Light duty electric vehicle sales to reach 6.4 mn in 2023

light weight electric vehicle

Sale of light duty electric vehicles (LDVs) may reach 6.4 million in 2023 from 2.7 million in 2014, said Navigant Research.

Electric vehicles contribute only a small but growing share of the global LDV market.

The hybrids (HEVs), plug-in hybrids (PHEVs), and battery electric vehicles (BEVs) are becoming a significant part of the global automotive industry.

Governments are promoting LDVs for their economic, environmental and energy efficient benefits. The report said Governments have also encouraged the purchase of EVs with incentives and subsidies.

The report predicts that in developed countries government incentives will begin to decrease as the market will go through changes.

photo electrictransport
photo electrictransport

The traditional vehicles market with reduced fuel consumption will become competitive once alternative fuel technologies begin to enter the LDV market.

EVs are expected to become more available in the luxury class segments, where the plug-in vehicle (PEV) premium is lower than comparable vehicles due to higher overall vehicle prices, said Scott Shepard, research analyst, Navigant Research.

Besides, internal combustion engines renovated with fuel efficient features will pose threat to HEV market share in economy class segments.

This will push EV production as well as expansion into larger vehicle segment including sport utility vehicles (SUVs).

Sabeena Wahid
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