To date, the electric car revolution seems to be focused mainly on Europe and North America but new research shows that Asia is likely to become the leading market for EVs in the future. The study was conducted by Navigant Research and the company believes the annual sales of EVs will increase to 1.8 million around the world by 2023. This is massive increase compared to the estimated 350,000 electric cars that will be sold around the world in 2014.
Electric car exhibition. Image: Dreamstime.com
Vehicles suited to urban environments are becoming increasingly popular so plug-in and charge cars make perfect sense as they fit the demand. According to the report, almost 50,000 units will be sold annually in Tokyo alone with Los Angeles selling almost 40,000 and Paris selling around 25,000.
One of the company’s research analysts, Scott Shepard, said that electric vehicles are becoming more price-competitive and their level of availability was also increasing both in terms of vehicle segments outside of small and luxury car classes and geographically. He believes this is expanding the number of potential EV buyers beyond the narrow demographics associated with early adaptors to a wider market; a market that is similar to the hybrid vehicle market.
The report looked at fuel price comparisons and sales of electric vehicles in Asia, North America and Europe. Fuel costs of EVs and conventional vehicles are incorporated into the report with variations taken into account.
The largest electric car market is still North America with almost 100,000 units sold in 2013. In Europe, almost 50,000 units were sold and this represented a great year for the industry as it was essentially a 100% increase on 2012 figures. These sales figures are an indication that electric cars are indeed the future of transportation and once Asian consumers get on board, the market will really take off as prices of vehicles continue to fall.