Report Predicts 46X EV Market Growth By 2017
The predictions are part of the recent Electric Vehicle Market Forecasts study, which examined potential take-up for pure electric, hybrid and plug-in hybrid vehicles based on new product launches, government incentives and improved availability.
In addition to plug-in vehicles, Pike Research is predicting 8.7m hybrids will have been sold worldwide by the end of 2017, bringing the total volume of electric and part-electric light vehicles to 13.9m.
But the study said adoption was still expected to be low even after the predicted growth, comprising around 3% of light duty vehicle sales. North America is expected to be the biggest market, with 4.9% of new cars featuring electric and hybrid drivetrains.
‘Increasing fuel costs, government purchase incentives, increasing fuel economy standards, and increased vehicle availability will benefit all three types of electric vehicles to varying degrees,’ explained senior analyst Dave Hurst.
‘In the hybrid electric market, the incentives are playing less of a role as countries either eliminate incentives or offer low incentives, but a number of models in many vehicle segments equates to broader appeal in North America and growth in Europe.’