By 2020, Electrified Vehicles Will Take 7% of the Global Automotive Market
According to the latest forward-looking forecast by Navigant Research, electrified vehicles (HEV, PHEV and BEV) will take hold of 7% of the global automotive market by 2020.
Of course, HEVs are expected to account for the majority of that share, but year by year, BEVs and PHEVs will make gains so that by 2020, their combined share will nearly match (see graphic above) that of conventional hybrids.
Even more encouraging is that Navigant says annual sales of electrified vehicles will hit 6.6 million units in 2020, up from just over 2 million in 2013.
Navigant says that growth in the electrified vehicles segment is driven by several factors, “including consumer demand for less-expensive operational costs compared to gasoline-powered vehicles, consistent government policy, multiple new models from major automakers, and lower battery prices.”