Pike Research, a market research and consulting firm, on Thursday said hybrid electric vehicles (HEVs) and plug-in electric vehicles (PEVs) combined will represent 3.1% of worldwide auto sales by 2017.
In addition, the report said HEVs and PEVs will account for 5.1% of total U.S. vehicle sales in 2017.
“The 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,” says senior analyst Dave Hurst.
“Those targets aside, though, the EV market will grow at a rapid clip in the next six years – at a rate of nearly 20% a year, compared to fewer than 4% for the worldwide market for vehicles of all kinds.”
According to the consulting firm, Asia Pacific region is expected to experience the most rapid growth in the number of plug-in electric models. Europe and U.S. will follow after.
At the end of 2011, in the Asia Pacific region there will be 26 PEVs available, while in Europe 23.
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.