EVs to make up 2.4 percent of global light-duty vehicle sales by 2023

A new report from Navigant Research, ‘Electric Vehicle Market Forecasts,’ provides a comprehensive overview of the overall light duty vehicle (LDV) market, including global forecasts for annual LDV sales and vehicles in use through 2023. The rapidly changing market for electric vehicles (EVs), which includes hybrids (HEVs), plug-in hybrids (PHEVs), and battery electric vehicles (BEVs), is a small but growing part of the global automotive industry. Keen to see increasing penetrations of EVs due to the e
October 24, 2014 Read time: 2 mins
A new report from 7560 Navigant Research, ‘Electric Vehicle Market Forecasts,’  provides a comprehensive overview of the overall light duty vehicle (LDV) market, including global forecasts for annual LDV sales and vehicles in use through 2023.

The rapidly changing market for electric vehicles (EVs), which includes hybrids (HEVs), plug-in hybrids (PHEVs), and battery electric vehicles (BEVs), is a small but growing part of the global automotive industry. Keen to see increasing penetrations of EVs due to the environmental, economic, and energy security benefits they provide, governments are pushing automakers to develop EVs and incentivising citizens to buy them.

“The EV market is in a state of flux,” says Scott Shepard, research analyst with Navigant Research. “Plug-in EV markets are expanding rapidly, and are set to grow much more quickly as several major automakers are slated to introduce vehicles in the high-volume SUV segment.”

At the same time, according to the report, luxury brands, which have benefited in recent years from increased interest from the developing markets of Asia Pacific, have committed more strongly to plug-in EV platforms. This is expected to increase global sales of plug-in EVs dramatically in the near term. Sales of plug-in EVs from luxury manufacturers, such as Tesla, 1685 Mercedes, 2125 Audi, and 1731 BMW, are expected to grow significantly through 2018 before levelling off at around 50 per cent of the plug-in EV market, the report concludes.

For more information on companies in this article

Related Content

  • Traffic management market ‘to surpass US$22 billion by 2021’
    May 9, 2016
    Increasing traffic congestion, rising vehicle fleet size and growing technological advances will drive global traffic management market through 2021, according to the latest TechSci Research report, Global Traffic Management Market by Transportation Mode, By System Type, By Region, Competition Forecast and Opportunities, 2011-2021. According to the research, the global market for traffic management is projected to surpass US$22 billion by 2021, due to rising demand for traffic management in roadways, ra
    Read More
  • Cost benefit analysis ‘can’t be carried out with a cookbook’
    June 25, 2018
    There is far more to working out the worth of a project than simply filling in a few headings on a spreadsheet. David Crawford surveys some recent thinking from the US and Canada. Cost benefit analysis (CBA) “can’t be carried out with a cookbook”, warns US analyst Professor Robert J Brent. “ You can’t just get out a spreadsheet and fill in the data for all the headings. Each transport CBA should have something that is distinctive, in terms of location (for example, for a rural area), types of user
    Read More
  • Smart parking technologies: solving drivers parking pain
    March 30, 2017
    Smarter parking can benefit city authorities and other road users as well as drivers looking for a space, argues Dr Graham Cookson. As witnessed by the recent announcements at the Consumer Electronics Show, the automotive industry continues to focus on the driving experience; moving from speed and handling towards safety and efficiency.
    Read More
  • LED forward lighting market to almost double by 2020
    July 12, 2012
    A market report by McKinsey & Company predicts a sharp increase in LED (Light Emitting Diode) lighting adoption in the automotive category by the end of the decade. And while in the very near term the industry will experience an increase in daytime running lights and headlamp usage, unique LED light guides and multiple light source lamps, McKinsey predicts that the technology will continue to change and advance, and in the future will include technology such as smart headlamps that sense the driving environ
    Read More

Highlighted Content