Global Plug-In Electric Vehicle Sales Topped 1 Million in 2017
A new report from Navigant Research shows that global plug-in electric vehicle sales topped one million unites in 2017.
What’s more, the pace of change is speeding up. 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 its new report, Navigate anticipates that PEV sales are 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.
Category: Electric Vehicles
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