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Electric Vehicle Market Finds Growth in New Markets;
EV Infrastructure Manufacturing Challenged to Step Up
New York, March 15, 2010 – For years advertising from government and car companies alike
have boldly stated that it was only a matter of time before electric vehicles took over the car
industry. Now, electric vehicles, in the form of hybrids that combine gas and electric motors, are
finally beginning to do just that.
According to SBI Energy’s latest market study, Electric Vehicle (EV) and Plug-In Hybrid Electric
Vehicle (PHEV) Markets Worldwide, the U.S. and Japan currently make up the largest segments of
the hybrid electric vehicle marketplace, with 42% and 48% market share, respectively.
“SBI Energy forecasts the market to double, for a total of 1.5 million passenger hybrid vehicles sold
in 2014,” says Shelley Carr, SBI Energy publisher. “The majority of growth will stem from smaller
HEV markets such as Europe, Australia and South Korea, as well as new markets such as India and
China. These countries, SBI Energy forecasts, will see a phenomenal 47% growth rate over the next
four years.”
In the global perspective, future growth of the electric vehicle market will depend on three key
motivators: Pain at the pump; Government Support; and Price differential.
•
Astronomical oil prices experienced in 2007, lead to the sale of 353,000 hybrid vehicles that
year. This proves that consumers purchase the most efficient vehicle possible when gasoline
prices rise.
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Government incentives will continue to be the primary motivator behind consumer sales of
hybrid electric vehicles. In the U.K., the British government has created a subsidy program
worth 230 million pounds for electric car purchases. Furthermore, they have approved 30
million pounds to implement charging stations. Manufacturers in the U.S. will also benefit
from federally funded grants, such as $5 billion available to produce energy efficient batteries
and $500 million more to create the components needed for EVs.
•
Just as important as government incentives and oil prices is a reduction in the price between
hybrids and non-hybrids. The price for hybrid vehicles is currently $3,000 to $7,000 more
than the price of a similar gasoline-only vehicle. A premium some consumers are not willing
to pay.
Success of the EV market is also incumbent upon the EV infrastructure manufacturing industry.
Infrastructure components include the smart grid, advanced battery research and vehicle charging
stations that enable drivers to refuel their vehicles conveniently and effectively. According to SBI
Energy’s market research study, Electric Vehicle Infrastructure Manufacturing, the global market
value of smart grid manufacturing related to plug-in and electric vehicle deployment is $29 billion.
This equates to nearly 42% of the total smart grid market value.
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide and Electric
Vehicle Infrastructure Manufacturing from SBI Energy provide an integrated, precise view of electric
vehicle markets today and into the future.
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide analyzes the
manufacturing and sales of electric based passenger vehicles throughout the world with a particular
emphasis on the United States and Japan as the leading markets for electric vehicles. The report
also takes a look at technology and innovations related to the HEV, PHEV and BEV markets.
Electric Vehicle Infrastructure Manufacturing examines the market value of EV infrastructure
manufacturing by country, projected deployment of EVs by type, global activities effecting
development of EV and profiles of key EV infrastructure manufacturers.
In addition, data published in the following related market studies forecast profitability and new
opportunities using ‘green’ technologies:
• Geothermal Energy Markets: Technologies and Products Worldwide
• HVAC, 2nd Edition — Green and Global
• Residential Generators, 2nd Edition - U.S. Market and World Data
• Garage and Storage Shed Trends in the U.S., 3rd Edition
• Roofing Materials in the U.S., 2nd Edition
• Shovel-Ready Infrastructure Markets Bundle
• Asphalt Manufacturing in the U.S.
• Emerging Trends and Opportunities in the World Pesticides Market
• Trends and Opportunities in the U.S. Basement Remodeling Market
• Kitchen Cabinets in the U.S.
• Polystyrene and Polyurethane Foam Insulation Products in U.S. Building and
Construction
• U.S. Market for Residential Water Treatment Products
About SBI Energy
SBI Energy, a division of MarketResearch.com, publishes research reports in the industrial, energy,
building/construction, and automotive/transportation markets. SBI Energy also offers a full range of
custom research services. To learn more, visit www.sbireports.com. Follow us on LinkedIn and
Twitter.
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