Navigant Research: Annual Sales of Electric Vehicles in North America, Western Europe, and Asia Pacific Will Reach 1.8 Million by 2023
Asia Pacific will surpass North America as the largest market for plug-in EVs by 2018, report concludes.
While plug-in electric vehicles (PEVs) are now available in all U.S. states, most Canadian provinces and territories, and in every Western European country, they are not readily accessible in the Asia Pacific region. That will change over the next several years as Asia Pacific becomes the largest market for PEV sales. Click to tweet: According to a recent report from Navigant Research, sales of PEVs in North America, Western Europe, and Asia Pacific will grow from 352,000 annually in 2014 to 1.8 million in 2023.
“PEVs are becoming more available and more price-competitive, both geographically and in vehicle segments outside of small and luxury car classes,” says Scott Shepard, research analyst with Navigant Research. “That is expanding the universe of potential PEV buyers beyond the narrow demographics of early adopters to a wider market that is similar to that for hybrid electric vehicles.”
PEVs are better suited to and marketed toward urban areas, as vehicle range requirements are typically shorter in these communities. As such, the concentration of PEVs is anticipated to be higher in geographic areas with higher populations and more households. The largest urban markets during the forecast period, according to the report, will be Tokyo, Los Angeles, and Paris, with PEV sales in 2023 of 49,000, 39,000, and 25,000 vehicles, respectively.
Electric Vehicle Geographic Forecasts
To date, North America is the strongest market for light duty (LD) plug-in electric vehicles (PEVs), with nearly 100,000 sold in 2013. Japan is a distant second, with just under 30,000 sales, followed by the Netherlands (over 23,000) and China (over 17,000). Navigant Research expects that the United States will be the largest market for PEVs during the next 10 years, with LD PEV sales exceeding 514,000 in 2023.
The top cities for LD PEV sales among all of the regions examined in this report are expected to be Los Angeles, Paris, and Tokyo. Cities with higher densities will likely see greater interest in incentivizing PEV purchases, optimizing PEV charging, and developing publicly available EV supply equipment (EVSE) infrastructure. The overall growth of LD PEV sales will be considerable throughout the world over the next decade. Navigant Research forecasts that the global LD PEV market will grow at a compound annual growth rate (CAGR) of 24.6% while the global market for LD vehicles will grow at a CAGR of only 2.6%. How and where PEVs are bought will affect grid distribution systems and utility business models since Navigant Research estimates PEVs increase residential customer load by 33% to 37%.
Asia Pacific will surpass North America as the largest market for plug-in EVs by 2018, report concludes.
While plug-in electric vehicles (PEVs) are now available in all U.S. states, most Canadian provinces and territories, and in every Western European country, they are not readily accessible in the Asia Pacific region. That will change over the next several years as Asia Pacific becomes the largest market for PEV sales. Click to tweet: According to a recent report from Navigant Research, sales of PEVs in North America, Western Europe, and Asia Pacific will grow from 352,000 annually in 2014 to 1.8 million in 2023.
“PEVs are becoming more available and more price-competitive, both geographically and in vehicle segments outside of small and luxury car classes,” says Scott Shepard, research analyst with Navigant Research. “That is expanding the universe of potential PEV buyers beyond the narrow demographics of early adopters to a wider market that is similar to that for hybrid electric vehicles.”
PEVs are better suited to and marketed toward urban areas, as vehicle range requirements are typically shorter in these communities. As such, the concentration of PEVs is anticipated to be higher in geographic areas with higher populations and more households. The largest urban markets during the forecast period, according to the report, will be Tokyo, Los Angeles, and Paris, with PEV sales in 2023 of 49,000, 39,000, and 25,000 vehicles, respectively.
Electric Vehicle Geographic Forecasts
To date, North America is the strongest market for light duty (LD) plug-in electric vehicles (PEVs), with nearly 100,000 sold in 2013. Japan is a distant second, with just under 30,000 sales, followed by the Netherlands (over 23,000) and China (over 17,000). Navigant Research expects that the United States will be the largest market for PEVs during the next 10 years, with LD PEV sales exceeding 514,000 in 2023.
The top cities for LD PEV sales among all of the regions examined in this report are expected to be Los Angeles, Paris, and Tokyo. Cities with higher densities will likely see greater interest in incentivizing PEV purchases, optimizing PEV charging, and developing publicly available EV supply equipment (EVSE) infrastructure. The overall growth of LD PEV sales will be considerable throughout the world over the next decade. Navigant Research forecasts that the global LD PEV market will grow at a compound annual growth rate (CAGR) of 24.6% while the global market for LD vehicles will grow at a CAGR of only 2.6%. How and where PEVs are bought will affect grid distribution systems and utility business models since Navigant Research estimates PEVs increase residential customer load by 33% to 37%.
