BOULDER, CO - Worldwide adoption of plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) will grow quickly over the next five years, with sales totaling 3.2 million vehicles between 2010- 2015 and a compound annual growth rate (CAGR) of 106 percent, according to a new report from Pike Research.
PHEVs and BEVs offer improved fuel economy, lower emissions, and a quieter ride than comparable traditionally power internal combustion engine (ICE) vehicles, with several key variations in driving range capabilities.
"PHEVs and BEVs will complement, rather than displacing, the market for conventional hybrid electric vehicles," said Dave Hurst, senior analyst. "Electric vehicles will follow the lead of hybrids and will be launched in the small car segment for consumer markets initially, with the small SUV segment close behind. Because of their low weight and good aerodynamics, smaller vehicles are far more efficient to better extend the electrically powered driving range, and the smaller vehicle segments also allow the use of a smaller, less expensive battery."
Hurst added that China will be the largest market for electric vehicles, with more than 888,000 PHEVs and BEVs sold by 2015, representing 27 percent of worldwide sales. He forecasts that the United States will be close behind with 841,000 vehicles sold, or 26 percent of the global market.
An executive summary of the report is available for free download on Pike's Web site.