We have been predicting for months (if not years) that interest in electric vehicles (EVs) would take off and demand would increase at a great rate. Early in 2011, automakers at the International Auto Show in Detroit, Michigan were showcasing electric cars as one of their hot new commodities. As gasoline prices have continued to rise and the overall economy shows no sign of improving immediately, interest in fuel-efficient vehicles, including electric cars, is increasing.
Cumulative sales of plug-in electric vehicles (PEVs), which includes plug-in hybrids (PHEVs) and all-electric vehicles (EVs), is estimated to reach 5.2 million units by 2017, up from just under 114,000 vehicles in 2011, according to a Pike Research report. By the same year, cumulative sales of hybrids (HEVs) will rise by 8.7 million vehicles, for a combined total of 13.9 million units in all electrified vehicle categories.
According to senior analyst, Dave Hurst:
“Increasing fuel costs, government purchase incentives, increasing fuel economy standards, and increased vehicle availability will benefit all three types of electric vehicles to varying degrees. In the hybrid electric market, the incentives are playing less of a role as countries either eliminate incentives or offer low incentives, but a number of models in many vehicle segments equates to broader appeal in North America and growth in Europe.”
Predictions are that EVs will comprise a greater percentage of total vehicle sales in coming years, but overall EV and hybrid EVs will only comprise about 3% of total vehicle sales.