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.

Related Content

  • January 20, 2012
    Sound synthesis makes hybrid and electric vehicles safer
    The growing popularity of hybrids and electric vehicles gives rise to new safety issues in urban environments, as many of the aural cues associated with engine noise can be missing. The solution is to intelligently make vehicles noisier. The rise in popularity of hybrids and Electric Vehicles (EVs) is a result of environmental pressures, shifts in taxation and emerging technologies for batteries and motors. Competition among the car manufacturers means these vehicles need to be cost effective to buy and ope
    Read More
  • September 10, 2019
    Managed charging to solve EV demand issue, says TRL
    Managed charging (MC) can shift electric vehicle (EV) charging demand in the UK away from peak times, according to a study led by TRL. MC aims to shift plug-in vehicle (PiV) charging load to times - such as overnight - when other demands are low. TRL found that, after experiencing some form of MC, the vast majority of people would be happy to switch to it. This research, part of TRL’s Vehicles and Energy Integration (CVEI) project, set out to investigate the challenges and opportunities involved in
    Read More
  • June 22, 2021
    Hydrogen: transportation's silver bullet?
    As the quest for carbon-neutrality becomes a key political and economic driver, everyone is on the lookout for new sources of energy - so perhaps hydrogen’s time has come
    Read More
  • May 10, 2016
    Smart mobility on the rise, says ABI Research
    As extreme pollution and congestion in urban areas coupled with limited transportation options continues to challenge major cities across the globe, market intelligence firm ABI Research, predicts an imminent rise in smart electric mobility. Data analysis forecasts global electric vehicle revenue will hit US$58 billion in 2021, more than five times its market value in 2015. "The role of vehicle electrification in urban areas is part of a broader smart mobility model that includes shared vehicles, chargi
    Read More

Highlighted Content