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Report: Global electric vehicle sales to grow rapidly through 2020

Global sales of electric vehicles will grow rapidly over the rest of the decade as fuel prices remain high and motorists seek more cost-effective alternatives, a new report says.

Pile Research, a part of Navigant’s energy practice, concluded in a report released this week that electric vehicle sales will reach 3.8 million by 2020.

“Sales of EVs have not lived up to automakers’ expectations and politicians’ proclamations, but the market is expanding steadily as fuel prices remain high and consumers increasingly seek alternatives to internal combustion engines,” says senior research analyst Dave Hurst. “Indeed, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade, while the overall auto market will expand by only two percent a year.”

Plug-in electric vehicles include the Nissan Leaf and Chevrolet Volt.
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