Plug-in electric vehicle sales in North America to exceed 1.1 million by 2024
With more than 133,000 plug-in electric vehicles sold in 2014, North America is currently the world’s strongest market for these vehicles
North American plug-in electric vehicle sales are expected to exceed 1.1 million annually by 2024, according to a new report from Navigant Research.
A new report from Navigant Research analyzes the North American market for light duty plug-in electric vehicles, including detailed geographic forecasts of electric vehicle sales by U.S. state, metropolitan statistical area, Canadian province, Canadian city, and selected U.S. utility service area.
With more than 133,000 plug-in electric vehicles sold in 2014, North America is currently the world’s strongest market for these vehicles. While regional sales are concentrated in California, where both state incentives and a mandatory Zero Emissions Vehicle Program drive PEV penetration, the market is expected to continue to grow in other states and Canada.
“Automaker adoption of PEV technologies as adaptations for existing model lines is growing significantly, and these technologies are being placed into larger vehicle segments such as sport utility vehicles (SUVs), trucks, and minivans,” says Scott Shepard, research analyst with Navigant Research. “Similarly, the introduction of next-generation, fully electric vehicles with ranges near or over 200 miles and price points below $40,000 is expected to drastically increase mass-market PEV acceptance as a pragmatic transportation option.”
While PEVs today represent a marginal increase in load for utilities, according to the report, PEV concentration in metropolitan areas is expected to push utilities to develop strategies for load mitigation in concert with regulatory authorities. Utilities serving these metro areas, particularly in California, have been at the forefront of developing advanced demand-side management programs for residential PEV charging and vehicle-grid integration, and those in emerging North American PEV markets are expected to follow suit, creating new opportunities for energy aggregators and electric vehicle supply equipment (EVSE) service providers.