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Electric car market set for rapid acceleration

Automakers in China and Taiwan are expecting the electric and hybrid car industry to reach $100.5 billion by the 2014-2015 fiscal years.

Their numbers assume each vehicle costs between $225,000 and $267,000 on average, with worldwide sales reaching 4-5 million for the year.

But these goals may be grossly underestimated.

According to a 150-page report released by Deutsche Bank in Nov. 2009, 5.6 million electric and hybrid vehicles will be sold in 2015, rising to 17.3 million in 2020 – and at a lower price than Taiwan’s estimate.

“…The cost of producing an EV is currently higher than the cost of an ICE [or, internal combustion engine] vehicle, even without the battery,” reads the report. “But automakers believe this comparison is not likely to hold once EVs are produced in higher volumes (the components of an ICE are already being produced in the millions, which has allowed for cost reduction). Given their simpler design, and higher electronics content, the cost of an EV is expected to fall rapidly, and reach parity with ICE vehicles within a few years.”

This is good news for the electric vehicle industry, underscored by the 20 different makes and models of all-electric vehicles hitting or returning to the global market this year – including the Nissan Leaf, the Mitsubishi iMiEV and the Peugeot Ion.

Though Chinese and Thai automakers have traditionally lagged behind in the conventional industry, they see the electric revolution as an opportunity to gain some ground with international sales.

[DigiTimes via FullerMoney (PDF)]

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  • Cookie

    Thats awesome to see people starting to buy more electric cars! Its good for the environment, but they cast a lot.

  • melissan

    I’d love an electric car, but I love my SUV too. Less noise and less air pollution is great, but it looks like the electric car craze has yet to really catch on. Hopefully soon they will be making affordable electric vehicles that will hold the whole family.

  • nelson

    Awesome electric car, I would love to have a one in front of my house. Unfortunately my budget wont allow this. May be in my next birth I try to buy this one.. But, according to my experience, I saw most of the people are very much curious in buying these kinda cars and most of them bought as well. Great technology and look all made it the favorite choice for many youngsters.

  • Jad

    Though it will be great for the environment I do not see why else people should be drawn to EVs. I mean, it’s more expensive and it will take manufacturers ages to set up adequate facilities for the maintenance and recharging of EVs. Novelty is good for research and sounds optimistic but when it reaches mass people it is a different story. It has taken ages for ICE to come at this stage of use. EV’s becoming instant hit among users will be little too optimistic to hope.