September 12, 2012 – The Obama Administration is working toward its goal of putting 1 million electric vehicles on American roads by 2015, with automakers ramping up production of plug-in electric vehicles (PEVs) over the last 2 years in response. However, a recent report states approximately 410,000 PEVs will be sold between 2011 and 2015 in the United States, and cumulative U.S. sales will not reach the 1 million mark until 2018.

According to Pike Research’s Plug-in Electric Vehicles, “the practical challenges of launching new models and expanding PEV sales to mainstream consumers have proven more difficult than automakers or policymakers foresaw”.

“While it is true that plug-in electric vehicles have seen delays in arriving on the market and have sold in fewer numbers than originally anticipated, we expect strong growth as global PEV sales volumes will nearly triple between 2012 and 2014,” said research director John Gartner. “Automotive companies have made a strong commitment to electric vehicles, and their viability as a transportation platform is no longer in doubt.”

PEV sales are expected to surpass 1 million vehicles per year in 2017 and, by 2020, worldwide sales volumes will reach 1.7 million units annually.

As the market for electric vehicles matures, significant regional differences in adoption patterns will emerge, noted Gartner, adding that while plug-in hybrid electric vehicles (PHEVs) will outsell battery electric vehicles (BEVs) in North America, the converse is true in Europe and Asia.

“All are optimistic about the long-term prospects for the PEV sector, but the industry remains focused on growing cautiously, at the pace of market demand,” said the report.

The Plug-in Electric Vehicles report examines the global market landscape for PHEVs and BEVs, including an analysis of market drivers and barriers, technology issues, policy and regulatory factors, and the competitive landscape of OEMs and key suppliers. Market forecasts are provided through 2020, segmented by world region and vehicle category.