Light electric vehicle sales to exceed 6 million globally by 2024 – report

Expected increase in luxury electric vehicles from 23% of market today, to 50% of market by early 2020s

Electric vehicles have become well-established in many global markets, according to a new report from Navigant Research, and automakers are gearing up to attract a wider range of customers.

The study details the global market for light duty vehicles, including light duty hybrid, plug-in hybrid, and battery electric vehicles (HEVs, PHEVs, and BEVs), or plug-in electric vehicles (PEVs), segmented by scenario, region, country, drivetrain, and automaker, through 2024.

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.

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,” said Shepard.

Meanwhile, companies within the electric power sector of global markets are also determining how they can best take part in encouraging PEV market growth.

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