Electric Vehicles To Make Up Half of the Global Electric Vehicle Market by 2024

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% 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,” said 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 to 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.

An executive summary of the report is available for free download on the Navigant Research website.