Global sales of plug-in electric vehicles soaring
Sales of plug-in electric vehicles (PEVs) expanded globally more than 70% from 2017 to reach almost 1.9 million in 2018. According to a new report from Navigant Research, growth in 2019 is likely to be strong again. The report analyzes the global market conditions and regulatory policies for PEVs, providing sales and population forecasts to 2030 of major regions by PEV powertrain type.
In the last year, PEV sales doubled in North America, and sales in Europe and China increased 39% and 77%, respectively. In 2019, multiple deployments of long-range battery EVs (BEVs) in crossover classes, as well as Tesla reaching full-scale production on the Model 3 and expanding its vehicle shipments to markets abroad, are setting the stage for continued market growth.
“By 2030, annual PEV sales are estimated to be between 15% and 32% of the global light-duty vehicle market, producing a global PEV population between 107 million and 190 million,” said Scott Shepard, Senior Research Analyst with Navigant Research. “This long-term growth is expected to be propelled by improving vehicle technology economics—a function of battery innovations, government transportation energy policies, oil price projections, and movements to price carbon.”
Although PEV market growth has been considerable, challenges remain. These include vehicle availability, consumer awareness, charging infrastructure, and threats from competing alternative fuels or fuel efficiency solutions. These challenges and threats are eroding with the natural cycle of technological development and concerted efforts by stakeholders (governments, automakers, and energy providers) to move the market toward lower emissions transportation, specifically electrification. Of the competing powertrain options, PEVs are close to becoming the leading conventional alternative and are best positioned to lead the future light-duty vehicle market, according to Navigant Research.
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 focus on how government interventions, vehicle economics, infrastructure, and automation will affect new markets and subsequent growth of the PEV population. The study provides sales and population forecasts to 2030 of major regions by PEV powertrain type: battery electric vehicle (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 (LDV) sales. An executive summary of the report is available for free download on the Navigant Research website.