Global governments supporting EV
Government incentives, consumer desire for more fuel-efficient, cleaner forms of transportation, and fleet managers’ interest in lower-cost operations are all driving growth in electric vehicles (EV) and alternative fuel vehicles, including vehicles powered by fuel cells and natural gas. This will result in worldwide sales of electric and alternative fuel vehicles of 12.4 million in 2022 – up from 6.6 million in 2014, according to forecasts from Navigant Research.
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“Although gasoline and diesel will still account for the majority of vehicle purchases eight years from now, EVs, fuel cell vehicles, and natural gas vehicles will present a growing number of buyers with appealing choices,” said Scott Shepard, research analyst with Navigant Research. “Reduced fuel costs and savings on maintenance are the primary reasons for growing interest in these vehicles, but new technology is making them attractive in other areas, as well.”
Hybrid electric vehicles, while widely available in North America, Western and Eastern Europe, and Asia Pacific, are limited elsewhere. Plug-in hybrid and battery electric models are increasing in number, and will be less limited in most regions with several new models expected to launch in the 2014-2015 timeframe as automakers present hybrid models in countries where they did not exist before, according to Navigant.
Governments worldwide want to see increasing penetrations of EVs due to the environmental, economic, and energy security benefits, according to Navigant, and demand is increasing among fleet operators and consumers. Government incentives to drive growth in EV development have been fundamental to growing plug-in electric vehicle penetration within the overall light duty vehicle market.