2016 was a bumper year for the plug-in electric vehicle (PEV) industry — global sales reached 773,600 units, up 42% compared to 2015 (Figure 1). This total includes global plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV) passenger car sales along with light trucks in USA/Canada and light commercial vehicles in Europe. China led the way with 351,000 plug-in passenger cars sold.
By the end of December 2016, the total number of plug-ins on the road surpassed 2 million (61 % BEVs, 39 % PHEVs).
While the growth in adoption of PEVs sounds impressive, their global market share of the light vehicle market is still less than 1% (Figure 1). This equates to an enormous untapped market for PEVs.
Source/s: EV Volumes.