Light Duty Plug-in Electric Vehicles Are Expected to Make up Half of the Global Electric Vehicle Market by 2024, According to Navigant Research
A recent report from Navigant Research details the global market for light duty vehicles, including light duty hybrid, plug-in hybrid, and battery electric vehicles (HEVs, PHEVs, and BEVs), or plug-in electric vehicles (PEVs), segmented by scenario, region, country, drivetrain, and automaker, through 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. Click to tweet: According to a recent report from @NavigantRSRCH, light duty PEVs are expected to make up half of the global EV market by 2024.
“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.
The report, Electric Vehicle Market Forecasts, provides forecasts, market sizing, and market share analysis for the overall light duty vehicle (LDV) market and light duty HEVs, PHEVs, and BEVs. Global forecasts for annual LDV sales and vehicles in use, segmented by scenario (conservative, base, and aggressive), region, country, drivetrain, and automaker, extend through 2024. Also provided are forecasts by automaker and vehicle class (luxury vs. economy), along with discussion of the underlying forecast assumptions such as lithium ion (Li-ion) energy density, Li-ion battery prices, and retail fuel prices.