The rapidly changing market for plug-in electric vehicles, which includes plug-in hybrids, and battery electric vehicles, is a small but growing part of the global automotive industry.
Keen to see increasing penetrations of electric vehicles due to the environmental, economic, and energy security benefits they provide, governments are pushing automakers to develop EVs and incentivizing citizens to buy them.
According to a new report from Navigant Research, plug-in electric vehicles are expected to make up 2.4 percent of total worldwide light-duty vehicle sales by 2023.
“The EV market is in a state of flux,” says Scott Shepard, research analyst with Navigant Research. “Plug-in EV markets are expanding rapidly, and are set to grow much more quickly as several major automakers are slated to introduce vehicles in the high-volume SUV segment.”
At the same time, according to the report, luxury brands, which have benefited in recent years from increased interest from the developing markets of Asia Pacific, have committed more strongly to plug-in EV platforms.
This is expected to increase global sales of plug-in EVs dramatically in the near term. Sales of plug-in EVs from luxury manufacturers, such as Tesla, Mercedes, Audi, and BMW, are expected to grow significantly through 2018 before leveling off at around 50 percent of the plug-in EV market, the report concludes.
