Plug-in EVs including plug-in hybrids and battery EVs are expected to make up 2.4 percent of total worldwide light-duty vehicle sales by 2023, according to a new report from Navigant Research.
The fast changing market for electric vehicles, which includes hybrids, plug-in hybrids and battery electric vehicle constitute a smaller part of the global automotive industry.
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Governments are inspiring automakers to develop EVs and providing incentive to citizens, in order to increase penetrations of EVs due to the environmental, economic, and energy security benefits they provide.
The EV market is facing instability. Plug-in EV markets are expanding rapidly, set to grow much more quickly as several major automakers are slated to introduce vehicles in the high-volume SUV segment, says, Scott Shepard, research analyst, Navigant Research.
Recently, developing markets in Asia Pacific is showing preference towards luxury plug-in brands. This shift in interest has encouraged the growth of plug-in EV platforms. Huge increase in global sales of plug-in EVs is expected in the near term.
By 2018, sales of plug-in EVs from luxury manufacturers including Tesla, Mercedes, Audi, and BMW, are expected to grow significantly, covering a 50 percent of the plug-in EV market.
Sabeena Wahid
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