Plug-In Electric Vehicles Will Reach 3 Million in Annual Sales by 2020,
Forecasts Navigant Research
BOULDER, Colo. -- June 18, 2013
While hybrid electric vehicles have largely been accepted as a part of the
general automotive market in many regions, plug-in electric vehicles (PEVs)
remain a new technology facing the challenges inherent in all new markets.
Nevertheless, according to a new report from Navigant Research, the
combination of rising fuel prices, falling PEV prices, and increasing
availability of PEV models will drive rapid growth in this segment over the
next several years. Worldwide sales of light duty PEVs, including both plug-in
hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), will
reach 3 million units annually in 2020, representing 3 percent of the total
light duty vehicle market, the study concludes.
“In its earliest days, the market for PEVs experienced both a great deal of
hype and intense skepticism,” says Dave Hurst, principal research analyst with
Navigant Research. “Neither scenario has proven true, as the PEV market
continues to grow rapidly - about 150 percent between 2011 and 2012 - but
remains a very small part of the overall global automotive market, with 0.2
percent market share in 2012.”
The limited availability of PEVs has been an inhibiting factor for growth in a
number of large vehicle markets, including the United States, Germany, France,
China, and other Asia Pacific countries. However, many of these limitations
will be reduced over the next two years, according to the report, as new
vehicles from Honda, Volkswagen, Hyundai, and others are launched in a broad
range of countries.
The report, “Electric Vehicle Market Forecasts”, provides forecasts, market
sizing, and market share analysis for hybrid, plug-in hybrid, and battery
electric light duty vehicles. The report includes comprehensive data for sales
along with underlying forecast assumptions for the consumer and fleet markets.
Forecasts for annual vehicle sales by electric vehicle drivetrain, with
comparisons to competing drivetrains, extend 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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