Nearly 22 Million Electric Vehicles Will Be Sold from 2012 to 2020

April 19, 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.

“The average price of fuel for conventional vehicles will likely continue to rise through the remainder of this decade, driving demand for electric vehicles,” says Dave Hurst, principal research analyst with Navigant Research.  “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.”

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.

Contact: Richard Martin

+1.303.493.5483

richard.martin@navigant.com

* The information contained in this press release concerning the report, “Electric Vehicle Market 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
Annual Installations of Natural Gas Generator Sets are Expected to More than Double by 2024
April 22, 2015Dual-fuel systems using diesel and natural gas are becoming increasingly popular, report finds • A new report from Navigant Research analyzes the global market for natural gas gensets…
Read More »
Connected Vehicle Systems are Expected to Exceed $36 Billion in Annual Revenue by 2025
April 21, 2015Connectivity is a key enabling technology for autonomous and plug-in electric vehicles, report concludes • A new report from Navigant Research examines the market for connected vehicles, with a…
Read More »
Energy Management for Healthcare is Expected to Exceed $2 Billion in Annual Revenue by 2024
April 20, 2015The sector includes major established players along with new, software-based entrants, report finds • A new report from Navigant Research examines the current state of the global market…
Read More »
The Rise of the Energy Cloud Signals a Fundamental Shift in the Power Sector
The spread of distributed generation offers both challenges and opportunities for incumbent utilities, white paper finds • April 16, 2015 A new white paper from Navigant Research analyzes the emerging energy cloud,…
Read More »
View All News

{"userID":"","pageName":"Nearly 22 Million Electric Vehicles Will Be Sold from 2012 to 2020","path":"\/newsroom\/nearly-22-million-electric-vehicles-will-be-sold-from-2012-to-2020","date":"4\/25\/2015"}