With electric and electrically-assisted vehicles now available in the mainstream market, the fundamental question is no longer if there is a market; rather, the question is how fast that market will grow, according to a new report from Pike Research.
The study, Electric Vehicles in Europe, predicts that EVs – including electrically assisted hybrids – will play an increasingly important role in European markets, growing from 0.7% of the market in 2012 to 4% in 2020.
While that is still a small portion of the market, it represents more than 827,000 vehicles sold annually in the region.
“The European transportation market is significantly different from other world regions,” says senior research analyst David Alexander.
“Thanks to fuel prices that are higher than in North America, small, efficient gasoline- and diesel-engine cars have led European sales figures for many years. Today, the market is still testing electric drive technology, waiting for the price premium for EVs compared to conventional vehicles to narrow, and in some cases waiting for electric charging infrastructure to become established.”
Another difference between the European and North American automotive markets is the prevalence of diesel vehicles in Europe. The popularity of diesel has prevented hybrids from achieving the success in Europe that they have had in North America, where the contrast with large V8 vehicles is important to consumers.
The biggest growth through 2020 is expected to come in battery electric vehicles, followed by plug-in hybrids, according to the report, while hybrid electric vehicle sales will lag behind in most European countries.
