Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Portugal

Portugal

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicles market in Portugal is expected to reach €2.1bn.
This segment is expected to show an annual growth rate of 18.15% (CAGR 2024-2029), resulting in a projected market volume of €4.9bn by 2029.
By 2029, it is estimated that the unit sales in the Plug-in Hybrid Electric Vehicles market will reach 66.14k vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is expected to be €73.2k.
When considering the international market, it is evident that China will generate the most revenue in this segment, with €153,600m in 2024.
Portugal is experiencing a surge in demand for Plug-in Hybrid Electric Vehicles as the government offers attractive incentives and infrastructure development.

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

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Analyst Opinion

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

Customer preferences: One of the key reasons for the growth in the Plug-in Hybrid Electric Vehicles market in Portugal is the increasing awareness and concern about environmental issues. Customers are becoming more conscious of their carbon footprint and are actively seeking greener transportation options. Plug-in Hybrid Electric Vehicles offer a solution by combining the benefits of both electric and traditional combustion engines, providing a more sustainable mode of transportation.

Trends in the market: A major trend in the Plug-in Hybrid Electric Vehicles market in Portugal is the expansion of charging infrastructure. The government and private companies have been investing in the installation of charging stations across the country, making it more convenient for customers to charge their vehicles. This trend has helped alleviate the range anxiety that many potential customers have, and has contributed to the growth of the market. Another trend in the market is the increasing variety of Plug-in Hybrid Electric Vehicle models available to customers. Automakers are introducing new models with improved battery range and performance, making these vehicles more attractive to a wider range of customers. This trend is further supported by the government's incentives and subsidies for purchasing Plug-in Hybrid Electric Vehicles, making them more affordable for consumers.

Local special circumstances: Portugal has a favorable climate for the adoption of Plug-in Hybrid Electric Vehicles. The country has a relatively mild climate, which helps to optimize the battery performance and range of these vehicles. Additionally, Portugal has a high proportion of renewable energy sources in its electricity mix, making the charging of Plug-in Hybrid Electric Vehicles even more environmentally friendly.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in Portugal can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income for many consumers. This has made Plug-in Hybrid Electric Vehicles more affordable and accessible to a larger portion of the population. Furthermore, the government has implemented various incentives and subsidies to promote the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles. These incentives include tax breaks, reduced tolls, and financial support for the installation of charging infrastructure. These measures have helped to stimulate demand and drive the growth of the market. In conclusion, the Plug-in Hybrid Electric Vehicles market in Portugal is experiencing significant growth due to customer preferences for greener transportation options, the expansion of charging infrastructure, the increasing variety of vehicle models, and favorable local circumstances. These factors, combined with favorable macroeconomic conditions and government incentives, have contributed to the growth and development of the market in Portugal.

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).