According to a new forecast by Pike Research, cumulative sales of plug-in electric vehicles will reach an incredible 5.2million units worldwide by 2017 – an increase from just under 114,000 vehicles in 2011.
The number includes both plug-in hybrid and battery electric vehicles – cumulative sales of hybrid electric vehicles meanwhile will represent an additional 8.7million vehicles for a combined total of 13.9million units. This means that the market for electrified vehicles is expected to grow at a compound annual growth rate of 19.5 per cent between 2011 and 2017 – this is compared to just 3.7 per cent for the vehicle market overall during the same period.
Pike believes the market will grow to 1,342,067 vehicles annually by 2017 and will make up 1.4 per cent of the global light duty vehicle market. In particular, the Asia Pacific region will lead the way thanks to the strength of the Japanese market; while growth in China will also increase rapidly in the coming years.
However, Pike does also point out that the penetration of sales will remain relatively low in the total context of the automotive industry. It believes that plug-in electric vehicles and hybrid electric vehicles will represent just three per cent of total light duty vehicle sales in 2017 with adoption rates to be highest in North America.
