GHG Emissions, Industrial, Power Prices - January 5, 2018
Report: 2017 global plug-in vehicle sales pass 1M
Global sales of plug-in electric vehicles surpassed 1 million in 2017, and the market is projected to experience annual growth around 38% through 2020, according to a new report from Navigant Research.
The report from examines the global market conditions and regulatory policies for plug-in electric vehicles, providing 10-year sales and population forecasts by powertrain type and scenario.
Recent developments in the PEV market, including the rollout of long-range battery EVs at sub-$40,000 price points, have positioned the segment for that expected robust growth, according to the research firm. Since PEVs were introduced in 2011, Navigant says sales have experienced annual growth of 40% or more.
"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," Scott Shepard, a senior research analyst for Navigant, said in a news release about the report's findings. "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."
While most of the global market can expect robust growth in the near term, the outlook in the United States is less certain based on the potential for federal level policy changes; Navigant says in its report that if U.S. fuel efficiency policies and government subsidies are relaxed or removed, the country will find it difficult to keep pace with other markets.
The report, Market Data: EV Market Forecasts, study examines the next decade of the PEV market with a specific focus on how government interventions, vehicle economics, infrastructure and automation will affect new markets and subsequent growth of the PEV population.