More Than 1 Million Plug-In Electric Vehicle Sold Globally In 2017, Says Navigant Research

The global plug-in electric vehicles (PEVs) is poised to get into a phase off significant growth due to a number of events and incidents in the PEV market which include the development and launch of long-range battery EVs (BEVs) at prices below that of $40,000 price points. This was predicted in a research by a new report from Navigation Research on the global market conditions and the regulatory environment for plug-in electric vehicles (PEVs).

A 10-year sales and population forecasts with the help of a powertrain type and scenario was also provided in the report.

There has been an annual rate of growth in sale of around 40 percent and more globally for the PEVs ever since it was launched in 2011. The report estimates that this robust growth rate would continue further.

The report further notes that through to 2020, there would be 38 per cent annual growth inn the segment and more than 1 million PEV were sold globally in 2017.

“Battery costs have shrunk dramatically in the last five years and promise to shrink further with the commercialization of solid-state batteries on the horizon,” says Scott Shepard, senior research analyst with Navigant Research. “In addition, increasing regulatory pressure in Europe and China may well push the PEV market to the aggressive end of the forecast range regardless of oil prices.”

However, the report anticipates some potential for federal level policy changes in the United States which forces it to conclude that the prospect of growth of the industry in that market might not be conversant with the predicted overall growth in the world in the near term. The U.S. market for PEVs would slow down in case there is a relaxation or removal of government subsidies and fuel efficiency polices there, the report further predicts.

The global market conditions and regulatory policies for PEVs have been analyzed in the report titled ‘Market Data: EV Market Forecasts’.  The influence of government interventions, economics of economics, infrastructure, and automation on the new markets and the ultimate growth of the number of PEVs is the primary focus of the report which predicts the shape of the PEV market in the next decade. The study is classified into two PEV powertrain type – BEV and plug-in hybrid EV (PHEV), for a 10-year sales and population forecast.

Offering quality market research and benchmarking services, Navigant Research is the research wing of Navigant. The research firm is specifically focused on highly regulated and rapidly changing industries.

(Adapted from Prnewswire.com)

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