Nearly 22 Million Electric Vehicles Will Be Sold from 2012 to 2020,
Forecasts Navigant Research
BOULDER, Colo. -- April 19, 2013
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
* 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
Richard Martin, +1-303-493-5483
Laverne Murach, +1-202-481-7336
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