The North American PEV Market Is Expected to Experience 62 Percent Year-over-Year Growth in 2016, According to Navigant Research
By Business Wire News
By Business Wire News
A new report from Navigant Research assesses plug-in electric vehicle (PEV) sales and populations in the United States and Canada, providing detailed geographic breakdowns of PEV sales and scenario-based forecasts.
During the next few years, significant growth is expected in the North American PEV market. In 2016, growth will be driven by sales of the Tesla Model X, the second-generation Volt, and by the introductions of the Chevrolet Bolt 200-mile range battery electric vehicle (BEV), the Prius Prime plug-in hybrid electric vehicle (PHEV), and the Mitsubishi Outlander PHEV later in the year. Click to tweet: According to a new report from @NavigantRSRCH, the North American PEV market in 2016 is expected to grow by around 62 percent year-over-year, nearing 200,000 sales.
“The long-range BEV under $40,000 is a marked achievement in the industry,” says Scott Shepard, senior research analyst. “This development is expected to significantly increase PEV adoption past the 1 percent penetration rate it has struggled to surpass in all but a few markets.”
Since the PEV market launched in 2011, sales have been concentrated on the U.S. West Coast, but a group of eight Northeastern states is likely to see PEV sales increase considerably as automakers stress BEV deployments and marketing efforts to comply with the region’s mandates for PEV production. According to the report, PEV preferences vary significantly by U.S. region, and consumers in the Northeast appear to demand significantly higher vehicle capabilities and range requirements.
The report, Electric Vehicle Geographic Forecasts, provides an update to the model results published in Navigant Research’s Electric Vehicle Market Forecast report, with a specific focus on North America. The study assesses PEV sales and populations in the United States and Canada and provides detailed geographic breakdowns of PEV sales by U.S. state, core based statistical area (CBSA), Canadian province, and Canadian census metropolitan area (CMA). Forecasts are provided under three scenario conditions (conservative, base, and aggressive), alongside results from Navigant Research’s annual Electric Vehicle Consumer Survey. 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 Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. 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.