Electric Vehicle Market Poised to Heat Up Print E-mail
Written by Mike Buetow   
Friday, 11 October 2013 13:58

OYSTER BAY, NY -- The number of full electric vehicles (EV) shipping yearly will increase from 150,000 in 2013 to 2.36 million in 2020, a CAGR of 48%, says ABI Research. Asia-Pacific will exhibit the strongest growth, driven by mounting pollution issues in its many megacities; however, true mass-market uptake will only start happening in the next decade, the research firm says.

“Overall, EV sales have been disappointing so far due to a lack of choice and perceived personal benefits, high purchase prices, and most importantly, consumer anxiety about range, maximum speed, recharging times, and the lack of public charging infrastructure," says ABI VP and practice director, Dominique Bonte.

"However, with many car OEMs recently dropping prices and offering more choice and improved performance, full electric vehicles are on the verge of leaving their eco niche of environmentally aware and socially responsible buyers, illustrated by car OEMs such as BMW, Daimler and Volkswagen investing heavily in electrification. Importantly, a range of emerging automotive technologies such as carbon-fiber materials, wireless in-car networking technologies, active safety including pedestrian detection and autonomous driving, connectivity, car sharing, and smart grid demand response features will support the electric automotive revolution as all new paradigms are mutually reinforcing each other."

Last Updated on Friday, 11 October 2013 14:04
 

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