Electric Vehicles Speeding Toward 7% Of All Global Sales By 2020

Electric Vehicles Speeding Toward 7% Of All Global Sales By 2020.

Hybrid vehicles may have had pole position so far in the race to a sustainable transportation future, but electric-only vehicles are about to pull even – and they’re both becoming a significant part of global vehicle sales.

Combined worldwide sales of hybrid and plug-in electric vehicles will reach 6.6 million annual units by 2020 and become almost 7% of the total light-duty vehicle market, according to Navigant Research’s 2013-2020 Electric Vehicle Market Forecast.

Several factors are fueling this growth, including consumer demand for less-expensive operational costs compared to gasoline-powered vehicles, consistent government policy, multiple new models from major automakers, and lower battery prices.