Dave Hurst, senior research analyst with Pike Research, acknowledged that overall sales of EVs have not lived up to automakers’ expectations in a written statement announcing the findings, but he stressed the market is has expanded steadily as consumers sought alternatives to internal combustion engines.
“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,” Hurst said.
Growth worldwide for electric vehicles, with hybrids growing at a compound annual growth rate (CAGR) of 6 percent, and PEVs (combined plug-in hybrid and battery electric) growing at a CAGR of 39 percent between 2012 and 2020.
While Japan is anticipated to be the largest market for hybrids in 2020, the United States is anticipated to be the largest market for PEVs that year. However, European countries, with the combination of high gas prices and supportive government policies, are anticipated to have the highest concentrations of plug-in electric vehicles.
Despite the positive momentum for the market, it still faces hurdles. 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.
The report includes comprehensive data for sales and underlying forecast assumptions for the consumer and fleet markets. Annual vehicle sales by electric vehicle segment and market share for key manufacturers are forecast through 2020, segmented by world region and key countries.
For additional information:
