The largest regional market for plug-in electric cars is North America, with estimated 2013 sales of slightly less than 100,000.
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.
