BOULDER, CO – Annual worldwide sales of electric vehicles (EVs) will reach 3.8 million by 2020, according to a new report from Pike Research, a part of Navigant’s Energy Practice.
“Sales of EVs have not lived up to automakers’ expectations and politicians’ proclamations, but the market is expanding steadily as fuel prices remain high and consumers increasingly seek alternatives to internal combustion engines,” said Senior Research Analyst Dave Hurst. “Indeed, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade, while the overall auto market will expand by only two percent a year.”
The PEV sector can be split into two vehicle categories, plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). According to the report, the number of PHEVs sold in most regions is expected to be lower than BEVs, except for North America and Latin America. In these regions, the longer driving range of PHEVs is expected to prove more attractive to consumers. In other regions, the high cost of petroleum fuels, large number of BEVs available, and dense urban areas are anticipated to contribute to higher sales of BEVs than PHEVs.
The report, “Electric Vehicle Market Forecasts,” provides forecasts, market sizing, and market share analysis for light duty hybrid, plug-in hybrid, and battery-electric cars and trucks. An Executive Summary of the report is available for free download at www.pikeresearch.com/research/electric-vehicle-market-forecasts.