Annual Sales of Electric Vehicles in North America, Western Europe, and Asia Pacific Will Reach 1.8 Million by 2023

August 11, 2014

Asia Pacific will surpass North America as the largest market for plug-in EVs by 2018, report concludes

While plug-in electric vehicles (PEVs) are now available in all U.S. states, most Canadian provinces and territories, and in every Western European country, they are not readily accessible in the Asia Pacific region.  That will change over the next several years as Asia Pacific becomes the largest market for PEV sales.  Click to tweet: According to a recent report from Navigant Research, sales of PEVs in North America, Western Europe, and Asia Pacific will grow from 352,000 annually in 2014 to 1.8 million in 2023.

“PEVs are becoming more available and more price-competitive, both geographically and in vehicle segments outside of small and luxury car classes,” says Scott Shepard, research analyst with Navigant Research.  “That is expanding the universe of potential PEV buyers beyond the narrow demographics of early adopters to a wider market that is similar to that for hybrid electric vehicles.”

PEVs are better suited to and marketed toward urban areas, as vehicle range requirements are typically shorter in these communities.  As such, the concentration of PEVs is anticipated to be higher in geographic areas with higher populations and more households.  The largest urban markets during the forecast period, according to the report, will be Tokyo, Los Angeles, and Paris, with PEV sales in 2023 of 49,000, 39,000, and 25,000 vehicles, respectively.

The report, “Electric Vehicle Geographic Forecasts”, provides a detailed examination of the market opportunity for PEVs in North America and within select cities in Europe and Asia Pacific.  Forecasts for PEV sales and vehicles in use (parc) for North America, as well as five select PEV markets in both Europe (London, England; Paris, France; Berlin, Germany; Amsterdam, Netherlands; and Oslo, Norway) and Asia Pacific (Tokyo, Japan; Seoul, South Korea; Sydney, Australia; Hong Kong; and Singapore), extend through 2023.  The forecast model for each region, which has been updated to align with actual sales data from 2013, incorporates an analysis of the variation between fuel costs for conventional vehicles and PEVs, as they vary by region.  An Executive Summary of the report is available for free download on the Navigant Research website.

Contact: Richard Martin

+1.303.493.5483

richard.martin@navigant.com

* The information contained in this press release concerning the report, “Electric Vehicle Geographic Forecasts,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.

Register to Receive Updates

Sign up or login to receive free newsletters, research updates, access to webinars, and other analyst content from Navigant Research.

Research News

Rss
The Global Average Retail Price of Gasoline is Expected to Reach $10.75 Per Gallon by 2035
October 31, 2014Gasoline consumption is expected to decline after 2021, report concludes • A recent report from Navigant Research analyzes the global road transportation fuels market by…
Read More »
Global Sales of Medium and Heavy Duty Vehicles Expected to Exceed 7 Million by 2035
October 30, 2014Natural gas is likely to be the most popular type of alternative fuel, report finds • A recent report from Navigant Research examines the global market for medium and heavy…
Read More »
The Number of Commercial and Industrial Demand Response Sites is Expected to Surpass 1 Million by 2023
October 29, 2014The market’s expansion will bring increased requirements and risk for DR providers, report finds • A new report from Navigant Research examines the demand response (DR) market for the…
Read More »
Plug-In Electric Vehicles Are Expected to Make Up 2.4 Percent of Global Light-Duty Vehicle Sales by 2023
October 23, 2014New entries from luxury automakers are expected to expand the market dramatically, report finds • A new report from Navigant Research provides a comprehensive overview of the overall light…
Read More »
View All News

{"userID":"","pageName":"Annual Sales of Electric Vehicles in North America, Western Europe, and Asia Pacific Will Reach 1.8 Million by 2023","path":"\/newsroom\/annual-sales-of-electric-vehicles-in-north-america-western-europe-and-asia-pacific-will-reach-1-8-million-by-2023","date":"10\/31\/2014"}