Light Duty Plug-in Electric Vehicle Sales in North America Are Expected to Total Nearly 7.4 Million from 2015 to 2024, According to Navigant Research
By Business Wire News
By Business Wire News
A recent report from Navigant Research analyzes the North American market for light duty plug-in electric vehicles (PEVs), including detailed geographic forecasts of PEV sales by U.S. state, metropolitan statistical area (MSA), Canadian province, Canadian city, and selected U.S. utility service area.
North America is currently the world’s largest market for PEVs, with more than 133,000 sold in 2014, and the majority of vehicles concentrated in California. State incentives, such as the Zero Emissions Vehicle Program, are expected to push more widespread adoption into other U.S. states and throughout Canada, as well. Click to tweet: According to a recent report from Navigant Research, light duty (LD) PEV sales in North America are expected to total nearly 7.4 million from 2015 to 2024.
“The increasing availability of electric vehicle supply equipment (EVSE), or charging stations, is one factor that is helping to drive the PEV market in North America,” says Scott Shepard, research analyst with Navigant Research. “Expansion of EVSE infrastructure to intra-city locations will make PEVs more attractive to drivers initially concerned about being unable to charge their vehicle during longer trips.”
To date, PEV sales have been concentrated in areas where lucrative government incentives have been offered for both drivers and vehicle manufacturers, according to the report. In the United States, automakers are reaping incentive benefits from PEVs that comply with federal Corporate Average Fuel Economy (CAFE) standards, and in turn are offering generous lease terms to drivers.
The report, Electric Vehicle Geographic Forecasts, provides data and forecasts for LD PEV sales in North America, including U.S. states, metropolitan statistical areas (MSAs), and utility service territories and Canadian provinces and cities. The study estimates the number of vehicles that will be in use in specific geographic locations and assesses the potential impacts of anticipated PEV penetration in the most active PEV markets. Market forecasts for LD PEV sales and vehicles in use, segmented by scenario and geographic area, extend through 2024. The study also provides analysis of Navigant Research’s EV Consumer Survey, which was used to develop the PEV demographic profile. 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.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Electric Vehicle Geographic 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.