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

  • Options abound for road weather sensing
    September 6, 2017
    Meteorological organisations invest millions in super-computers to crunch data for ever-more accurate forecasts but inherent unpredictability means that other methods of alerting drivers and road authorities to fast-changing weather and highway conditions are essential. For years, static weather sensors to measure factors such as surface water, ice or high roadway temperatures have been embedded in highways to provide such data. But that is changing.
    Read More
  • Connected management mega-trend drives the global wireless M2M market
    August 21, 2014
    According to a new research report from the analyst firm Berg Insight, the number of global mobile network connections used for wireless machine-to-machine (M2M) communication will increase by 21 per cent in 2014 to reach 213.9 million at the year-end. East Asia, Western Europe and North America are the main regional markets, accounting for around 75 per cent of the installed base. In the next five years, the global number of wireless M2M connections is forecasted to grow at a compound annual growth rate
    Read More
  • Rapid progress with pure electric buses
    July 29, 2015
    China is where most of the hybrid and pure electric buses will be made and sold over the coming decade, as discussed in the report by IDTechEx Research, Electric Buses 2015-2025. Given the concentration of government support on long pure electric range from hybrids and the far simpler pure electric buses, the latter are proving very popular. Indeed articulated and double decker buses are available in pure electric form in China. According to the latest statistics from the Chinese bus industry, the total
    Read More
  • America explores road user charging options
    November 14, 2017
    Jack Opiola casts an eye over the numerous road user charging pilots underway in the US. In the USA, congestion mitigation and improving mobility have often focused on network improvements, increased road capacity, improved public transport, high-occupancy toll (HOT) lanes or ‘express lanes’ and ITS measures – all of which require political capital and major funding. Nowadays, political capital is as hard to obtain as funding because more political leaders are recognising the decline of fuel excise tax
    Read More

Highlighted Content