Around the globe, one research company is predicting that almost 500,000 electrified vehicles will be sold this year.
With these sales adding to the 712,000 cumulative sales totaled at the end of last year, the worldwide stock of all-electric and plug-in hybrid cars could reach 1.19 million vehicles at the end of 2015.
The estimate comes from Frost & Sullivan, a market research firm from the U.K. The company made the announcement in a press release this month, though it didn’t break down sales by country or elaborate or the types of vehicles included in the projection.
“According to recent analysis, over 480,000 EVs are expected be sold globally in 2015 with Europe and China projected as growth markets to watch out this year,” stated Frost & Sullivan.
“Furthermore, the total EVs are likely to reach 10 million units by 2020 globally.”
The prediction also noted that the fuel cell market is moving “to the next level” in Asia after the launch of several hydrogen-powered vehicles.
One of the major causes behind the growing EV and fuel cell market are stricter emission requirements, said the firm, with top trends being set by Europe and North America’s efficiency regulations.
“Vehicle manufacturers are not just under pressure to adopt green cars, but also need to find the right powertrain technology mix to bring down the fleet emission average,” says Frost & Sullivan Programme Manager, Anjan Hemanth Kumar.
“Passenger car industry is pursuing advanced engine technologies such as downsizing, boosting, cylinder deactivation, advanced injection technologies and exhaust after treatment technologies. It is hard to find the right combination.
“On the other hand, electrification is a major trend witnessed globally from micro hybrids to battery and fuel cell vehicles.”
If Frost & Sullivan’s sales projections are correct, total sales will have grown by 38-percent over 2014.
Last year, just under 300,000 plug-in electrified vehicles were sold in the 10 countries leading the PEV market. The U.S. was the top country, with 119,000 PEVs sold, followed by China (53,000) and Japan (30,000).