Navigant Research expects that figure to grow rapidly over the next 10 years, as more models become available, the price premium for plug-in electric cars compared to conventional cars narrows, and charging infrastructure is deployed widely.
According to firm’s new report, the number of plug-in electric cars on roads in the United States will grow from nearly 296,000 in 2014 to more than 2.7 million in 2023.
“The U.S. market for plug-in electric cars is reaching a new level of maturity and expansion,” says Scott Shepard, research analyst with Navigant Research. “The introduction of plug-in electric car options in the truck, van, and sport utility car segments – which make up half the North American automotive market – will help drive strong growth in the plug-in electric car market going forward.”
The major regional plug-in electric car markets, North America, Western Europe, and Asia Pacific, will grow at a compound annual growth rate of 23.7 percent through 2023, according to the report.
Outside of the United States, the largest urban markets will be Tokyo and Paris, with plug-in electric car sales in 2023 of nearly 49,000 and 25,000 cars, respectively.