Forecast: Hybrid Electric Vehicle Registrations in Denmark

The registration of Hybrid Electric Vehicles (HEVs) in Denmark has shown significant growth over the past few years. In 2023, the HEV registrations stood at 32.02 thousand units. From 2015 to 2021, the market experienced rapid increases, with notable jumps in 2016 (166.97%) and 2021 (228.8%). There were also periods of decline in 2019 (-8.3%) and 2022 (-10.83%), but the market rebounded by 13.31% in 2023. The Compound Annual Growth Rate (CAGR) from 2019-2024 shows solid growth, indicating robust market performance in the recent past.

Looking ahead, the forecast data from 2024 to 2028 suggest a steady increase in HEV registrations, with a projected 5-year CAGR of 7.22%. This growth indicates a strong market potential and ongoing consumer interest in hybrid electric vehicles.

Future trends to watch for include advancements in battery technology, government incentives for hybrid and electric vehicles, and competitive dynamics with fully electric vehicles. These factors are likely to shape the growth trajectory and could potentially accelerate the adoption of HEVs in Denmark.