Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Kazakhstan

Kazakhstan

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicles market in Kazakhstan is estimated to reach US$4.4m.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2028) of 2.67%, leading to a projected market volume of US$4.9m by 2028.
By that year, it is anticipated that the unit sales in the Plug-in Hybrid Electric Vehicles market will reach 78.00vehicles.
The volume weighted average price of the vehicles in this segment in 2024 is expected to be US$62.9k.
From an international perspective, it is evident that in China will generate the most revenue in the Plug-in Hybrid Electric Vehicles market, with an estimated amount of US$110,200m in 2024.
Kazakhstan is experiencing a growing demand for Plug-in Hybrid Electric Vehicles as the government incentivizes eco-friendly transportation options.

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

Market

Region

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Analyst Opinion

Kazakhstan, a country located in Central Asia, has seen a significant development in the Plug-in Hybrid Electric Vehicles (PHEVs) market.

Customer preferences: The growing demand for PHEVs in Kazakhstan can be attributed to several factors. Firstly, customers in Kazakhstan are becoming increasingly concerned about environmental issues and are looking for more sustainable transportation options. PHEVs offer a greener alternative to traditional gasoline-powered vehicles, as they produce lower emissions and have a smaller carbon footprint. Secondly, the rising cost of fuel in Kazakhstan has made PHEVs an attractive option for customers looking to save on fuel expenses. PHEVs offer the advantage of being able to run on both electricity and gasoline, allowing customers to switch between the two depending on their needs and the availability of charging infrastructure. Finally, customers in Kazakhstan are also drawn to the advanced technology and features offered by PHEVs, such as regenerative braking and smartphone integration.

Trends in the market: The PHEV market in Kazakhstan has experienced steady growth in recent years. This can be attributed to several trends. Firstly, the government of Kazakhstan has implemented various policies and incentives to promote the adoption of PHEVs. These include tax breaks, subsidies, and the development of charging infrastructure. These measures have helped to create a favorable environment for PHEV manufacturers and have encouraged customers to consider purchasing PHEVs. Secondly, there has been an increase in the availability of PHEV models in the Kazakhstan market. Many major automakers have introduced PHEV models to cater to the growing demand. This has provided customers with a wider range of options to choose from, increasing the appeal of PHEVs. Finally, there has been a growing awareness and acceptance of PHEVs among customers in Kazakhstan. As more customers become familiar with the benefits and capabilities of PHEVs, the demand for these vehicles is expected to continue to grow.

Local special circumstances: Kazakhstan has several unique factors that contribute to the development of the PHEV market. Firstly, the country has a vast territory, which makes it challenging to establish a comprehensive charging infrastructure. However, the government has been proactive in addressing this issue by investing in the development of charging stations across the country. This has helped to alleviate concerns about the availability of charging infrastructure and has made PHEVs a more viable option for customers. Secondly, Kazakhstan has a growing middle class with increasing disposable income. This has led to a rise in car ownership and a greater demand for vehicles that offer fuel efficiency and cost savings. PHEVs, with their ability to run on electricity and gasoline, provide a practical solution for customers looking to reduce their fuel expenses.

Underlying macroeconomic factors: The growth of the PHEV market in Kazakhstan is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in consumer spending power. This has made PHEVs more affordable and accessible to a wider range of customers. Additionally, the government's focus on sustainable development and reducing greenhouse gas emissions has created a supportive regulatory environment for PHEVs. This has encouraged automakers to invest in the development and production of PHEVs, further driving the growth of the 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).