Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Asia

Asia

The projected revenue for the Plug-in Hybrid Electric Vehicles market in Asia is expected to reach US$115.6bn by 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2028) of -0.46%, resulting in a projected market volume of US$113.5bn by 2028.
By 2028, the unit sales of Plug-in Hybrid Electric Vehicles market in Asia are expected to reach 1.76m vehicles.
In 2024, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in Asia is expected to be US$64.5k.
From an international perspective, it is evident that in China will generate the most revenue in this segment, with an estimated revenue of US$110,200m in 2024.
In Japan, the market for Plug-in Hybrid Electric Vehicles is rapidly growing, driven by government incentives and a strong commitment to sustainability.

Key regions: China, United States, Norway, France, Germany

Market

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Region comparison

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Analyst Opinion

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

Customer preferences: Customers in Asia 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 and eco-friendly mode of transportation, as they produce lower emissions compared to traditional gasoline-powered vehicles. Additionally, these vehicles offer the flexibility of using both electric power and gasoline, allowing for longer driving ranges without the need for frequent recharging.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Asia is the increasing availability and variety of models. Major automakers are introducing new and improved Plug-in Hybrid Electric Vehicles to cater to the growing demand in the region. These vehicles come with advanced features and technologies, such as regenerative braking systems and smart charging capabilities, which enhance the overall driving experience and convenience for customers. Another trend in the market is the development of charging infrastructure. Governments and private companies in Asia are investing in the establishment of charging stations to support the growing number of Plug-in Hybrid Electric Vehicles on the roads. This infrastructure development is crucial for the widespread adoption of Plug-in Hybrid Electric Vehicles, as it addresses the concern of limited charging options and range anxiety among customers.

Local special circumstances: Asia is home to several countries with high population densities and increasing urbanization. This presents a unique set of challenges and opportunities for the Plug-in Hybrid Electric Vehicles market. In densely populated cities, Plug-in Hybrid Electric Vehicles offer a practical and efficient solution to reduce air pollution and congestion. The compact size and maneuverability of these vehicles make them well-suited for navigating through crowded streets and parking spaces. Additionally, the availability of government incentives and subsidies further encourages customers to choose Plug-in Hybrid Electric Vehicles as their preferred mode of transportation.

Underlying macroeconomic factors: The Plug-in Hybrid Electric Vehicles market in Asia is also influenced by macroeconomic factors. The region is experiencing rapid economic growth and rising disposable incomes, which have led to an increase in consumer spending power. As a result, customers are more willing to invest in environmentally friendly and technologically advanced vehicles like Plug-in Hybrid Electric Vehicles. Furthermore, governments in Asia are implementing stricter emission regulations and fuel efficiency standards, which are driving the demand for Plug-in Hybrid Electric Vehicles. These regulations create a favorable environment for automakers to develop and market their Plug-in Hybrid Electric Vehicles in the region. In conclusion, the Plug-in Hybrid Electric Vehicles market in Asia is witnessing significant growth due to customer preferences for eco-friendly transportation options, the availability of a wide range of models, the development of charging infrastructure, local special circumstances in densely populated cities, and underlying macroeconomic factors such as economic growth and government regulations.

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).