21.9 Million Electric Vehicles Sold in the Next 8 Years

April 30, 2013

While sales of electric vehicles (EVs) have not met the expectations of governments and automakers, they continue to expand steadily. Both plug-in electric vehicles (PEVs) and hybrid electric vehicles (HEVs) have become widely available in Asia Pacific, North America, and Western Europe, and are being introduced in Eastern Europe, Latin America, and the Middle East.

According to a recent report from Navigant Research, a total of 21.9 million EVs will be sold worldwide during the period from 2012 to 2020.

Smart fortwo electric drive charging in Amsterdam | Credit: Ludovic Hirlimann | Wikipedia Commons

The average price of fuel for conventional vehicles will likely continue to rise through the remainder of this decade, driving demand for electric vehicles. Government policy, in terms of purchase incentives, emissions regulations, fuel taxes, and fuel economy rules, will also play a strong role in the expansion of the EV market. –Dave Hurst, principal research analyst with Navigant Research.

Electric vehicles sales will grow at a much more rapid pace than the overall automotive market, according to the report. While the overall auto market will expand only 2 percent a year through 2020, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade. Nevertheless, by 2020, PEVs will still make up only a small fraction of annual light-duty vehicle sales – less than 2 percent, the study concludes.

The report, “Electric Vehicle Market Forecasts”, provides forecasts, market sizing, and market share analysis for light duty hybrid, plug-in hybrid, and battery electric cars and trucks. The report includes comprehensive data for sales and underlying forecast assumptions for the consumer and fleet markets. Annual vehicle sales by electric vehicle segment and market share for key manufacturers are forecast 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.