March 12 (Renewables Now) - Sales of plug-in electric vehicles (PEVs) around the globe jumped by more than 70% in 2018 to nearly 1.9 million units, according to Navigant Research.
In North America sales doubled, while year-on-year increases of 77% and 39%, respectively, have been recorded in China and Europe. Navigant Research projects that sales in 2019 will grow significantly again.
According to senior research analyst Scott Shepard, annual PEV sales could reach a share of 15% to 32% of the global light-duty vehicle market by 2030, producing a global PEV population of 107 million-190 million. “This long-term growth is expected to be propelled by improving vehicle technology economics—a function of battery innovations, government transportation energy policies, oil price projections, and movements to price carbon,” Shepard explained.
PEVs still face challenges related to vehicle availability, consumer awareness, charging infrastructure, and threats from competing alternative fuels or fuel efficiency solutions, but growth is supported by technological progress and the efforts of governments, automakers, and energy providers to bring about lower emissions transportation.