A new report from Guidehouse Insights examines light duty (LD) EV sales and populations, providing forecasts for three scenarios—conservative, base, and aggressive—through 2030.
Recent growth in the LD EV market coupled with strong hybrid EV (HEV) sales growth led to positive uptake in the EV market in 2019—albeit with some areas of the market slowing, such as plug-in EV (PEV) sales in North America. More recently, the introduction of several new SUV and crossover PEV models in North America as well as additional mild-hybrid vehicles coming to market in Europe is expected to propel growth. The electric pickup truck market will likely continue increasing PEV sales in North America as these models come to market in 2021 and beyond. Click to tweet: According to a new report from @WeAreGHInsights, EVs are expected to account for more than 20% of global light duty vehicle sales by 2030.
“Further into the future, continuous improvements to vehicle technology economics, including battery innovations and government transportation policies that incentivize adoption of low emission vehicles and low carbon fuels, are anticipated to propel sales growth,” says Raquel Soat, research analyst with Guidehouse Insights. “Growing interest in carbon pricing and increased charging infrastructure investments are expected to also improve PEV economics.”
Despite positive sales growth, challenges remain for the EV market. According to the report, a lack of consumer awareness and a need for more charging infrastructure are significant barriers for LD vehicle electrification. Although awareness is increasing, consumers remain largely unaware of charging and powertrain technologies, the costs associated with EVs (and how they differ from conventional powertrain costs), and the availability of incentives.
The report, Light Duty Vehicle Electrification Overview, provides an outlook on LD EV sales and populations to 2030 and includes passenger cars and light trucks with the following powertrains: HEVs, plug-in hybrid EVs (PHEVs), battery EVs (BEVs), and fuel cell EVs (FCVs). Forecasts are produced for three scenarios distinguished by varying assumptions (conservative, base, and aggressive) regarding future vehicle component costs, government incentives, and vehicle availability. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Light Duty Vehicle Electrification Overview, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.