EV sales to hit 1.8m by 2023

Sales of plug-in electric vehicles (PEVs) in North America, Western Europe and Asia Pacific are to grow from 352,000 annually this year to 1.8 million by 2023, a new report […]

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By Priyanka Shrestha

Sales of plug-in electric vehicles (PEVs) in North America, Western Europe and Asia Pacific are to grow from 352,000 annually this year to 1.8 million by 2023, a new report claims.

The Asia Pacific region is to surpass North America to become the largest market for PEVs in the next four years, it adds.

Analysts at Navigant Research suggest North America is the strongest market for PEVs to date, with nearly 100,000 sold last year.

The top cities during the forecast period are expected to be Tokyo, Los Angeles and Paris, generating sales of 49,000, 39,000 and 25,000 vehicles, according to its report.

Scott Shepard, Research Analyst at Navigant Research said: “PEVs are becoming more available and more price-competitive, both geographically and in vehicle segments outside of small and luxury car classes.

“That is expanding the universe of potential PEV buyers beyond the narrow demographics of early adopters to a wider market that is similar to that for hybrid electric vehicles.”

Last month the UK Government pledged to add more than 150 electric cars and other plug-in vehicles to its fleets.