Worldwide plug-in car sales represent just a a small slice of the global car market, which built nearly 83 million vehicles in 2013 alone. but a report from Navigant Research suggests that by 2023, plug-in cars could be as much as 2.4% of the light duty vehicle market.
It is estimated that about 600,000 battery electric and plug-in hybrid cars are on the road today, which looks puny compared to the vehicle market at large. Right now plug-in vehicles make up about 0.1% of the market, so to reach 2.4% of the global market you’re talking about growth on an exponential scale in less than a decade’s time. “The EV market is in a state of flux,” says Scott Shepard, research analyst with Navigant Research. “Plug-in EV markets are expanding rapidly, and are set to grow much more quickly as several major automakers are slated to introduce vehicles in the high-volume SUV segment.”
One of the driving factors behind this rapid growth is China, which is sinking billions of dollars into growing its network of charging stations and tax benefits to compel people to buy plug-in vehicles.The market for plug-in cars is also hot in Europe, and American consumers are getting on the bandwagon as well. By 2020, China and a conglomeration of U.S. states hope to put 3 million plug-in vehicles on the roads between them.
We are fast-approaching the day where plug-in cars are no longer considered a niche market, but a mainstream segment of the auto industry.