Report: Light-duty EV sales to top 6 million by 2024

BOULDER — Global sales of light-duty electric vehicles are expected to grow from 2.6 million a year this year to more than 6 million by 2024, according to a study conducted by Boulder-based Navigant Research.

The report also predicted an increase in sales of luxury electric vehicles. Luxury manufacturers have gradually become more comfortable with plug-in EV technologies, it said, adding that those cars today make up about 23 percent of the market. This is expected to increase to about 50 percent by the early 2020s, according to the report.

The plug-in EV market has become well-established in North America, Europe and in developed parts of the Pacific Rim, the report said. Largely because of government support and purchase incentives, it said, automakers are focusing on offerings that will attract a wider range of customers.

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An example is the group buy of 2015 and 2016 Nissan Leafs through Tynan’s Nissan in Fort Collins that was promoted by Drive Electric Northern Colorado. DENC, a Fort Collins-based nonprofit, announced in an emailed newsletter on Wednesday that it has expanded its group buy to include the BMW i3 by working with Co’s BMW Center in Loveland.

“The end of 2015 marks the completion of the fifth full year of PEV sales to key markets for major automakers,” said Scott Shepard, a research analyst at Navigant. “The market for electric vehicles has changed significantly over this time period, but the expected changes during the next five years will be even more impactful to the global automotive and energy industries.”

The full report, “Electric Vehicle Market Forecasts,” is online here.

http://www.navigantresearch.com/research/electric-vehicle-market-forecasts