Forecast: Plug-in Hybrid Electric Vehicle Registrations in the EU

The registrations of Plug-in Hybrid Electric Vehicles (PHEVs) in the EU have shown significant growth over the past years. Starting from a modest 86.12 thousand in 2015, they reached 1008.3 thousand by 2023, marking a substantial increase. Notably, the year-on-year growth fluctuated, with standout years such as 2020 witnessing a 262.92% increase. From 2015 to 2023, the compounded annual growth rate (CAGR) maintained a robust 63.83%, demonstrating a strong upward trajectory.

Specifically, the last two years exhibited divergent trends: 2022 experienced a marginal uptick of 1.17% in registrations, while 2023 saw a more pronounced growth of 15.34%. Forecasted values suggest a continuation of this upward trend, with expectations for registrations to reach 1654.8 thousand by 2028. This results in a forecasted 5-year CAGR of 7.73%, translating to a cumulative growth rate of 45.13% by 2028.

Future trends to watch for include technological advancements in battery efficiency, increased infrastructure for charging stations, and supportive government policies. These factors are expected to sustain the growth momentum and possibly even accelerate it, fostering a broader adoption of PHEVs in the upcoming years.