Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - South Africa

South Africa

Revenue in South Africa's Plug-in Hybrid Electric Vehicles market is projected to reach US$9.8m in 2024.
The revenue is expected to exhibit an annual growth rate (CAGR 2024-2028) of 11.89%, resulting in a projected market volume of US$15.4m by 2028.
The unit sales of Plug-in Hybrid Electric Vehicles market in the segment are expected to reach 253.00vehicles by 2028.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in South Africa's market segment is anticipated to amount to US$61.2k in 2024.
From an international perspective, it is evident that in China will generate the highest revenue (US$110,200m in 2024).
South Africa's market for Plug-in Hybrid Electric Vehicles is rapidly growing, driven by government incentives and increasing consumer demand for sustainable transportation options.

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

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Analyst Opinion

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

Customer preferences: Customers in South Africa are increasingly drawn to Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. With growing concerns about climate change and air pollution, consumers are becoming more conscious of their carbon footprint and are actively seeking greener transportation options. Plug-in Hybrid Electric Vehicles offer a viable solution as they produce lower emissions compared to traditional combustion engine vehicles. Additionally, the rising fuel prices in South Africa are also driving customers towards Plug-in Hybrid Electric Vehicles, as they offer the potential for significant fuel savings.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in South Africa is the increasing availability of models from various automakers. As the demand for electric vehicles grows worldwide, automakers are expanding their offerings to include more Plug-in Hybrid Electric Vehicles. This trend is also evident in South Africa, with a wider range of Plug-in Hybrid Electric Vehicles now available in the market. This increased availability gives customers more options to choose from, catering to different preferences and budgets. Another trend in the market is the development of charging infrastructure. The adoption of Plug-in Hybrid Electric Vehicles is heavily dependent on the availability of charging stations. In South Africa, there has been a notable increase in the number of charging stations, both in public spaces and residential areas. This expansion of charging infrastructure is crucial in encouraging the adoption of Plug-in Hybrid Electric Vehicles, as it addresses the range anxiety concerns of potential buyers.

Local special circumstances: South Africa has a unique set of circumstances that contribute to the development of the Plug-in Hybrid Electric Vehicles market. The country has a high level of solar energy potential, making it an ideal candidate for renewable energy sources. This creates an opportunity for Plug-in Hybrid Electric Vehicles to be charged using clean energy, further reducing their environmental impact. Additionally, the South African government has introduced various incentives and subsidies to encourage the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles. These incentives, such as tax rebates and reduced import duties, make Plug-in Hybrid Electric Vehicles more affordable for consumers.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in South Africa is also influenced by underlying macroeconomic factors. The country's economy is experiencing steady growth, leading to an increase in disposable income for consumers. This allows more individuals to consider purchasing Plug-in Hybrid Electric Vehicles, which are generally more expensive than traditional vehicles. Furthermore, the government's commitment to reducing carbon emissions and transitioning to cleaner energy sources also plays a role in driving the growth of the Plug-in Hybrid Electric Vehicles market. The focus on sustainability and environmental conservation creates a favorable environment for the adoption of Plug-in Hybrid Electric Vehicles.

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).