Global Sales of Plug-in Electric Vehicles Grew More Than 70% from 2017 to 2018
Plug-in electric vehicles are close to becoming the leading conventional alternative and are best positioned to lead the future light duty vehicle market
A new report from Navigant Research analyzes the global market conditions and regulatory policies for plug-in electric vehicles (PEVs), providing sales and population forecasts to 2030 of major regions by PEV powertrain type.
In the last year, PEV sales doubled in North America, and sales in Europe and China increased 39% and 77%, respectively. In 2019, multiple deployments of long-range battery EVs (BEVs) in crossover classes, as well as Tesla reaching full-scale production on the Model 3 and expanding its vehicle shipments to markets abroad, are setting the stage for continued market growth. Click to tweet: According to a new report from @NavigantRSRCH, global sales of PEVs grew more than 70% from 2017 to almost 1.9 million in 2018, with growth in 2019 likely to be strong again.
“By 2030, annual PEV sales are estimated to be between 15% and 32% of the global light duty vehicle market, producing a global PEV population between 107 million and 190 million,” says Scott Shepard, senior research analyst with Navigant Research. “This long-term growth is expected to be propelled by improving vehicle technology economics—a function of battery innovations, government transportation energy policies, oil price projections, and movements to price carbon.”
Though PEV market growth has been considerable, challenges remain. These include vehicle availability, consumer awareness, charging infrastructure, and threats from competing alternative fuels or fuel efficiency solutions. These challenges and threats are eroding with the natural cycle of technological development and concerted efforts by stakeholders (governments, automakers, and energy providers) to move the market toward lower emissions transportation, specifically electrification. Of the competing powertrain options, PEVs are close to becoming the leading conventional alternative and are best positioned to lead the future light duty vehicle market.
The report, Market Data: EV Market Forecasts, analyzes the global market conditions and regulatory policies for PEVs. The study examines the next decade of the PEV market with a specific focus on how government interventions, vehicle economics, infrastructure, and automation will affect new markets and subsequent growth of the PEV population. The study provides sales and population forecasts to 2030 of major regions by PEV powertrain type: battery electric vehicle (BEV) and plug-in hybrid EV (PHEV). Forecasts are provided by segment under conservative, base, and aggressive scenarios alongside historical data on BEV, PHEV, and overall light duty vehicle (LDV) sales. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Market Data: EV 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.