Hybrid, Plug-In Vehicle Sales to Double by 2020
June 18, 2013—Hybrid and plug-in electric vehicles are expected to account for almost four percent of global light-duty vehicles sales by 2020.
According to a new Navigant Research electric vehicle market forecast, the growth in sales of these vehicles is being driven not only by the appeal of the vehicle, but also by consumer demand for vehicles that cost less to operate than traditional internal combustion engine vehicles, by government influence on the market, and by a rebounding economic environment.
The report also forecasts that the plug-in electric vehicle (PEV) market will grow rapidly as a result of rising fuel prices, falling PEV prices, and increasing availability of PEV models.
According to the report, the result is a PEV market that will reach 3 million vehicles sold in 2020, representing three percent of the global light-duty vehicle market.