Reasons for strong anticipated growth in plug-in vehicles market


Despite the increase in plug-in electric vehicle (PEVs) sales, many consumers are unaware of or misinformed on the operating and purchasing economics of PEVs, according to Navigant Research.

The research firm’s latest study reveals an 80% increase in sales of PEVs between 2017 and 2018.

The increase in sales was a result of continuous improvements in vehicle and charging technologies.

A strong growth is expected to continue this year, although incentives remains a core market challenge.

The introduction of favorable policies and increasing consumer PEV awareness initiatives outside the typical early adoption category can improve the perceptions of these vehicles.

The majority of PEV consumers have been wealthy, young, and highly educated. This is likely to change.

The highest numbers of adopters is likely to come from the Southeast, Northeast, and Pacific regions of the US.

Raquel Soat, research analyst with Navigant Research, said: “PEV growth is not equally distributed across the US but rather largely centered in urban areas and states with PEV purchase or zero-emission vehicles (ZEVs) incentives.

“These pockets indicate that policy and economics play a large role in the adoption of PEVs, and that educating consumers who are outside the typical early adoption category can improve the perceptions of PEVs and decrease the amount of misinformation in the market.”

The study included responses of more than 2,300 US consumers.

For more information about the report, visit EV Consumer Profiles