Boulder, CO, U.S.A. — (METERING.COM) — August 23, 2011 – The market for hybrid electric and plug-in electric vehicles (EVs) is expected to grow at a rate of 19.5 percent to reach to 2.9 million vehicles annually by 2017, according to a new report from Pike Research.
Almost 45 percent of these will be battery and plug-in hybrid EVs (PEVs) and the remainder hybrid EVs.
Increasing fuel costs, government purchase incentives, increasing fuel economy standards, and increased vehicle availability will benefit both segments of electric vehicles to varying degrees. In the hybrid electric market, the incentives are playing less of a role as countries either eliminate incentives or offer low incentives, but a number of models in many segments equates to broader appeal in North America and growth in Europe
Overall, the Asia-Pacific region – due to the strength of the Japanese market and growth in China – is expected to experience the most rapid growth in the number of plug-in EVs, followed by Europe and North America. However, demand in North America will lead to the availability of 40 hybrid EVs by the end of 2012, versus 14 models in Asia-Pacific.
Nevertheless, the plug-in EV market is anticipated to miss many of the targets set by various government bodies because vehicle programs have not been launching as rapidly as expected, Pike Research says. In the United States, President Obama’s goal for 1 million PEVs on the roads by 2015 appears to be well beyond what the actual vehicle market is likely to be. Germany has set a goal of 1 million PEVs by 2020 – almost twice the 512,701 PEVs forecast to be on the roads in that country by 2017.