The global sales of electric vehicles (EVs) are expected to reach 3.8 million by 2020, according to a new report from Pike Research.
Pike Research senior research analyst Dave Hurst said that sales of EVs have not lived up to automakers' expectations and politicians' proclamations, but the market is expanding steadily as fuel prices remain high and consumers increasingly seek alternatives to internal combustion engines.
"Indeed, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade, while the overall auto market will expand by only two percent a year," Hurst said.
The research firm also revealed that the plug-in electric vehicle (PEV) sector can be divided into two vehicle categories including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs).
According to the report, the sales of PHEVs in most regions are expected to be less than BEVs, excluding North America and Latin America.
