Through 2020, the market is projected to experience annual growth of around 38 percent, report finds
BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines the global market conditions and regulatory policies for plug-in electric vehicles (PEVs), providing 10-year sales and population forecasts by powertrain type and scenario.
Recent developments in the PEV market, including the rollout of long-range battery EVs (BEVs) at sub-$40,000 price points, have positioned the segment for robust growth. Since PEVs were introduced in 2011, sales have experienced annual growth of 40 percent or more, and continued growth is expected. Click to tweet: According to a new report from @NavigantRSRCH, global PEV sales surpassed 1 million in 2017, and the market is projected to experience annual growth around 38 percent through 2020.
"Battery costs have shrunk dramatically in the last five years and promise to shrink further with the commercialization of solid-state batteries on the horizon," says Scott Shepard, senior research analyst with Navigant Research. "In addition, increasing regulatory pressure in Europe and China may well push the PEV market to the aggressive end of the forecast range regardless of oil prices."
While most of the global market can expect robust growth in the near term, the outlook in the United States is less certain based on the potential for federal level policy changes. According to the report, if US fuel efficiency policies and government subsidies are relaxed or removed, the country will find it difficult to keep pace with other markets.
The report, Market Data: EV Market Forecasts, analyzes the global market conditions and regulatory policies for PEVs. The study examines the next decade of the PEV market with a specific focus on how government interventions, vehicle economics, infrastructure, and automation will affect new markets and subsequent growth of the PEV population. The study provides 10-year sales and population forecasts of major regions by PEV powertrain type: BEV and plug-in hybrid EV (PHEV). Forecasts are provided by segment under conservative, base, and aggressive scenarios alongside historical data on BEV, PHEV, and overall light duty vehicle sales. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team'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 Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant's professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant's practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.