Since the launch of the Nissan Leaf and Chevrolet Volt, in late 2010, plug-in electric vehicles (PEVs) have become more widely available in Asia Pacific, North America, and Western Europe. Hybrid electric vehicles (HEVs), which first appeared a decade earlier, are now selling steadily in those regions as well. According to a new report from Pike Research, a part of Navigant’s Energy Practice, annual worldwide sales of these vehicles, collectively referred to as electric vehicles (EVs), will reach 3.8 million by 2020.
“Sales of EVs have not lived up to automakers’ expectations and politicians’ proclamations, but the market is expanding steadily as fuel prices remain high and consumers increasingly seek alternatives to internal combustion engines,” says senior research analyst Dave Hurst. “Indeed, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade, while the overall auto market will expand by only two percent a year.”
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