Plug-In EV sales expected to hit 2.4% by 2023
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BOULDER, Colo. (Oct. 27, 2014) — Plug-in electric vehicles (EVs) are expected to comprise up to 2.4 percent of global light-duty vehicle sales by 2023, according to an analysis by Navigant Consulting Inc..
The new report provides a comprehensive overview of the overall light duty vehicle (LDV) market, including global forecasts for annual LDV sales and vehicles in use through 2023.
Boulder-based Navigant said the rapidly changing market for EVs — which includes hybrids (HEVs), plug-in hybrids (PHEVs) and battery electric vehicles (BEVs) — is a small but growing part of the global automotive industry. Keen to see increasing penetrations of EVs due to the environmental, economic and energy security benefits they provide, governments are pushing auto makers to develop EVs and incentivizing citizens to buy them, the report said.
“The EV market is in a state of flux,” said Scott Shepard, research analyst with Navigant. “Plug-in EV markets are expanding rapidly and are set to grow much more quickly as several major auto makers are slated to introduce vehicles in the high-volume SUV segment.”
At the same time, according to the report, luxury brands, which have benefited in recent years from increased interest from the developing markets of Asia Pacific, have committed more strongly to plug-in EV platforms. Navigant's analysis concluded that this is expected to increase global sales of plug-in EVs dramatically in the near term. Sales of plug-in EVs from luxury manufacturers, such as Tesla, Mercedes, Audi, and BMW, are expected to grow significantly through 2018 before leveling off at around 50 percent of the plug-in EV market.
The report, “Electric Vehicle Market Forecasts,” provides forecasts, market sizing and market share analysis for the overall LDV market and light duty HEVs, PHEVs and BEVs.
Global forecasts for annual LDV sales and vehicles in use, segmented by scenario — conservative, base and aggressive — world region, key country, drivetrain, class and auto maker, extend through 2023. Also provided are forecasts by auto maker and vehicle class (luxury vs. economy), along with discussion of the underlying forecast assumptions, such as lithium ion (Li-ion) energy density, Li-ion battery prices and retail fuel prices.
An executive summary of the report is available for free download on the Navigant Research website.
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