The rapidly changing market for electric vehicles (EV) is a small but growing part of the global automotive industry that, with increasing penetrations, will provide environmental, economic, and energy security benefits. Thus, governments are pushing automakers to develop EVs and incentivizing consumers to buy them, according to Navigant Research.
In fact, new research from Navigant suggests that plug-in EVs, including plug-in hybrids and battery EVs, will make up 2.4 percent of total worldwide light-duty vehicle sales by 2023.
“The EV market is in a state of flux,” said 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, 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, according to Navigant, and is expected to increase global sales of plug-in EVs dramatically in the near term.
Navigant predicts that sales of plug-in EVs from luxury manufacturers like Tesla, Mercedes, Audi, and BMW will grow significantly through 2018 before leveling off at around 50 percent of the plug-in EV market.
Source: Fierceenergy.com