BOULDER, CO - According to a new report from Pike Research, cumulative sales of plug-in electric vehicles (PEVs), the category that includes both plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), will reach 5.2 million units by 2017, up from just under 114,000 vehicles in 2011. By the same year, cumulative sales of HEVs will represent an additional 8.7 million vehicles, for a combined total of 13.9 million units in all electrified vehicle categories.
"Increasing fuel costs, government purchase incentives, increasing fuel economy standards, and increased vehicle availability will benefit all three types of electric vehicles to varying degrees," said senior analyst Dave Hurst. "In the hybrid electric market, the incentives are playing less of a role as countries either eliminate incentives or offer low incentives, but a number of models in many vehicle segments equates to broader appeal in North America and growth in Europe."
Pike Research projects that, while electrified vehicles will become a growing portion of total vehicle sales, the penetration rates will remain relatively low in the context of the total automotive industry. The firm forecasts that PEV and HEV sales together will represent approximately 3 percent of total light-duty vehicle sales in 2017. Adoption will be highest in North America, where electrified vehicles will capture 4.9 percent of the total light-duty vehicle market in that year.
Pike Research's report, "Electric Vehicle Market Forecasts," analyzes the key market forces playing a role in the electric vehicle market and provides comprehensive lists of expected vehicle launches. The report includes detailed forecasts through 2017 for light duty vehicle sales, as well as retail and fleet sales of hybrid, plug-in hybrid, and battery electric vehicles.
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