Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Hong Kong

Hong Kong

The Plug-in Hybrid Electric Vehicles market in Hong Kong is projected to generate revenue of HKD US$5.0m by 2024.
It is expected to experience a compound annual growth rate (CAGR) of 2.74% between 2024 and 2028, resulting in a market volume of HKD US$5.6m by 2028.
By 2028, the unit sales of Plug-in Hybrid Electric Vehicles market in Hong Kong are expected to reach 86.00vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Hong Kong is projected to be HKD US$64.8k in 2024.
In terms of international revenue, in China is expected to generate the most, amounting to CNY US$110,200m in 2024.

"In Hong Kong, the demand for plug-in hybrid electric vehicles is on the rise, driven by government incentives and the city's commitment to reducing air pollution."

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

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Analyst Opinion

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

Customer preferences: One of the main reasons for the increasing popularity of Plug-in Hybrid Electric Vehicles (PHEVs) in Hong Kong is the growing concern for the environment and the desire to reduce carbon emissions. Customers are becoming more conscious of the impact of traditional gasoline-powered vehicles on air pollution and are actively seeking greener alternatives. PHEVs offer a solution by combining the benefits of electric vehicles with the convenience of a gasoline engine, allowing for longer driving ranges and easier access to charging infrastructure. Additionally, PHEVs are seen as a more practical choice for customers who may have concerns about the limited charging infrastructure in Hong Kong.

Trends in the market: The PHEV market in Hong Kong has been witnessing a steady increase in demand due to several factors. Firstly, the government has been actively promoting the adoption of electric vehicles through various incentives and subsidies. These include tax exemptions, reduced vehicle registration fees, and the installation of public charging stations. These incentives have made PHEVs more affordable and accessible to a wider range of customers. Secondly, advancements in technology have made PHEVs more appealing to customers. The latest models offer improved battery performance, longer driving ranges, and faster charging times. This has addressed some of the concerns that customers had regarding the limited range and charging infrastructure of electric vehicles.

Local special circumstances: Hong Kong's unique geography and infrastructure also play a role in the development of the PHEV market. The city has a relatively small land area, which makes it easier to establish a charging infrastructure network. Additionally, the high population density and the prevalence of apartment living make PHEVs a convenient choice for customers who may not have access to private charging facilities.

Underlying macroeconomic factors: The growth of the PHEV market in Hong Kong is also influenced by macroeconomic factors. The city has a high per capita income, which makes PHEVs more affordable for a larger segment of the population. Additionally, Hong Kong has a high level of urbanization, with a significant portion of the population living and working in the city center. This makes PHEVs an attractive option for customers who need to commute within the city and are looking for a more environmentally friendly mode of transportation. In conclusion, the Plug-in Hybrid Electric Vehicles market in Hong Kong is experiencing growth due to customer preferences for greener alternatives, government incentives, advancements in technology, and the unique local circumstances of the city. These factors, combined with the underlying macroeconomic factors, have contributed to the increasing popularity of PHEVs in Hong Kong.

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).