The initial market for electric vehicles is proving that demand for hybrid electric vehicles (HEVs) and plug-in electric vehicles (PEVs) exists across the globe. A combination of consumer purchase incentives, rising fossil fuel costs, and exciting new vehicle models is fueling a strong early adopter market.
Production of electrified vehicles is gearing up globally and automakers are planning to launch an increasing variety of new models over the next few years. In recent weeks new electric models have been officially launched by both Chevrolet (Spark EV) and Honda (Fit EV). Automakers around the world will introduce dozens of new models over the next few years, fueling consumer interest and increasing sales of electric vehicles as a percentage of total auto sales.
According to a recent report from Pike Research (Boulder, CO), HEVs and PEVs combined will represent 3.1% of worldwide auto sales by 2017. Thanks to higher penetration rates in the United States, however, HEVs and PEVs will account for 5.1% of total U.S. vehicle sales in 2017....