Hybrid Electric Vehicles offer lower emissions compared to traditional gasoline-powered vehicles, making them an attractive option for environmentally conscious consumers. Additionally, the ability to charge the vehicle at home or at public charging stations provides cost savings on fuel expenses.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in United States is the increasing availability of charging infrastructure. As more charging stations are installed across the country, consumers have greater confidence in the practicality of owning a Plug-in Hybrid Electric Vehicle. This trend is further supported by government initiatives and incentives aimed at encouraging the adoption of electric vehicles. Another trend in the market is the introduction of new models with longer electric range. As technology advances, automakers are able to produce Plug-in Hybrid Electric Vehicles with longer electric range, reducing the reliance on gasoline and increasing the appeal of these vehicles to a wider range of customers. This trend is expected to continue as battery technology improves and automakers invest in research and development.

Local special circumstances: The United States has a large and diverse market for automobiles, with varying preferences and needs across different regions. In some states, such as California, there are stricter regulations on emissions and a greater focus on environmental sustainability. This has led to a higher demand for Plug-in Hybrid Electric Vehicles in these regions compared to others. Additionally, the United States has a well-established automotive industry, with several domestic automakers producing Plug-in Hybrid Electric Vehicles. This has contributed to the availability and accessibility of these vehicles in the market.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in United States is also influenced by macroeconomic factors. The overall economic stability and disposable income of consumers play a significant role in their purchasing decisions. In periods of economic growth and increased disposable income, consumers are more likely to invest in environmentally friendly and cost-effective transportation options like Plug-in Hybrid Electric Vehicles. On the other hand, during periods of economic uncertainty, consumers may be more cautious in their spending and prioritize other needs over purchasing a Plug-in Hybrid Electric Vehicle. In conclusion, the Plug-in Hybrid Electric Vehicles market in United States is experiencing growth due to changing customer preferences, favorable market trends, local special circumstances, and underlying macroeconomic factors. As the demand for environmentally friendly and cost-effective transportation options continues to rise, the market for Plug-in Hybrid Electric Vehicles is expected to further expand in the coming years.

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).