More than 35 million electric vehicles on the world’s roads by 2022

According to a new report from Navigant Research, by 2022 there will be more than 35 million electric vehicles (EVs) on roads worldwide. The report, “Electric Vehicle Market Forecasts”, provides forecasts, market sizing, and market share analysis for the overall light-duty (LD) vehicle market and LD EVs, plug-in hybrid EVs, and battery EVs.
January 13, 2014 Read time: 2 mins
According to a new report from 7560 Navigant Research, by 2022 there will be more than 35 million electric vehicles (EVs) on roads worldwide.

The report, “Electric Vehicle Market Forecasts”, provides forecasts, market sizing, and market share analysis for the overall light-duty (LD) vehicle market and LD EVs, plug-in hybrid EVs, and battery EVs. The report includes comprehensive data for vehicle sales and vehicles in use for the global LD vehicle market, as well as the three EV segments. Also provided are the underlying forecast assumptions for the consumer and fleet markets. Global forecasts for annual LD vehicle sales and vehicles in use, segmented by world region, key country, and drivetrain, extend through 2022.

“With gasoline prices remaining high, acquiring an EV is becoming an economic decision for many consumers,” says Scott Shepard, research analyst with Navigant Research. “The initial purchase price premiums for EVs, compared to conventional gasoline- and diesel-powered internal combustion engines, are substantial. Yet, operational cost savings due to reduced refuelling and maintenance costs are proving that, when considered over the life of the vehicle, EVs are cost-competitive with internal combustion EngiNe vehicles.”

Helping to reduce the cost of ownership are additional value streams that are emerging from innovations in EV technologies, such as vehicle-to-grid (V2G) systems that allow plug-in EV (PEV) owners to utilise battery power not only for driving, but also for emergency backup power and grid balancing. Test fleets are being used to examine the revenue potential of V2G services, and electricity providers are looking into ways to shift PEV charging to off-peak hours through demand response programs. Developments in both areas promise to strengthen the business case of PEV technologies for fleet and individual owners, the report concludes.

For more information on companies in this article

Related Content

  • Autonomous vehicles – saviour and threat, says report
    November 1, 2016
    A new report from IDTechEx Research notes that autonomous vehicles need no pilot, not even one in reserve. Many truly autonomous vehicles are unmanned mobile robots prowling everywhere from the ocean depths to nuclear power stations, the upper atmosphere and outer space. They create billion dollar businesses such as aircraft and airships aloft for five to ten years on sunshine alone carrying out surveillance or beaming the internet to the 4.5 billion people who lack it. Independence of energy and electri
    Read More
  • Alternative fuel buses gaining significant traction
    April 25, 2012
    According to a recent report from Pike Research, the trend toward cleaner transit buses will continue over the next several years, and by 2015 the cleantech market intelligence firm forecasts that alternative fuel vehicles will represent more than 50 per cent of the 64,000 total transit buses that will be delivered worldwide during that year, up from 28 per cent of total bus deliveries in 2010.
    Read More
  • Autonomous driving and emissions regulations fuelling 48v power-net
    February 17, 2017
    The launch of autonomous vehicles and a host of electronic components render the current 12-volts (v) battery nearly unusable, says a new report by Frost & Sullivan, Strategic Analysis of the Global 48v Power-net Market. To meet stringent global emissions regulations and offer a basic semi-autonomous system, original equipment manufacturers (OEMs) must electrify components while offering a bigger source of power. Therefore, OEMs plan to migrate to a 48v power-net and use two voltages. Heavy-duty, power-h
    Read More
  • Promising growth for electric vehicle telematics market
    March 23, 2012
    According to a study by Pike Research of the market opportunity for telematics in plug-in electric vehicles (PEVs), the annual revenue from sales of EV telematics will reach US$1.4 billion by 2017. Pike Research says that for electric vehicles, telematics can deliver information on electric usage, pricing, and state of charge to owners as well as helping drivers to check on the battery, the charge rate and even assist them to find the nearest charging station. The technology is likely to play a crucial role
    Read More

Highlighted Content