Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Estonia

Estonia

In 2024, it is projected that the revenue in the Plug-in Hybrid Electric Vehicles market in Estonia will reach US$30.4m.
This segment is expected to show an annual growth rate of 7.96% from 2024 to 2028, resulting in a projected market volume of US$41.3m by 2028.
By that year, it is anticipated that the unit sales of Plug-in Hybrid Electric Vehicles market in Estonia will reach 633.00vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Estonia is expected to amount to US$65.4k in 2024.
Looking at the international perspective, it is shown that the country generating the most revenue in this segment in 2024 is in China, with a projected revenue of US$110,200m.
Estonia has seen a surge in the adoption of plug-in hybrid electric vehicles, fueled by government incentives and a growing awareness of environmental sustainability.

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

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Estonia has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing demand for more environmentally friendly vehicles. Customers in Estonia are becoming more aware of the environmental impact of traditional gasoline-powered cars and are seeking alternatives that are cleaner and more sustainable. Plug-in Hybrid Electric Vehicles offer a solution to this demand, as they combine the benefits of electric vehicles with the convenience and range of traditional gasoline-powered cars.

Trends in the market: Another trend driving the growth of the Plug-in Hybrid Electric Vehicles market in Estonia is the availability of government incentives and subsidies. The Estonian government has implemented various measures to promote the adoption of electric and hybrid vehicles, including tax incentives, grants, and free parking and charging stations. These incentives have made Plug-in Hybrid Electric Vehicles more affordable and attractive to customers, leading to an increase in sales.

Local special circumstances: Estonia has a relatively small population and a well-developed charging infrastructure, which makes it an ideal market for Plug-in Hybrid Electric Vehicles. The country has a high percentage of renewable energy sources, such as wind and solar power, which makes charging these vehicles even more sustainable. Additionally, Estonia has a well-connected road network and a high level of internet penetration, which makes it easier for customers to access information about Plug-in Hybrid Electric Vehicles and find charging stations.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in Estonia is also influenced by broader macroeconomic factors. The country has a stable and growing economy, with a high level of disposable income among its population. This allows customers to afford the higher upfront cost of Plug-in Hybrid Electric Vehicles compared to traditional cars. Additionally, the government's focus on sustainability and renewable energy has created a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market. In conclusion, the Plug-in Hybrid Electric Vehicles market in Estonia is experiencing significant growth due to customer preferences for more environmentally friendly vehicles, government incentives and subsidies, local special circumstances such as a well-developed charging infrastructure, and underlying macroeconomic factors such as a stable economy and high disposable income. This trend is expected to continue in the coming years as more customers in Estonia recognize the benefits of Plug-in Hybrid Electric Vehicles and the government continues to support their adoption.

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).