For years the marketing and advertising from government and car companies alike have boldly stated that it was only a matter of time before electric vehicles took over the car industry. Now, electric vehicles, in the form of hybrids that combine both gas and electric motors, are finally beginning to do just that.
As a result, the world populace is accepting hybrid electric vehicles and giving them equal weight as an option in their car purchases, according to Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide, the latest report from leading energy market research firm SBI Energy.
The report examines the natural progression occurring in the marketplace from hybrid electric vehicles to plug-in hybrid electric vehicles to battery electric vehicles. Each stage won’t likely be picked up by consumers in mass quantities until the previous technology has matured and reached a significant portion of the market.
Global sales of hybrid electric vehicles rose 33% in 2009 with 700,000 vehicles sold in an unfavorable climate that saw the overall auto market plunge worldwide. SBI Energy calculates that sales of hybrids accounted for 99% of all electric vehicle sales in 2009 worldwide.
Sales of hybrid electric vehicles exploded in Japan during 2009, with the production of hybrids by domestic manufacturers for domestic sale reaching 334,000 cars, essentially tripling production compared to 2008. Overall, Japan garnered almost half of all global hybrid sales, followed by the U.S. with 42% of global sales. SBI Energy’s analysis of the market indicates that buying a hybrid in the U.S. is still very much about making a statement concerning oil use and environmental conservationism. In Japan, however, environmental sentiment along with a personal sense of responsibility to do something about environmental issues is much more pervasive.
According to SBI Energy, future growth of the electric vehicle market on a global scale will depend on three key motivators: government incentives to consumers to purchase fuel efficient vehicles; any increase in the price of crude oil and gas prices at the pumps; and a reduction in the price differential between hybrids and non-hybrids.
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide analyzes the manufacturing and sales of electric based passenger vehicles throughout the world with a particular emphasis on the United States and Japan as the leading markets for electric vehicles. The analysis includes definitions, current product offerings and market detail on: passenger hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV). For further information, visit firm’s website.