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Electrified Vehicles to Double Market Share by 2020, Survey

Happy Sweet Sixteen Hybrid Electrification Technology
Happy Sweet Sixteen Hybrid Electrification Technology

According to a recent PricewaterhouseCoopers [PwC] poll, electrified vehicles will double market share by 2020.

This is fairly impressive, considering that hybrid electric vehicle technology has only just hit it’s sweet-sixteen and only broke 3% market share last year.

Clearly, the development of electrified vehicles is accelerating, but to double market share, from 3% to 6%, in just a few short years seems like a difficult accomplishment. The recent PwC poll, taking responses from better than 200 people in 24 countries found that people are becoming more accepting of electrified vehicles.

Respondents concluded that $5,000 was an acceptable premium for an electrified vehicle over a conventional one, and that the main reason they would consider it would be to reduce refueling and maintenance costs.

There’s a lot of work to do, if electrified vehicles are going to double market share by 2020, aside from electric vehicle range and price. The PwC poll went on to note that drivers would expect to find at least one public fast-charging station for every five to twenty electric vehicles.

Automakers and policy makers are slowly getting behind the ball on this, installing chargers at a rapid pace and improving battery technology.

“Automakers accelerate their efforts to find solutions to reduce costs for battery, alternative drive train and the vehicle overall. Passing high initial development costs on to the consumer is not a long-term option as it is not viable to rely on long-term government incentives,” said Oliver Hazimeh, automotive cleantech transportation leader, PwC.

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