LD Plug-in EVs to Reach 50% of Market by 2024
Electrifying news from the light duty (LD) plug-in electric vehicle (EV) market. New research shows that LD plug-in EVs will total 50% of the global market by 2024.
As of 2015, light duty PEVs accounted for about 19 percent of the global light duty EV market. Both the overall market and the PEV market share are expected to grow significantly in response to carbon emission reduction initiatives, fuel economy standards, and the increasing variety and quantity of PEV offerings.
“In North America, Europe, and developed Asia Pacific markets, PEVs have become well-established thanks to fuel efficiency regulations and purchase incentives,” says Scott Shepard, senior research analyst with Navigant Research. “These factors have helped the market to grow from 30,000 vehicles in 2011 to almost 500,000 in 2015.”
According to the report, now that the market has a strong foundation, automakers are developing more technologies and products likely to overcome obstacles to market acceptance such as cost, charging time, and all-electric range. General Motors, Nissan, and Tesla are all working on PEVs with cost points below $40,000 and ranges of 150-250 miles.
Category: Electric Vehicles
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