Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Worldwide

Worldwide

The projected revenue in the Plug-in Hybrid Electric Vehicles market in 2024 is estimated to reach US$292.1bn.
It is expected that this revenue will experience an annual growth rate (CAGR 2024-2029) of 1.73%, resulting in a projected market volume of US$318.2bn by 2029.
In 2029, the unit sales of Plug-in Hybrid Electric Vehicles market in the segment are expected to reach 4.61m vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in the segment in 2024 is projected to be US$67.9k.
From a global perspective, it is evident that China will generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, amounting to US$165,600m in 2024.
Global demand for plug-in hybrid electric vehicles is on the rise, with countries like Norway leading the way in adoption and market growth.

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

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Analyst Opinion

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

Customer preferences: Customers are increasingly opting for 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 vehicles, making them a more sustainable transportation option. Additionally, the ability to charge the vehicle's battery at home or at public charging stations provides cost savings compared to relying solely on gasoline.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market is the increasing availability of models from various automakers. As more companies invest in the development of Plug-in Hybrid Electric Vehicles, consumers have a wider range of options to choose from. This increased competition is driving innovation and pushing manufacturers to improve the performance and efficiency of their vehicles. Another trend in the market is the expansion of charging infrastructure. Governments and private companies are investing in the installation of charging stations, making it easier for Plug-in Hybrid Electric Vehicle owners to charge their vehicles. This infrastructure development is crucial for the widespread adoption of Plug-in Hybrid Electric Vehicles, as it addresses concerns about charging accessibility and range anxiety.

Local special circumstances: In certain countries, government incentives and regulations are playing a significant role in the growth of the Plug-in Hybrid Electric Vehicles market. Incentives such as tax credits, rebates, and subsidies make Plug-in Hybrid Electric Vehicles more affordable for consumers, encouraging adoption. Additionally, some countries have implemented stricter emissions standards and regulations, pushing automakers to produce more Plug-in Hybrid Electric Vehicles to meet these requirements.

Underlying macroeconomic factors: The growing Plug-in Hybrid Electric Vehicles market can also be attributed to favorable macroeconomic factors. Rising awareness about climate change and the need for sustainable transportation solutions has led to increased demand for Plug-in Hybrid Electric Vehicles. Additionally, advancements in technology have made Plug-in Hybrid Electric Vehicles more efficient and affordable, making them a viable alternative to traditional gasoline vehicles. In conclusion, the Plug-in Hybrid Electric Vehicles market in Worldwide is experiencing growth and development due to customer preferences for environmentally friendly and cost-effective transportation options. The availability of a wider range of models, expansion of charging infrastructure, government incentives, and favorable macroeconomic factors are all contributing to the growth of this market.

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).