- Category: Green Transportation
04 Jan 2013
- Published on Friday, 04 January 2013 10:04
- Hits (1928)
Annual sales of electric vehicles globally will reach 3.8 million by 2020, forecasts market research and consulting firm Pike Research.
The hybrid E.V. market is expected achieve a compound annual growth rate of six percent, while the plug-in E.V. market’s CAGR will reach 39 percent between 2012 and 2020. Overall, the E.V. market will increase by about two percent per year.
“Sales of E.V.s 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.
According to the report, Japan will be the biggest market for hybrids and the United States will be biggest market for P.E.V.s over the next seven years. European countries, given the combination of high gas cost and supportive government policies, are also expected to have high concentrations of P.E.V.s.
The P.E.V. sector comes in two vehicle categories – plug-in hybrid electric vehicles and battery electric vehicles. The number of P.H.E.V.s sold in most regions is expected to be lower than E.V.s, excluding North America and Latin America, according to the report. In other regions, the high price of petroleum fuels, large number of B.E.V.s available and dense urban areas are most likely to contribute to higher sales of B.E.V.s than PHEVs.
Since the inception of the Nissan Leaf and Chevrolet volt in late 2010, P.E.V.s have become widely accessible across Asia Pacific, North America and Western Europe regions, reaching over 120,000 unit sales worldwide in 2012. Hybrid E.V.s, which first launched 10 years earlier, are currently delivering steady sales in those regions as well. – EcoSeed Staff