Pikes Research: More than 5 million plug-in hybrids, EVs to be sold by 2017

According to research conducted by Pikes Research, more than 5 million plug-in hybrids and electric-vehciles will be sold worldwide during the next 6 years. Pikes says that the increase will happen due to the rise of fuel prices, tougher greenhouse-gas standards and government incentives.

Pikes said that the U.S. is expected to pass Japan as the largest producer of plug-in electric vehicles in 2013. China is expected to become the largest consumer market of plug-in hybrids by 2016.

According to Pikes, 5.2 million plug hybrids and EVs are expected to be sold by 2017, up from 114,000 vehicles in 2011.

The figure is about 6 percent less than the company’s original forecast last year, which stated that global sales of plug-in hybrids and EVs will hit 1 million by 2015.

– By: Omar Rana

Source: AutoObserver