The plug-in volumes have increased more than three times since 2013 and had witnessed a growth rate of 42 percent last year.
Global sales of plug-in vehicles were recorded at 773,600 units in 2016, which is 42 percent higher than 2015. The global plug-in sales for 2016 include all global BEV and PHEV passenger cars sales, light trucks in USA/Canada and LCV in Europe, according to a report released by EV-Volumes.
In December 2016, the number of Plug-ins that had hit roads across certain geographies had passed the 2 million mark. Of these numbers, 61 percent of the plug-ins were electric vehicles and 30 percent were plug-in hybrids.
Plug-in vehicles segment all set to enter its growth phase
EV-Volumes predicts that in 2030, 8 out of 10 cars sold will be plug-ins models. Going by numbers, the plug-in volumes have increased more than three times since 2013 and had witnessed a growth rate of 42 percent last year. In 2016, the plug-in segment had 24 percent market share, while in Netherlands and Sweden, the market share of Plug-in vehicles were recorded at 5 percent and 3.2 percent, respectively. At a global level, the market share of plug-in vehicle segment was recorded at 0.85 percent.
Researchers at EV-Volumes are hopeful about the growth of this segment. The research figured out that charging facilities have increased atleast 10-fold. Since 2013, the number of available grid charged models has increased from 70 to 130. Several incentives offered for the plug-in vehicle segment is likely to propel growth for this segment. Some of the incentives include reduction in the cost of batteries by 50 percent, renewables reaching cost parity in electricity generation and leading OEMs including EV portfolios for 25 percent in their sales plan.
Going by the sales generated in various geographies, China had witnessed maximum sales for plug-in vehicles last year. While the US has recovered from the weak development during 2015, Europe had struggled to maintain the growth rate, it had recorded in 2015.
Contribution by EV manufacturers
According to the data generated by EV-Volumes, BYD has the grabbed maximum share in the plug-in vehicles segment in China with the EV maker holding 30 percent share in plug-in sales. The VW Group (includes Audi and Porsche) increased sales by just 7 percent and lost the second rank to Tesla. Tesla raised from fourth position to second position, with sales 52 percent over 2015, owing to the Model X SUV, which contributed with sales of over 25,000 units. BMW stayed on fourth position by increasing sales of their Plug-in variants, which are now available in most of its series. Among the BEVs (Battery Electric Vehicles) Tesla tops the chart followed by Nissan, BYD and Chinese BAIC.