Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Slovakia

Slovakia

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicles market for Slovakia is estimated to reach US$113.8m.
Analysts expect this revenue to demonstrate an annual growth rate (CAGR 2024-2028) of 7.89%.
As a result, the projected market volume for this segment in Slovakia is expected to reach US$154.2m by 2028.
By that time, it is predicted that unit sales of Plug-in Hybrid Electric Vehicles market in Slovakia will reach 2.45k vehicles.
Furthermore, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in Slovakia in 2024 is projected to be US$63.1k.
From an international perspective, it is evident that the highest revenue will be generated in China, with an estimated US$110,200m in 2024.
Slovakia is experiencing a surge in demand for plug-in hybrid electric vehicles, driven by favorable government incentives and increasing environmental consciousness among consumers.

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

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Slovakia is experiencing significant growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Slovakia are increasingly interested in Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. Plug-in Hybrid Electric Vehicles offer lower emissions compared to traditional gasoline vehicles, which aligns with the growing global focus on sustainability and reducing carbon footprints. Additionally, Plug-in Hybrid Electric Vehicles offer potential cost savings through reduced fuel consumption and government incentives such as tax credits and subsidies.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Slovakia is the increasing availability of charging infrastructure. As more charging stations are installed across the country, it becomes easier and more convenient for customers to charge their vehicles, alleviating range anxiety and increasing the appeal of Plug-in Hybrid Electric Vehicles. Furthermore, technological advancements in battery technology have led to improved range and performance, making Plug-in Hybrid Electric Vehicles a more viable option for customers.

Local special circumstances: Slovakia is a country with a strong automotive industry, with several major automobile manufacturers operating production facilities in the country. This has led to a local expertise in automotive manufacturing and a favorable environment for the development and production of Plug-in Hybrid Electric Vehicles. The presence of these manufacturing facilities also contributes to local job creation and economic growth.

Underlying macroeconomic factors: The Slovakian government has implemented policies and incentives to promote the adoption of Plug-in Hybrid Electric Vehicles. These include tax credits and subsidies for purchasing Plug-in Hybrid Electric Vehicles, as well as investment in charging infrastructure. These government initiatives have created a supportive environment for the growth of the Plug-in Hybrid Electric Vehicles market in Slovakia. In conclusion, the Plug-in Hybrid Electric Vehicles market in Slovakia is experiencing growth due to customer preferences for environmentally friendly and cost-effective vehicles, the increasing availability of charging infrastructure, the presence of a strong automotive industry, and government policies and incentives. These factors are driving the adoption of Plug-in Hybrid Electric Vehicles and contributing to the overall development of the market in Slovakia.

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).