HEVs and PEVs will account for 5.1% of total US vehicle sales in 2017
The clean-tech market intelligence firm anticipates that HEVs and PEVs will account for 5.1 percent of total US vehicle sales in 2017.
Senior analyst Dave Hurst said: â€œThe PEV market is anticipated to miss many of the targets set by governments because vehicle programs have not been launching as rapidly as expected even a year ago.
â€œThose targets aside, though, the EV market will grow at a rapid clip in the next six years - at a rate of nearly 20 percent a year, compared to fewer than 4 percent for the worldwide market for vehicles of all kinds.â€
Overall, the Asia Pacific region is expected to experience the most rapid growth in the number of plug-in electric models, followed by Europe and North America.
In recent weeks new electric models have been officially launched by both Chevrolet (Spark EV) and Honda (Fit EV).
There will be 26 models of PEVs available in Asia Pacific by the end of 2011, compared to 23 models in Europe and ten in North America. However, strong demand for hybrid electric vehicles (HEVs) in North America will lead to the availability of 40 models by the end of 2012, versus 14 HEV models in Asia Pacific.
Within the US, the PEV market is currently led by two key models, the Chevrolet Volt and Nissan Leaf.
However, the research firm anticipates that Fordâ€™s model diversification and recharging equipment strategy will shake up the market. Ford will likely take the market lead by 2017 with 23.6 percent PEV market share. Toyota (with a plug-in version of its popular Prius) and General Motors (GM) will likely find themselves fighting for second with 21.1 percent and 20.7 percent market share, respectively.
Interestingly, startup Teslaâ€™s dealer strategy and high price point are expected to limit its market access. Still, the research firm expects market share for the startup to grow to 4.6 percent by 2017 from 2.2 percent in 2011.
Have your say and discuss with your peers on the InfoGrok community.
Participate by posting your comments now.