Annual Plug-in Electric Vehicle Sales to Cross the 1 Million Mark by 2015, According to Pike Research
BOULDER, Colo.--(BUSINESS WIRE)--Auto manufacturers are in the process of launching plug-in vehicles in two different forms: Plug-in Hybrid Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs). Both types of plug-ins offer many advantages over traditional non-electrified vehicles, including improved fuel economy or no petroleum-based fuel usage, lower or zero emissions while driving, and a quieter ride. While the penetration of plug-in electric vehicles (PEVs) will remain low for the foreseeable future in relation to the total light duty vehicle market, a recent report from Pike Research forecasts that sales volumes will reach a critical mass in the next several years, and by 2015 global PEV sales will cross the 1 million unit threshold for the first time.
"The PEV market is already becoming a highly competitive market and over the next few years, the marketing initiatives of multiple manufacturers will help build consumer familiarity with, and drive adoption of, plug-in vehicles as a viable alternative to internal combustion engines."
"Electric vehicles have received a great deal of attention in recent months due to the launches of several high-profile vehicles," says senior analyst Dave Hurst. "The PEV market is already becoming a highly competitive market and over the next few years, the marketing initiatives of multiple manufacturers will help build consumer familiarity with, and drive adoption of, plug-in vehicles as a viable alternative to internal combustion engines."
Pike Research forecasts that among the two types of plug-in electric vehicles, BEVs will have the edge on a worldwide basis with 56% of total plug-in sales in 2015. BEVs will be especially popular in the Asia Pacific region, which will represent more than half the total global market, as well as in Europe. In the United States and Canada, on the other hand, the cleantech market intelligence firm anticipates that PHEVs will be the clear choice due to their extended driving range and gasoline engine fallback option. In those markets, plug-in hybrids will represent 71% of all electric vehicle sales in 2015.
Pike Research's report, "Plug-in Electric Vehicles", analyzes opportunities and challenges in the emerging market for PHEVs and BEVs. The report provides a comprehensive examination of electric drivetrain and battery technology, advanced battery research, government incentives and regulations, and key drivers of market growth. The study includes detailed lists of expected vehicles coming soon, forecasts through 2015 for light duty vehicle sales and production, hybrid, plug-in hybrid, and battery electric vehicles in world regions, as well as vehicle segments and selected manufacturers for the United States. Key market players are also profiled. An Executive Summary of the report is available for free download on the firm's website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. For more information, visit www.pikeresearch.com or call +1.303.997.7609.