Global light duty electric vehicle sales are expected to exceed 6 million in 2024

Global light duty electric vehicle sales are expected to exceed 6 million in 2024

The market share of luxury plug-in electric vehicles is expected to grow from 23 percent in 2015 to 50 percent by the early 2020s, report ‘Electric Vehicle Market Forecasts’ finds.

The new report from Navigant Research details the global market for light duty vehicles, including light duty hybrid, plug-in hybrid, and battery electric vehicles (HEVs, PHEVs, and BEVs), or plug-in electric vehicles (PEVs), segmented by scenario (conservative, base, and aggressive), region, country, drivetrain, and automaker, through 2024.

The PEV market has become well-established in North America, Europe, and in the developed parts of Asia Pacific, largely due to government support and purchase incentives, automakers are focusing on offerings that will attract a wider range of customers. Meanwhile, companies within the electric power sector of global markets are also determining how they can best take part in encouraging PEV market growth.

“The end of 2015 marks the completion of the fifth full year of PEV sales to key markets for major automakers,” says Scott Shepard, research analyst with Navigant Research. “The market for electric vehicles has changed significantly over this time period, but the expected changes during the next five years will be even more impactful to the global automotive and energy industries.”

One of those changes, according to the report is an expected increase in luxury electric vehicles. Luxury manufacturers have gradually become more comfortable with PEV technologies, and today make up about 23 percent of the market. This is expected to increase to about 50 percent by the early 2020s.

 

Source: Navigant research

Date: February 2016

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