The number includes both plug-in hybrid and battery electric vehicles (cumulative sales of hybrid electric vehicles will represent an additional 8.7million vehicles for a combined total of 13.9million units). This means that the market for electrified vehicles is expected to grow at a compound annual growth rate of 19.5 per cent between 2011 and 2017 compared to 3.7 per cent for the vehicle market overall during the same period.
This is more than 5 times as quickly, but still penetration will only reach 3% to 5% in western markets and less than 2% globally, or 1,342,067 vehicles annually by 2017.
Meanwhile, British Gas, which has teamed up with Hitachi Capital Vehicle Solutions (so that when you lease your EV British Gas will install your home charging unit), claim that for the next decade, half of all UK EVs will be leased.
British Gas is also claiming that it will control 70% of the UK charging market by 2012.
