Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Italy

Italy

Italy is projected to see a significant growth in revenue within the Plug-in Hybrid Electric Vehicles market.
In 2024, the projected revenue is expected to reach €1.9bn.
This is based on the estimated annual growth rate of 14.81% from 2024 to 2029, resulting in a projected market volume of €3.9bn by 2029.
Furthermore, the unit sales within the Plug-in Hybrid Electric Vehicles market in Italy are expected to reach 145.00k vehicles by 2029.
This demonstrates the increasing demand for these vehicles in the country.
In terms of pricing, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in Italy is expected to be €26.5k in 2024.
This indicates the value that consumers are willing to pay for these vehicles.
When looking at the international perspective, it is evident that China will generate the highest revenue in the Plug-in Hybrid Electric Vehicles market.
In 2024, China is projected to generate €153,600m in revenue.
This highlights the dominance of the Chinese market in this segment.
Italy has seen a surge in demand for Plug-in Hybrid Electric Vehicles, as consumers prioritize fuel efficiency and environmental sustainability.

Key regions: China, Norway, United Kingdom, Netherlands, France

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Analyst Opinion

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

Customer preferences: One of the main reasons for the growth of the Plug-in Hybrid Electric Vehicles market in Italy is the increasing concern for the environment and the desire to reduce carbon emissions. Customers are becoming more aware of the impact of traditional gasoline-powered vehicles on the environment and are actively seeking more sustainable alternatives. Plug-in Hybrid Electric Vehicles offer a solution by combining the benefits of both electric and gasoline-powered vehicles, allowing customers to reduce their carbon footprint while still enjoying the convenience of longer driving ranges.

Trends in the market: The market for Plug-in Hybrid Electric Vehicles in Italy has been growing steadily due to several key trends. Firstly, advancements in technology have made Plug-in Hybrid Electric Vehicles more efficient and affordable, making them a viable option for a larger segment of the population. Additionally, the availability of charging infrastructure has improved, making it easier for customers to charge their vehicles and alleviating concerns about range anxiety. Furthermore, government incentives and subsidies have played a crucial role in driving the adoption of Plug-in Hybrid Electric Vehicles, providing financial incentives for customers to purchase these vehicles.

Local special circumstances: Italy, with its high population density and limited natural resources, faces unique challenges when it comes to transportation. The country has a high dependence on imported fossil fuels, making it particularly vulnerable to fluctuations in global oil prices. Additionally, the country has a strong automotive industry, with several major manufacturers producing vehicles domestically. This has created a supportive environment for the growth of the Plug-in Hybrid Electric Vehicles market, as manufacturers are investing in research and development to meet the increasing demand for sustainable vehicles.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Plug-in Hybrid Electric Vehicles market in Italy. Firstly, government regulations and policies aimed at reducing carbon emissions have created a favorable environment for the adoption of Plug-in Hybrid Electric Vehicles. These policies include stricter emission standards for vehicles and incentives for the purchase of electric and hybrid vehicles. Additionally, rising fuel prices and the increasing cost of vehicle ownership have made Plug-in Hybrid Electric Vehicles a more attractive option for customers, as they offer potential savings in fuel costs and maintenance expenses. In conclusion, the Plug-in Hybrid Electric Vehicles market in Italy is experiencing significant growth due to customer preferences for more sustainable transportation options, advancements in technology, government incentives, and favorable macroeconomic factors. As these trends continue to evolve, it is expected that the market for Plug-in Hybrid Electric Vehicles in Italy will continue to expand in the coming years.

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).