The sales of plug-in hybrid and electric vehicles (PEVs) have not been as strong as many had hoped, and a new study from Pike Research shows that around 410,000 PEVs will be sold between 2011 and 2015, falling short of the million mark that the Obama administration wants.
While the current U.S. administration has made electric vehicles an important part of its transportation policy, the study claims that the 1 million sales mark will not be met until 2018, stating that the practicality of these vehicles for mainstream consumers has been the major inhibitor of sales.
It’s not all bad news for electric vehicles though, as Pike says that by 2017 plug-in hybrids and electric vehicles will begin to sell at a rate of 1 million worldwide every year, and by 2020 we can expect sales to hit 1.7 million PEVs a year. “While it is true that plug-in electric vehicles have seen delays in arriving on the market and have sold in fewer numbers than originally anticipated, we expect strong growth as global PEV sales volumes will nearly triple between 2012 and 2014,” says research director John Gartner.
Regional differences are also beginning to emerge when it comes to mainstream adoption of electric vehicles. Plug-in hybrid vehicles are expected to out sell all-electric battery powered cars here in the U.S., while the opposite is true for European and Asian markets.
As for production numbers, the electric vehicle industry is growing steadily, but cautiously, with all the major players carefully measuring their steps to make sure that they are predicting sales correctly, and making the right move.