Pike Research has announced a new report that looks at the growth of the battery power electric (BEV) and plug-in electric hybrid vehicle (PEHV) market over the next five years from 2010 to 2015 and how that market will grow around the world.
According to the research firm, over the next five years China will emerge as the top adopter of PEHV and BEVs with 3.2 million sold over that period for an annual compounded growth rate of 106 percent.
Coming in a close second for the same period according to Pike Research will be the United States. The research firm estimates that in the U.S. 841,000 of these vehicles will be sold accounting for 26 percent of the global market. China by comparison is expected to move 880,000 PEHVs and BEVs for 27 percent of the global market.
“PHEVs and BEVs will complement, rather than displace, the market for conventional hybrid electric vehicles,” says senior analyst Dave Hurst. “Electric vehicles will follow the lead of hybrids and will be launched in the small car segment for consumer markets initially, with the small SUV segment close behind. Because of their low weight and good aerodynamics, smaller vehicles are far more efficient to better extend the electrically powered driving range, and the smaller vehicle segments also allow the use of a smaller, less expensive battery.”