While plug-in electric vehicles are now available in all U.S. states, most Canadian provinces and territories, and in every Western European country, they are not readily accessible in the Asia Pacific region.
That will change over the next several years as Asia Pacific becomes the largest market for plug-in electric vehicle sales.
According to a recent report from Navigant Research, sales of plug-in electric vehicles in North America, Western Europe, and Asia Pacific will grow from 352,000 annually in 2014 to 1.8 million in 2023.
“Plug-in electric vehicles are becoming more available and more price-competitive, both geographically and in vehicle segments outside of small and luxury car classes,” says Scott Shepard, research analyst with Navigant Research. “That is expanding the universe of potential plug-in electric vehicle buyers beyond the narrow demographics of early adopters to a wider market that is similar to that for hybrid electric vehicles.”
Plug-in electric vehicles are better suited to and marketed toward urban areas, as vehicle range requirements are typically shorter in these communities. As such, the concentration of plug-in electric vehicles is anticipated to be higher in geographic areas with higher populations and more households.
The largest urban markets during the forecast period, according to the report, will be Tokyo, Los Angeles, and Paris, with plug-in electric vehicle sales in 2023 of 49,000, 39,000, and 25,000 vehicles, respectively.
