According to a new report from Pike Research, sales of PHEVs and EVs will grow quickly totaling 3.2 million vehicles between 2010 and 2015 and a compound annual growth rate of 106%.
China will be the largest market for electric vehicles, with more than 888,000 PHEVs and EVs sold by 2015, representing 27% of worldwide sales.
Pike forecasts that the United States will be close behind with 841,000 vehicles sold, or 26% of the global market.
“PHEVs and EVs will complement, rather than displacing, the market for conventional hybrid electric vehicles,” says senior analyst Dave Hurst. “Electric vehicles will follow the lead of hybrids and will be launched in the small car segment for consumer markets initially, with the small SUV segment close behind. Because of their low weight and good aerodynamics, smaller vehicles are far more efficient to better extend the electrically powered driving range, and the smaller vehicle segments also allow the use of a smaller, less expensive battery.”