If the analysis behind a recent Pike Research report is correct, we’re about to see a lot more electric and hybrid electric vehicles on the road between now and 2017. However, even though the sales numbers should show a dramatic increase, they’ll still only be a small fraction of overall light duty vehicle sales.
Pike’s recent report claims that cumulative sales of plug-in electric vehicles (PEVs), the category that includes both plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), will reach 5.2 million units by 2017, up from just under 114,000 vehicles in 2011. Next year, Pike estimates that just over one million hybrid electric vehicles will be sold while sales of PEVs will hit 250,000.
Also by 2017, Pike forecasts that the sales of hybrid electric vehicles will grow to 8.7 million units, meaning that they’ll be more than 14 million PEVs and hybrid electrics on the road. This number, however, is just three percent of total worldwide light duty vehicle sales.
Pike research attributes the growth in EVs will be due to rising fuel prices, tougher greenhouse-gas standards and government incentives. Adoption of EVs will be highest in North America, where electrified vehicles will capture 4.9% of the total light-duty vehicle market in by 2017.