BOULDER, Colo.--(BUSINESS WIRE)-- While sales of electric vehicles (EVs) have not met the expectations of governments and automakers, they continue to expand steadily. Both plug-in electric vehicles (PEVs) and hybrid electric vehicles (HEVs) have become widely available in Asia Pacific, North America, and Western Europe, and are being introduced in Eastern Europe, Latin America, and the Middle East. According to a recent report from Navigant Research, a total of 21.9 million EVs will be sold worldwide during the period from 2012 to 2020.
“The average price of fuel for conventional vehicles will likely continue to rise through the remainder of this decade, driving demand for electric vehicles,” says Dave Hurst, principal research analyst with Navigant Research. “Government policy, in terms of purchase incentives, emissions regulations, fuel taxes, and fuel economy rules, will also play a strong role in the expansion of the EV market.”
Electric vehicles sales will grow at a much more rapid pace than the overall automotive market, according to the report. While the overall auto market will expand only 2 percent a year through 2020, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade. Nevertheless, by 2020, PEVs will still make up only a small fraction of annual light-duty vehicle sales – less than 2 percent, the study concludes.
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. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Electric Vehicle Market Forecasts,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.