Study: Nearly 22 Million Electric Vehicles Will Be Sold from 2012 to 2020

A total of 21.9 million EVs will be sold worldwide during the period from 2012 to 2020, according to a recent report from Navigant Research. “Electric Vehicle Market Forecasts” reports that electric vehicles (EV) sales will grow at a much more rapid pace than the overall automotive market during that timeframe. Both plug-in electric vehicles (PEVs) and hybrid electric vehicles (HEVs) have become widely available in Asia Pacific, North America, and Western Europe, and are being introduced in Eastern Europe, Latin America, and the Middle East.

While the overall auto market will expand only 2% per year through 2020, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40% over the remainder of the decade. Still, by 2020, PEVs will make up less than 2% of annual light-duty vehicle sales, the study concludes.

Source: EERE Vehicles and Fuels

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