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grepScience.com | Encouraging News for the Electric Vehicle Industry

The Electric Vehicle (EV) industry saw its fair share of ups and downs in 2012.  Technological advancements regarding fuel mileage and battery life, along with an EV (the Tesla Model S) being named the Car of the Year by Automobile Magazine in September did not spark car sales the way many market analysts hoped.

However, Pike Research released a report last week estimating worldwide EV sales will strengthen considerably, reaching 3.8 million annually by 2020.  Pike’s Sr. Research Analyst Dave Hurst explains, “Sales of EVs have not lived up to automakers’ expectations and politicians’ proclamations, but the market is expanding steadily as fuel prices remain high.”

The enhanced ability for EV manufacturers to pinpoint which EV to sell and where to sell it has influenced some growth within the industry.  For instance, plug-in hybrid electric vehicles (PHEVs, i.e. Chevy Volt) are more attractive in North/Latin America than battery electric vehicles (BEVs, i.e. Nissan Leaf) compared to the rest of the world.

Why you might ask?

Since PHEVs have a larger driving range and still contain a combustion engine to fuel with regular gas, many motorists in these continents find peace of mind commuting longer distances with them.  In conjunction, North and Latin American drive times are typically longer than the rest of the world as well.

Read more at Your Energy Blog

 

Article source: http://www.grepscience.com/archives/12031