Boulder, Colorado -- August 25, 2016 -- Now might be a good time to look into some of the electric vehicle courses offered by I-CAR. According to a recent report by Navigant Research, the global light duty electric vehicle (EV) market is expected to grow from 2.6 million vehicle sales in 2015 to over 6 million in 2024 under a base scenario.
As of 2015, light duty plug-in EVs (PEVs) accounted for about 19 percent of the global light duty EV market. Both the overall market and the plug-in market share are expected to grow significantly in response to carbon emission reduction initiatives, fuel economy standards, and the increasing variety and quantity of PEV offerings. The report from Navigant Research indicates that light duty PEVs are expected to make up half of the global EV market by 2024.
“In North America, Europe, and developed Asia Pacific markets, PEVs have become well-established thanks to fuel efficiency regulations and purchase incentives,” says Scott Shepard, Senior Research Analyst with Navigant Research. “These factors have helped the market to grow from 30,000 vehicles in 2011 to almost 500,000 in 2015.”
According to the report, now that the market has a strong foundation, automakers are developing more technologies and products likely to overcome obstacles to market acceptance such as cost, charging time, and all-electric range. General Motors, Nissan, and Tesla are all working on PEVs with cost points below $40,000 and ranges of 150 to 250 miles.
The report, Electric Vehicle Market Forecasts, provides forecasts, market sizing, and market share analysis for the overall electric vehicle market. An Executive Summary of the report is available for free download on the Navigant Research website.
More information on I-CAR's electric vehicle courses can be found at i-car.ca.