* Increase in fuel prices: The rising cost of fuel made fuel-efficient vehicles like the Prius more attractive to consumers.
* Government incentives: Many governments offered tax incentives and other financial incentives to encourage the purchase of hybrid and electric vehicles, making the Prius more affordable for many consumers.
Social Factors
* Increasing environmental awareness: Consumers became increasingly concerned about the environmental impact of their transportation choices, making the Prius's low emissions and fuel efficiency more appealing.
* Changing consumer preferences: There was a growing trend towards smaller, more fuel-efficient vehicles, which favored the Prius.
Technological Factors
* Advancements in battery technology: Improvements in battery technology increased the range and performance of electric and hybrid vehicles, making the Prius more practical for everyday use.
* Development of charging infrastructure: The expansion of charging stations and networks made it easier for Prius owners to recharge their vehicles, reducing range anxiety.
Competitive Factors
* Competition from other hybrid and electric vehicles: The Prius faced increasing competition from other automakers who introduced their own hybrid and electric models, such as the Honda Insight, the Ford C-Max Hybrid, and the Nissan Leaf.
Political and Regulatory Factors
* Government regulations: Governments around the world implemented regulations and policies to reduce emissions and promote the use of alternative fuels, which benefited the Prius.
* Trade policies: The Prius was affected by trade policies and tariffs, particularly between the United States and Japan, which could impact the cost and availability of the vehicle.
