Since the launch of the Nissan Leaf and Chevrolet Volt, in late 2010, plug-in electric vehicles (PEVs) have become more widely available. Hybrid electric vehicles (HEVs), which first appeared a decade earlier, are now selling steadily. According to a new report from Pike Research, annual worldwide sales of these vehicles, collectively referred to as electric vehicles (EVs), will reach 3.8 million by 2020.
The Ford Fusion Energi that I wrote about yesterday, with its 108 MPGe, promises to help with these sales estimates. Although it isn't talked about much, the Ford Escape hybrid is a solid HEV. I've had one for nearly seven years with very few problems.
Dave Hurst, senior research analyst with Pike Research, explains that overall sales of EVs have not lived up to automakers’ expectations nor politicians’ proclamations. But the market is expanding steadily as fuel prices remain high and consumers increasingly seek alternatives to internal combustion engines
“Indeed, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade, while the overall auto market will expand by only two percent a year.” -- Dave Hurst
While hybrid vehicles have been widely available for more than a dozen years, the market for plug-in electric vehicles (PEVs) has grown rapidly in the last 2 years, reaching more than 120,000 unit sales worldwide in 2012. Earlier this year, Oregon and Washington states announced the West Coast Electric Highway.
While the market has positive momentum, it still faces hurdles. 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 Pike Research website.
