Report Shows Long-Range Electric Vehicles Gaining Popularity
April 21, 2015—A new analysis from Frost & Sullivan finds that electric vehicle (EV) sale volumes stood at 304,683 units in 2014, and estimates that number could reach 466,407 units in 2015. At the end of the year, North America will continue to lead with a market share of 36 percent, followed by Europe and China with shares of 27 and 24 percent, respectively.
The global electric vehicles market has made huge progress, with more than 55 models now available globally. Currently, over 70 percent of the models on the market are battery EVs (BEVs) and approximately 25 percent are plug-in hybrid EVs (PHEVs). The number of PHEVs is likely to increase over the next three to four years. The market will see greater demand for longer-range vehicles that allow customers to drive up to and past the pure EV range.
While sales in the U.S. EV market have increased by 30 percent from its 2013 level, the number of PHEVs and EVs stand at approximately 162,000. As part of the strategy to expand sales, automakers are trying to double the energy density of Li-ion technology to improve EV range.
"To further boost sales, EV OEMs are focusing on improving accessibility by establishing EV charging networks through partnerships," said Frost & Sullivan Automotive & Transportation Senior Research Analyst Prajyot Sathe. "Tesla, however, is building its proprietary super charging network and has over 120 stations in the U.S., 75 in Europe and 25 in Asia, where installations are anticipated to double by the end of this year."