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Navigant says that plug-in electric vehicle sales last year doubled in North America, and sales in Europe and China increased 39% and 77%, respectively. And by 2030, annual PEV sales are estimated to be between 15% and 32% of the global light-duty vehicle market.
Battery electric vehicles could be on the fast track to reach an installed base of over 100 million by 2029, but much of the growth in electrification hinges on battery technology as well as educated and willing consumers.
The electrification of automotive powertrains has accelerated as the world's automakers come to the realization that traditional ICE (internal combustion engine) vehicles can no longer keep pace with stringent global emissions requirements, especially those in Europe.
