Forecast: Plug-in Hybrid Electric Vehicle Registrations in Denmark

Plug-in Hybrid Electric Vehicle (PHEV) registrations in Denmark have shown notable growth from 2015 to 2023. The actual data reveals a significant increase in registrations, especially from 2018 onwards. Registrations surged by 411.45% in 2018 and continued to climb until 2021 with a peak year-on-year increase of 369.82% in 2020. However, the trend saw a substantial decline in 2022 with a -34.67% variation, indicating market saturation or possible shifts in consumer preferences. The year-on-year change for 2023 was modest at 0.51%, with registration volumes standing at 26.58 thousand units.

Analyzing the Compound Annual Growth Rate (CAGR) over the last 5 years, there is an impressive average annual growth of 61.75%, reflecting robust market expansion. Moving forward, the forecasted data suggest a stabilization phase with a forecast 5-year CAGR of only 0.19%, implying minimal growth, and a total forecasted growth rate of 0.96% through 2028. Future trends to watch for include advancements in battery technology, government incentives, and shifts towards fully electric vehicles, which could affect PHEV market dynamics.