Analysis

Hybrid & pure EV market expected to exceed $533bn by 2025

10th October 2014
Siobhan O'Gorman
0

According to a recently updated report, global market forecast for all hybrid and pure EVs is expected to exceed $533bn by 2025. The report, titled 'Electric Vehicle Forecasts, Trends and Opportunities 2015-2025', was published by IDTechEx. The sales of the BMW i3 and Tesla Model S pure electric cars are increasing at such a rate that Tesla cannot produce enough to meet demand for at least a year.

Although the problem with mainstream pure electric cars is price, Foxconn has recently partnered with BAIC Motor in China to produce a sub-$15,000 pure electric car. EV manufacturers are competing to meet the demand for a $30,000 (£18,700, €23,700) pure electric car with a 200-mile range. Within the decade, Tesla plan to produce car traction batteries at only $100 per kWh. If successful, the company can use some of the gain to increase the 200-mile range.

The sales of hybrid cars are increasing at the expense of conventional cars. In August 2014, Chinese car manufacturers produced 11 times as many energy vehicles as they did in August 2013. However, there is not only a demand for electric cars but EVs in general, with the Chinese government planning to buy electric buses. 

For the first time, mining companies in Canada are planning to use pure-electric trucks. Following the success of Zero Motorcycles and Brammo in the US, a number of motorcycle companies plan to offer pure electric motorcycles in 2015. One such company in Yamaha, who will offer it's first two pure-electric light motorcycles next year. Due to the success of Toyota's iRoad pure electric three wheeler, Yamaha has also recently patented a three wheeler with two motors. 

70,000 people in 170 countries have pre-ordered the first pure-electric robot vacuum cleaner from Dyson. This highlights the way in which the market for pure electrics has now gone beyond EVs. 

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