Plug-In Electric Vehicles Are Expected to Make Up 2.4 Percent of Global Light-Duty Vehicle Sales by 2023, According to Navigant Research

A new report from Navigant Research provides a comprehensive overview of the overall light duty vehicle (LDV) market, including global forecasts for annual LDV sales and vehicles in use through 2023.

The rapidly changing market for electric vehicles (EVs), which includes hybrids (HEVs), plug-in hybrids (PHEVs), and battery electric vehicles (BEVs), is a small but growing part of the global automotive industry. Keen to see increasing penetrations of EVs due to the environmental, economic, and energy security benefits they provide, governments are pushing automakers to develop EVs and incentivizing citizens to buy them. Click to tweet: According to a new report from Navigant Research, plug-in EVs (which include plug-in hybrids and battery EVs), are expected to make up 2.4 percent of total worldwide light-duty vehicle sales by 2023.

“The EV market is in a state of flux,” says Scott Shepard, research analyst with Navigant Research. “Plug-in EV markets are expanding rapidly, and are set to grow much more quickly as several major automakers are slated to introduce vehicles in the high-volume SUV segment.”

At the same time, according to the report, luxury brands, which have benefited in recent years from increased interest from the developing markets of Asia Pacific, have committed more strongly to plug-in EV platforms. This is expected to increase global sales of plug-in EVs dramatically in the near term. Sales of plug-in EVs from luxury manufacturers, such as Tesla, Mercedes, Audi, and BMW, are expected to grow significantly through 2018 before leveling off at around 50 percent of the plug-in EV market, the report concludes.

The report, “Electric Vehicle Market Forecasts,” provides forecasts, market sizing, and market share analysis for the overall LDV market and light duty HEVs, PHEVs, and BEVs. Global forecasts for annual LDV sales and vehicles in use, segmented by scenario (conservative, base, and aggressive), world region, key country, drivetrain, class, and automaker, extend through 2023. Also provided are forecasts by automaker and vehicle class (luxury vs. economy), along with discussion of the underlying forecast assumptions such as lithium ion (Li-ion) energy density, Li-ion battery prices, and retail fuel prices. An Executive Summary of the report is available for free download on the Navigant Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.

About Navigant

Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.

* The information contained in this press release concerning the report, “Electric Vehicle Market Forecasts,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.