Between purchase incentives, rising costs of fossil fuels and the excitement of new vehicle models, the early market for electric vehicles is proving there is no shortage of demand for the products. Production is increasing around the world, with several new models expected to launch over the next few years.
According to a recent Pike Research report, hybrid and plug-in electric vehicles will represent 5.1% of total U.S. vehicle sales and 3.1% of worldwide vehicle sales by 2017.
The Asia Pacific region is expected to experience the largest growth in the number of plug-in electric vehicles, with 26 models available by the end of 2011. Europe comes in at a close second with 23, followed by North America with 10 models. On the hybrid end, North America will lead with 40 available models by the end of 2012, followed by Asia Pacific with 14 available by then.
In the United States, the plug-in electric market is led by the Chevrolet Volt and Nissan Leaf, but Pike Research expects Fordâ€™s recharging equipment strategy and model diversification to shake it up a bit, leading the market by 2017 with 23.7% market share. Toyota and General Motors will fight for second position with 21.1% and 20.7% market share. Pike Research also expects startup Tesla to grow to 4.6% of the market by 2017, up from 2.2% in 2011.
Itâ€™s certainly not easy to predict such precise numbers, especially in such a growing and changing market, but it will be interesting to see whether or not these numbers turn out to be correct, as well as how prices and technology advancement impact future sales.
How accurate do you think these predictions will turn out to be?
Image CC licensed by Michael Gil: 2012 Ford Focus Electric Vehicle