Light duty PEVs expected to make up half of the global EV market by 2024

Light duty plug-in electric vehicles (PEVs) are expected to make up half of the global electric vehicle (EV) market by 2024, according to a recent report from Navigant Research.

The report detailed the global market for light duty vehicles, including light duty hybrid, plug-in hybrid, and PEVs. While PEVs currently make up around 19 per cent of the global light duty EV market, Navigant forecasts that this will increase to 50 per cent over the next eight years.

It claims that the PEV market will experience significant growth due to carbon emission reduction initiatives and fuel economy standards, as well the increasing variety and quantity of PEV offerings.

Scott Shepard, senior research analyst with Navigant Research, said: “In North America, Europe, and developed Asia Pacific markets, PEVs have become well-established thanks to fuel efficiency regulations and purchase incentives. These factors have helped the market to grow from 30,000 vehicles in 2011 to almost 500,000 in 2015.”

Navigant believes that the market now has a strong foundation, which will lead automakers to develop more technologies and products as they overcome barriers to adoption such as cost, charging time and range anxiety.

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