Report advises manufacturers not to ignore EV market
In its latest study, Hybrid and Pure Electric Cars, 2012-2022, the research agency said electric vehicles were enjoying rapid market penetration, expected to reach 35% of new car sales by 2025. Of those, 25% are expected to be hybrids, while 10% will be pure electric vehicles.
The report explained this was as a result of improved range and longer lifespans attached to newly developed battery units, while governments around the world were investing in companies responsible for developing the technology.
IDTechEx said the Prius Plug-in Hybrid will be a game-changer, too, with over one million conventional versions sold and 95% of customers saying they’d buy another. Sports cars such as those from Tesla and hybrids such as the FIsker Karma were also likely to push conventional manufacturers to keep up, it added.
‘Within the decade, it will be possible for some suppliers to offer hybrid cars and no price premium to conventional cars in the way that the Japanese took the Western car market by storm 20 years ago by offering excellent vehicles with most accessories thrown in free. There would then be no strong reason why anyone would want the conventional alternative,’ the agency commented.