A new research from Navigant Research forecasts that plug-in electric vehicles on roads in the United States will grow from nearly 296,000 in 2014 to over 2.7 million by 2023.
Outside of the United States, the largest urban markets will be Tokyo and Paris, with PEV sales in 2023 of nearly 49,000 and 25,000 vehicles, respectively.
Key electric vehicle markets like North America, Western Europe and Asia Pacific will grow at a CAGR of 23.7 percent, the report said.
The introduction of PEV options in the truck, van and sport utility vehicle segments– which make up half the North American automotive market — will help drive strong growth in the PEV market going forward, the report said.
Navigant Research expects the figure to grow rapidly over the next 10 years. As more models become available the price premium for PEVs compared to conventional vehicles will reduce and charging infrastructure will be deployed widely.