The UK-based research firm says that more than 480,000 EVs will be sold this year, as car buyers around the world look to cut both their carbon footprint and refueling costs. Automakers are promoting the technology, in part, because it gets them that much closer to meeting increasingly stringent greenhouse-gas emissions mandates in places like Europe and the US.
Frost & Sullivan says the fastest growing regions for electric-vehicle sales will be Europe and China this year, and the numbers will only accelerate over the next few years, as 10 million EVs will be on the world's roads by the end of the decade.
How much the US has to do with any of this growth is anyone's guess, as Americans have, at least in recent months, tapered off their EV purchases. Plug-in vehicle sales in the US jumped 28 percent last year to almost 100,000 units. Still, EV sales in January dropped down about five percent to 4,218 units. We've got Frost & Sullivan's press release below.
LONDON, Feb. 12, 2015 /PRNewswire/ -- What is the potential of fuel cell vehicles? What is the expected gasoline and diesel engine mix for 2015? How will the electric vehicles (EVs) market perform in 2015? Frost & Sullivan's analyst briefing will try to answer all these questions.
According to recent analysis, over 480,000 EVs are expected be sold globally in 2015 with Europe and China projected as growth markets to watch out this year. Furthermore, the total EVs are likely to reach 10 million units by 2020 globally. With the automotive industry exploring magnetless traction motor solutions, potential of AC induction motors will be explored. The Asian automakers are taking the fuel cell market to the next level by introducing competitive models which not only compete with electric vehicles but also with conventional vehicles.
Emission regulations especially in Europe and North America have made vehicle manufacturers produce fuel efficient and low emission cars. The fuel economy pursuit will bank unprecedentedly on efforts in advanced gasoline engine technologies and power train light weighting, with the application of composite materials on a strength-on-demand approach.
"Vehicle manufacturers are not just under pressure to adopt green cars, but also need to find the right powertrain technology mix to bring down the fleet emission average," says Frost & Sullivan Programme Manager,Anjan Hemanth Kumar. "Passenger car industry is pursuing advanced engine technologies such as downsizing, boosting, cylinder deactivation, advanced injection technologies and exhaust after treatment technologies. It is hard to find the right combination. On the other hand, electrification is a major trend witnessed globally from micro hybrids to battery and fuel cell vehicles."