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Navigant Research has released a new report analysing North America’s plug-in EVs (electric vehicles) market.

The study suggests sales of plug-in EVs will reach 2.7 million by 2030

 The market was expected to record an 8% increase in 2019.

The need to reduce carbon emissions, to improve fuel efficiency and an increase in the implementation and adoption of ZEV policies continue to be key in increasing the adoption and awareness of PEVs.

Other key study findings include:

  • Despite slowed market growth, PEV sales are on track for another record year in North America.
  • Plug-in EVs are increasingly being considered by more consumers as a top choice for their next vehicle purchase.
  • More states are implementing purchase incentives and are in talks to adopt ZEV policies.
  • The price of plug-in EV technologies continues to decline. 
  • Market barriers to adoption are gradually eroding as EV technologies continue to mature.

Raquel Soat, a research analyst with Navigant Research, said: “PEVs are expected to represent about 14% of the market share for total light-duty vehicle (LDV) sales in North America by 2030.

“Several challenges remain that hinder the PEV market, such as consumer awareness, need for stakeholder investment in public charging infrastructure, and ambiguity in current federal regulatory policy, but these challenges are gradually eroding as EV technologies continue to mature.”