The market share of luxury plug-in electric vehicles is expected to grow from 23 percent in 2015 to 50 percent by the early 2020s.
A new report from Navigant Research details the global market for light duty vehicles, including light duty hybrid, plug-in hybrid, and battery electric vehicles (HEVs, PHEVs, and BEVs), or plug-in electric vehicles (PEVs), segmented by scenario, region, country, drivetrain, and automaker, through 2024.
The PEV market has become well-established in North America, Europe, and in the developed parts of Asia Pacific, largely due to government support and purchase incentives, automakers are focusing on offerings that will attract a wider range of customers. Meanwhile, companies within the electric power sector of global markets are also determining how they can best take part in encouraging PEV market growth.
According to a new report from Navigant Research, light duty EV sales are expected to grow from 2.6 million in 2015 to over 6.0 million in 2024.
“The end of 2015 marks the completion of the fifth full year of PEV sales to key markets for major automakers,” says Scott Shepard, research analyst with Navigant Research. “The market for electric vehicles has changed significantly over this time period, but the expected changes during the next five years will be even more impactful to the global automotive and energy industries.”
One of those changes, according to the report is an expected increase in luxury electric vehicles. Luxury manufacturers have gradually become more comfortable with PEV technologies, and today make up about 23 percent of the market. This is expected to increase to about 50 percent by the early 2020s.
The report, Electric Vehicle Market Forecasts, provides forecasts, market sizing, and market share analysis for the overall light duty vehicle (LDV) market and light duty HEVs, PHEVs, and BEVs. Global forecasts for annual LDV sales and vehicles in use, segmented by scenario (conservative, base, and aggressive), region, country, drivetrain, and automaker, extend through 2024. Also provided are forecasts by automaker and vehicle class (luxury vs. economy), along with discussion of the underlying forecast assumptions such as lithium ion (Li-ion) energy density, Li-ion battery prices, and retail fuel prices. An Executive Summary of the report is available for free download on the Navigant Research website.