Forecast: Hybrid Electric Vehicle Registrations in Finland

Hybrid electric vehicle (HEV) registrations in Finland have experienced significant growth over the past decade. From 1.79 thousand in 2014, actual registrations surged to 30.7 thousand by 2023. The year-on-year growth rates showcased considerable fluctuations, peaking at 82% in 2017 and notably decreasing by 8.53% in 2022. Despite these variations, the compound annual growth rate (CAGR) over the last five years stood at an impressive 20.96%.

Looking towards the future, forecasted data indicates continued growth, though at a more moderated pace. By 2028, HEV registrations are expected to reach 44.36 thousand, corresponding to a 5-year CAGR of 5.66% and an overall growth rate of 31.7% over the next five years.

Future trends to watch for:

• Development of charging infrastructure
• Government policies and incentives
• Advancement in battery technology
• Consumer preferences and market adoption rates