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

  • Debating the future of in-vehicle systems
    December 6, 2012
    Industry experts talk to Jason Barnes about the legislative situation of current and future in-vehicle systems. Articles about technology development can have a tendency to reference Moore’s Law with almost indecent regularity and haste but the fact remains that despite predictions of slow-down or plateauing, the pace remains unrelenting. That juxtaposes with a common tendency within the ITS industry: to concentrate on the technology and assume that much else – legislation, business cases and so on – will m
    Read More
  • Global BRT market 2015-2019
    May 15, 2015
    In its latest report, Global Bus Rapid Transport Systems (BRT) Market 2015-2019, Research and Markets analysts have forecast that the global Bus Rapid Transit Systems (BRT) market will grow at a CAGR of 9.82 per cent over the period 2015-2019. BRT systems are highly sophisticated bus-based transit systems that are meant to deliver efficient, rapid, and cost-effective high capacity public transportation services. Apart from vehicles, BRT systems also comprise right-of-way lanes, on-board ITS and stations.
    Read More
  • Blind spot detection and adaptive cruise control systems markets forecast to 2019
    August 15, 2014
    The MarketsandMarkets report, Blind Spot Detection (BSD) System and Adaptive Cruise Control (ACC) System Market for Passenger Cars; by Geography - Trends and Forecasts 2014 - 2019, indicates that the BSD market will be worth US$2.8 billion and the ADCC market worth US$6.1 million by 2019. The report classifies and defines the automotive BSD and ACC systems market in terms of volume and value. It report highlights potential growth opportunities in the coming years as well as covers review of the market dr
    Read More
  • Internet-connected cars their functionality and safety challenges
    February 27, 2013
    Internet-connected cars are poised to flood the market in the near future. Pete Goldin considers the functionality they offer, the technology they use and the challenge they represent in terms of driver safety. Many vehicles on the road today offer some sort of inter­net connectivity and experts agree that this capability will become a competi­tive differentiator in the automotive industry in the next few years. The era of the digital vehicle, it seems, has started. “We clearly see that cars in the near f
    Read More

Highlighted Content