Published on June 11th, 2014 | by Christopher DeMorro0
EV Sales Could Reach 7.5 Million Units By End Of 2020
Electric vehicle sales have gained steam in the last year, outpacing the adoption rate of early hybrids, and soon EV sales could make up a huge share of the market. A new study says that by the end of 2020, annual global EV sales could broach 7.5 million units.
That would be a massive leap from sales of electric vehicles in 2013, which only broached 111,000 units. This is certainly an optimistic study, though not without just cause. An eight state coalition led by California wants to put 3.3 million EVs on their state roads alone, and countries like Norway are seeing buyers flock to electric cars like the Tesla Model S and Nissan Leaf en masse.
The study, by Research and Markets, estimates a Compound Annual Growth Rate of 19% for the next 6 years, leading EVs to become a sizable chunk of the market leading by shakers and movers like Tesla, Nissan, and Ford. As optimistic as this study may be though, it’s not out of the realm of possibility.
If gas prices make another big jump in the next few years, EV sales could soar even higher. With many states now considering ways to get drivers off the highways and into cleaner cars, more tax incentives could make EV believers out of fence sitters as well. The future of electric vehicles is looking bright all around the world.
How many EVs do you think will be sold in 2020?