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

  • Automotive navigation market to grow due to focus on autonomous cars, says report
    September 30, 2015
    The market for automotive navigation software, data, and location-based services is shifting as OEMs focus on bringing a mix of connected navigation experiences for drivers and using location data for ADAS and enabling self-driving cars, according to Strategy Analytics’ latest report. The report, Navigation Market: Maps for Self-Driving Cars Shift Segment's Focus - 2015 Update, features the service's most up-to-date navigation forecast, which is a combined figure that includes shipments of embedded navig
    Read More
  • Growing focus on efficient traffic management driving global ITS market
    April 29, 2014
    According to the latest report by Global Industry Analysts, Intelligent Transportation Systems: A Global Strategic Business Report, the global market for intelligent transportation systems (ITS) is projected to reach US$26.3 billion by 2020, driven by continued rise in vehicular traffic and the need to regulate traffic flow, rising impetus for enhancing road safety, and escalating socio-environmental implications of traffic congestion.
    Read More
  • Survey finds driver demand for connected cars is growing
    July 18, 2014
    Research just released by telecommunications company Telefónica suggests that consumers are ready for connected cars. According to the study, there is sufficient global demand for connected car services, with more than 70 per cent of drivers surveyed saying that they are interested in using, or are already using, connected car services. The survey found that around half of consumers now consider connected features, such as inbuilt connectivity and the ability to plug in a smartphone, a key part of their
    Read More
  • Transition to keyless automotive access systems fuels growth opportunities
    December 20, 2016
    The rising popularity of mobility services such as car sharing, rental and leasing is stoking significant interest in keyless access systems, according to Frost & Sullivan research. Following the saturation of radio frequency technology, Bluetooth low energy (BLE), biometrics and near-field communication (NFC) are poised to emerge as the next wave of wireless technologies in the automotive industry. This evolution from legacy vehicle access system to advanced access systems opens the market to specialist co
    Read More

Highlighted Content