It may have taken electric cars a long time to reach the point of breaking into the mainstream, but it now seems they are ready to sky rocket.
A new report from Pike Research suggests that worldwide adoption of plug-in hybrid and electric vehicles will grow quickly over the next five years. Sales are expected to total 3.2million vehicles between 2010 and 2015, meaning a compound annual growth rate of 107 per cent and 106 per cent respectively. Sales of plug-in electric vehicles will top one million units in five years with plug-in hybrid electric vehicles accounting for 44 per cent of the total.
Pike has also made a forecast about regular hybrid vehicles, suggesting they will remain important over the next few years as manufacturers look to meet increasingly tight fuel economy and emission regulation standards. It predicts growth of 12.7 per cent between 2010 and 2015.
According to senior analyst Dave Hurst, plug-in hybrid electric vehicles and battery electric vehicles will complement rather than displace the present conventional hybrid electric vehicle market. Electric vehicles are expected to be launched in the small car segment initially with the small SUV market close behind. As they have low weight and good aerodynamics they are far more efficient and will better extend the electrically powered driving range.
Sales for the plug-in hybrid electric vehicle market are predicted to reach 472,612 units in 2015 with 204,110 to be sold in the US followed by Japan with 62,143 units. Meanwhile, battery electric vehicles are expected to take off in China and reach 262,203 vehicles sold in 2015.
