BOULDER, Colo.--(BUSINESS WIRE)--Since the launch of the Nissan Leaf and Chevrolet Volt, in late 2010, plug-in electric vehicles (PEVs) have become more widely available in Asia Pacific, North America, and Western Europe. Hybrid electric vehicles (HEVs), which first appeared a decade earlier, are now selling steadily in those regions as well. According to a new report from Pike Research, a part of Navigant’s Energy Practice, annual worldwide sales of these vehicles, collectively referred to as electric vehicles (EVs), will reach 3.8 million by 2020.
“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,” says 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. 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 Pike Research website.
About Pike Research
Pike Research, which joined Navigant’s global Energy Practice on July 1, 2012, provides in-depth analysis of 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 Pike Research can be found at www.navigant.com/pikeresearch.
About Navigant
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 Pike 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 Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.