Plug-In Electric Vehicles to Tally 2.4 % of All LD Vehicle Sales by 2023

A new report indicates that plug-in electric vehicle sales will approximate 2.4 percent of all light duty (LD) vehicles sales on a global basis within the next nine years.

The rapidly changing market for electric vehicles (EVs), which includes hybrids (HEVs), plug-in hybrids (PHEVs), and battery electric vehicles (BEVs), is currently still a small, but growing part of the global automotive industry.

“The EV market is in a state of flux,” says Scott Shepard, research analyst with Navigant Research.

“Plug-in EV markets are expanding rapidly, and are set to grow much more quickly as several major automakers are slated to introduce vehicles in the high-volume SUV segment,” he added.

Sales of plug-in EVs from luxury manufacturers, such as Tesla, Mercedes, Audi, and BMW, are expected to grow significantly through 2018 before leveling off at around 50 percent of the plug-in EV market, the report concludes.

The report, “Electric Vehicle Market Forecasts,” has been prepared by Navigant Research.

Category: General Update, Green