Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Iceland

Iceland

The projected revenue in the Plug-in Hybrid Electric Vehicles market in Iceland is expected to reach US$312.0m in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2028) of -5.88%, resulting in a projected market volume of US$244.8m by 2028.
In 2028, the unit sales of Plug-in Hybrid Electric Vehicles market in Iceland are expected to reach 3.72k vehicles.
The volume weighted average price of the Plug-in Hybrid Electric Vehicles market in 2024 is projected to be US$66.0k.
From an international perspective, in China is expected to generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, amounting to US$110,200m in 2024.
Iceland's market for Plug-in Hybrid Electric Vehicles is rapidly growing due to the country's commitment to renewable energy sources.

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

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Analyst Opinion

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

Customer preferences: Customers in Iceland are increasingly opting for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. Plug-in Hybrid Electric Vehicles offer a more sustainable alternative to traditional gasoline-powered vehicles, as they produce lower emissions and have higher fuel efficiency. Additionally, the availability of government incentives and subsidies for purchasing Plug-in Hybrid Electric Vehicles has further encouraged customers to choose these vehicles.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Iceland is the increasing number of charging stations across the country. This infrastructure development has made it more convenient for Plug-in Hybrid Electric Vehicle owners to charge their vehicles, thereby reducing range anxiety and increasing the appeal of these vehicles. As a result, more customers are considering Plug-in Hybrid Electric Vehicles as a viable option for their transportation needs. Another trend in the market is the growing variety of Plug-in Hybrid Electric Vehicle models available in Iceland. Automakers are expanding their product offerings to cater to the increasing demand for these vehicles. This has resulted in a wider range of options for customers, allowing them to choose a Plug-in Hybrid Electric Vehicle that best suits their preferences and requirements.

Local special circumstances: Iceland's unique energy landscape has played a significant role in the development of the Plug-in Hybrid Electric Vehicles market. The country has abundant renewable energy resources, particularly geothermal and hydroelectric power. This has made it easier for Iceland to transition to a greener transportation system, as the electricity used to charge Plug-in Hybrid Electric Vehicles is largely generated from renewable sources. The availability of clean energy has also contributed to the government's support for the adoption of Plug-in Hybrid Electric Vehicles.

Underlying macroeconomic factors: The Plug-in Hybrid Electric Vehicles market in Iceland has been influenced by various macroeconomic factors. The country has a high level of disposable income, which has enabled customers to afford the higher upfront cost of Plug-in Hybrid Electric Vehicles compared to conventional vehicles. Additionally, the government's commitment to reducing greenhouse gas emissions and promoting sustainable transportation has created a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market. These factors, combined with the increasing awareness of environmental issues among customers, have contributed to the positive development of the Plug-in Hybrid Electric Vehicles market in Iceland.

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).