While the worldwide market for all vehicles will grow by about four percent per year over the next six years, analysts at Pike Research estimate that the electric vehicle market will grow at a rate of almost 20 percent over the same time frame.
According to the report, “Electric Vehicle Market Forecasts”, by 2017, 3.1 percent of global auto sales will be hybrid and plug-in hybrid electric vehicles. But in the U.S., these vehicles will account for 5.1 percent of total domestic vehicle sales in 2017.
So which automaker will lead the pack?
Pike noted in a recent press release. . .
Within the United States, the PEV market is currently led by two key models, the Chevrolet Volt and Nissan Leaf. However, Ford’s model diversification and recharging equipment strategy will shake up the market. Ford will likely take the market lead by 2017 with 23.6% PEV market share. Toyota (with a plug-in version of its popular Prius) and General Motors will likely find themselves fighting for second with 21.1% and 20.7% market share, respectively. Interestingly, startup Tesla’s dealer strategy and high price point are expected to limit its market access. Still, market share for the startup is expected to grow to 4.6% by 2017 from 2.2% in 2011.
Of course, nothing is set in stone. But one thing is certain, the days of major automakers ignoring the EV market are over!
Electric Vehicle Market Will Grow 20 Percent Annually originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.