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

  • Europe to become the fastest growing market for ADAS
    December 7, 2012
    The latest report from independent technical consultancy SBD finds that, despite their huge potential to save lives, Advanced Driver Assistance Systems (ADAS) have so far failed to contribute significantly to the drop in road fatalities, due primarily to stubbornly low penetration rates over the last decade. However, this is poised to change, as costs begin to fall, consumer interest continues to grow, and most importantly, independent vehicle safety assessor EuroNCAP includes some ADAS applications within
    Read More
  • Market for industrial and commercial electric vehicles market to grow 4.5 times
    December 9, 2016
    According to a new report by IDTechEx Research, Industrial and Commercial Electric Vehicles on Land 2017-2027, today’s industrial and commercial sector represents 60 per cent of the value of the whole electric vehicle market, and it is set to grow 4.5 times in the next decade. Industrial electric vehicles make industry more efficient and commercial electric vehicles reduce congestion. Both of them greatly reduce pollution and align closely with government objectives concerning industry and the environment,
    Read More
  • China may miss electric vehicles goals
    November 5, 2012
    A new report from Bloomberg New Energy Finance suggests that China may miss its ambitious goals concerning alternative energy and clean transportation. The country’s economy is growing quickly and along with this, citizens are finding it possible to afford vehicles of their own. The Chinese government is not inclined to allow reliance on fossil fuels to linger longer than necessary, however, and recently launched an ambitious plan that would promote the adoption of electric vehicles. In July 2012, the Chine
    Read More
  • Berg Insight: 3G/4G technologies will dominate cellular M2M communications
    August 26, 2014
    According to a new research report from analyst firm Berg Insight, the global cellular machine to machine (M2M) market has entered a period of transition from 2G to 3G/4G technologies. The share of cellular M2M devices connected to HSPA/LTE networks is projected to more than double from less than 20 percent at the end of 2014 to more than 50 per cent by 2018. When it comes to device shipments, 3G/4G is expected to overtake 2G already in 2017. HSPA will be the largest technology in an intermittent period unt
    Read More

Highlighted Content