Electric Vehicles will reach 6.4 million units by 2023

A study by Navigant Research predicts that the global light duty electric vehicle market is expected to grow from 2.7 million vehicle sales in 2014 to 6.4 million in 2023.

Growth in hybrid, plug-in hybrid, and battery electric vehicles (HEV, PHEV, and BEV) platforms will depend on expanding EV availability outside of the small hatchback segment into larger vehicle formats such as SUVs and trucks.

Governments worldwide are keen to see increasing penetrations of EVs due to the environmental, economic, and energy security benefits they provide. Consequently, governments have both pushed automakers to develop EVs and incentivized citizens to buy them.

Furthermore, the market for vehicles that reduce fuel consumption is becoming more competitive due to other fuel efficient and alternative fuel technologies. Of note are fuel efficiency advances made to conventional internal combustion engines (ICEs) through stop-start technologies, the use of lightweight materials for body panels and chassis, engine downsizing, and growing interest in diesel.

This Navigant Research report provides forecasts, market sizing, and market share analysis for the overall light duty vehicle (LDV) market and light duty HEVs, PHEVs, and BEVs. Global forecasts for annual LDV sales and vehicles in use, segmented by scenario (conservative, base, and aggressive), world region, key country, drivetrain, class, and automaker, extend through 2023. Also provided are forecasts by automaker and vehicle class (luxury vs. economy), along with discussion of the underlying forecast assumptions such as lithium ion (Li-ion) energy density, Li-ion battery prices, and retail fuel prices.