The fast-growing market for electric vehicles (EVs) – including hybrids, plug-in hybrids, and battery electric vehicles – has become a small but important part of the global automotive industry. Governments worldwide are keen to see increasing penetrations of EVs due to the environmental, economic, and energy security benefits they provide.
According to a new report from Navigant Research, by 2022 there will be more than 35 million EVs on roads worldwide.
“With gasoline prices remaining high, acquiring an EV is becoming an economic decision for many consumers,” says Scott Shepard, research analyst with Navigant Research. “The initial purchase price premiums for EVs, compared to conventional gasoline- and diesel-powered internal combustion engines, are substantial. Yet, operational cost savings due to reduced refueling and maintenance costs are proving that, when considered over the life of the vehicle, EVs are cost-competitive with internal combustion engine vehicles.”
Helping to reduce the cost of ownership are additional value streams that are emerging from innovations in EV technologies, such as vehicle-to-grid (V2G) systems that allow plug-in EV (PEV) owners to utilize battery power not only for driving, but also for emergency backup power and grid balancing. Test fleets are being used to examine the revenue potential of V2G services, and electricity providers are looking into ways to shift PEV charging to off-peak hours through demand response programs. Developments in both areas promise to strengthen the business case of PEV technologies for fleet and individual owners, the report concludes.
The report, “Electric Vehicle Market Forecasts”, provides forecasts, market sizing, and market share analysis for the overall light-duty (LD) vehicle market and LD hybrid EVs, plug-in hybrid EVs, and battery EVs. The report includes comprehensive data for vehicle sales and vehicles in use (parc) for the global LD vehicle market, as well as the three EV segments. Also provided are the underlying forecast assumptions for the consumer and fleet markets. Global forecasts for annual LD vehicle sales and vehicle parcs (or vehicles in use), segmented by world region, key country, and drivetrain, extend through 2022. An Executive Summary of the report is available for free download on the Navigant Research website.