According to SBI Energy’s latest market study, Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide, the U.S. and Japan currently make up the largest segments of the hybrid electric vehicle marketplace, with 42% and 48% market share, respectively.
"SBI Energy forecasts the market to double, for a total of 1.5 million passenger hybrid and electric vehicles sold in 2014," says Shelley Carr, SBI Energy publisher. "The majority of growth will stem from smaller HEV markets such as Europe, Australia and South Korea, as well as new markets such as India and China. These countries, SBI Energy forecasts, will see a phenomenal 47% growth rate over the next four years."
In the global perspective, future growth of the electric car market will depend on three key motivators: Pain at the pump; Government Support; and Price differential.
— Astronomical oil prices experienced in 2007, lead to the sale of 353,000 hybrid vehicles that year. This proves that consumers purchase the most efficient vehicle possible when gasoline prices rise.
— Government incentives will continue to be the primary motivator behind consumer sales of hybrid electric vehicles. In the U.K., the British government has created a subsidy program worth 230 million pounds for electric car purchases. Furthermore, they have approved 30 million pounds to implement charging stations.
Manufacturers in the U.S. will also benefit from federally funded grants, such as $5 billion available to produce energy efficient lithium ion batteries and $500 million more to create the components needed for EVs.
— Just as important as government incentives and oil prices is a reduction in the price between hybrids and non-hybrids. The price for hybrid vehicles is currently $3,000 to $7,000 more than the price of a similar gasoline-only vehicle. A premium some consumers are not willing to pay.
Success of the EV market is also incumbent upon the EV infrastructure manufacturing industry. Infrastructure components include the smart grid, advanced battery research and vehicle charging stations that enable drivers to refuel their vehicles conveniently and effectively.
According to SBI Energy’s market research study, Electric Vehicle Infrastructure Manufacturing, the global market value of smart grid manufacturing related to plug-in and electric vehicle deployment is $29 billion. This equates to nearly 42% of the total smart grid market value.
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide and Electric Vehicle Infrastructure Manufacturing from SBI Energy provide an integrated, precise view of electric vehicle markets today and into the future.
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide analyzes the manufacturing and sales of electric based passenger vehicles throughout the world with a particular emphasis on the United States and Japan as the leading markets for electric vehicles. The report also takes a look at technology and innovations related to the HEV, PHEV and BEV markets.
Electric Vehicle Infrastructure Manufacturing examines the market value of EV infrastructure manufacturing by country, projected deployment of EVs by type, global activities effecting development of EV and profiles of key EV infrastructure manufacturers.
SBI Energy, a division of MarketResearch.com, publishes research reports in the industrial, energy, building/construction, and automotive/transportation markets. SBI Energy also offers a full range of custom research services.