Global Light Duty Electric Vehicle Market is Expected to 6 Million in 2024

Date: 2015-12-23

The PEV market has become well-established in North America, Europe, and in the developed parts of Asia Pacific, largely due to government support and purchase incentives, automakers are focusing on offerings that will attract a wider range of customers. Meanwhile, companies within the electric power sector of global markets are also determining how they can best take part in encouraging PEV market growth. Click to tweet: According to a new report from Navigant Research, light duty EV sales are expected to grow from 2.6 million in 2015 to over 6.0 million in 2024.

“The end of 2015 marks the completion of the fifth full year of PEV sales to key markets for major automakers,” says Scott Shepard, research analyst with Navigant Research. “The market for electric vehicles has changed significantly over this time period, but the expected changes during the next five years will be even more impactful to the global automotive and energy industries.”

One of those changes, according to the report is an expected increase in luxury electric vehicles. Luxury manufacturers have gradually become more comfortable with PEV technologies, and today make up about 23 percent of the market. This is expected to increase to about 50 percent by the early 2020s.

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