by Corinne Gangloff
June 21, 2018
Sales of hybrid electric vehicles (HEVs) in Western Europe are anticipated to more than double through 2022, rising on average annual gains of 21% to 1.9 million units. The continuation of the subsidies, tax benefits, and infrastructure incentives available in 2017 will promote West European HEV sales. These and other trends are presented in Global Hybrid & Electric Vehicles, 4th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Additional factors promoting regional sales growth include:
Through 2022, full hybrid electric vehicles (FHEVs) are anticipated to account for most sales gains: 45% of new HEV sales in Western Europe. Nevertheless, FHEVs will continue to see their share of HEV sales fall through the forecast period. Plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) will register the fastest average annual advances through 2022 and will together account for over 50% of new HEV sales, buoyed by the increasing number of models available and falling lithium-ion battery costs.
Global demand for hybrid and electric vehicles is forecast to advance 23% per year through 2022, an acceleration from the rate registered between 2012 and 2017. China will register the fastest and largest sales gains, accounting for more than 70% of new sales through 2022, when it will surpass Japan to become the leading global HEV market.
Global Hybrid & Electric Vehicles, 4th Edition (published 5/2018, 317 pages) is available for $6200 from The Freedonia Group. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email [email protected]
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