Global plug-in electric vehicle (PEV) sales hit 1 million units in 2017, according to a report from Navigant Research.
Sales revenues of such vehicles have increased by over 40% every year since the launch in 2011 and it is expected maintain a 38% growth rate in 2020, the reported noted.
“Battery costs have dropped dramatically over the past five years and they will continue to go down with the commercialisation of solid-state batteries. In addition, regulatory pressure in Europe and China will further promote the development of plug-in electric vehicles no matter what happens to oil prices,” Navigant senior analyst Scott Shepard was quoted as saying.
Despite PEV’s expected strong growth in most parts of the world, its prospect in the US is uncertain due to potential changes in the country’s fuel efficiency policy and government subsidies in the future, according to the report.
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