Although sales of plug-in electric vehicles (PEVs) to date have not met the expectations of automakers and government officials, the market is expanding rapidly in North America as the vehicles become more widely available.
Overall, sales of PEVs in the US are expected to grow at a compound annual growth rate of 18.6% between 2013 and 2022-significantly higher than the growth expected for the overall light duty vehicle market during the same period. According to Navigant Research, the states of California, New York, Washington, and Florida will lead the United States in annual sales of PEVs through 2022.
"The market for PEVs is beginning to mature now that the most popular models, the Chevy Volt and Nissan Leaf, are available in all North American markets, and Ford, Mercedes Benz, Toyota, Mitsubishi, Honda, Fiat, and Tesla are all ramping up production of competitive vehicles," said David Alexander, senior research analyst with Navigant Research. "BMW and Volkswagen will soon add to the choices, and greater availability of charging infrastructure is supporting this growth. The majority of PEV sales will remain close to major cities on the east and west coasts."
By 2022, the highest concentration of annual PEV sales (in terms of percentage of overall vehicle sales in the US) is expected to be in Hawaii, followed by California and Oregon. Los Angeles, San Francisco, and New York City are anticipated to have the largest sales of PEVs, among cities, over the forecast period.
In Canada, the provinces of Ontario, Quebec, and British Columbia (which account for 75 % of the Canadian population) will account for 97% of Canadian PEV sales by 2022, said Navigant Research.
Original Headline: Plug-in electric vehicle sales growing fast in N America, says Navigant Research
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- Ford Tremor: Easy to Park, Hard to Pay For
- House Shelves Immigration Bill, Goes on Vacation
- What Hamas and Israel Hope to Gain in Gaza
- Notorious RBG Tells All in Couric Interview
- Why Samsung Shares Plunged in the April-June Quarter
- House GOP Leaders Abandon Immigrant Bill
- NASA Plans to Make Oxygen on Mars
- Market Loses All of July's Gains in One Day
- Wisconsin Supreme Court: Voter IDs Must Be Free