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Global Production of Electric Vehicles to Surge by 67 Percent This Year
Southfield, Mich. (Feb. 4, 2014)—Driven by tighter emission standards in Europe, worldwide production of electric vehicles (EVs) will soar by 67 percent this year, according to IHS Automotive, driven by Polk.
Total production of EVs—both pure electric models and plug-in hybrid electric vehicles (PHEVs)— is projected to rise to more than 403,000 this year, up from slightly more than 242,000 in 2013, as presented in the attached figure. Growth will accelerate sharply from the 44 percent increase in 2013, based on data from the new IHS Automotive Hybrid-EV Portal.
The huge increase in the EV market this year contrasts with the 3.6 percent rise in global manufacturing of all motor vehicles expected in 2014.
The Europe, Middle East and Africa (EMEA) region will account for the largest share of production at more than 40 percent, with the Americas and Asia-Pacific each making up about 30 percent.
“European emissions standards are tightening in the second half of this year with the implementation of the European Commission’s Euro 6 legislation,” said Ben Scott, analyst for IHS Automotive. “At the same time, European automakers are introducing compelling new EV models, such as the BMW i3. These factors will boost EV demand and manufacturing in Europe in 2014.”
The boom in production is the most significant of 10 predictions being issued by IHS Automotive concerning EVs in 2014. The other nine predictions are:
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About IHS (www.ihs.com)
IHS (NYSE: IHS) is the leading source of information, insight and analytics in critical areas that shape today's business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs approximately 8,000 people in 31 countries around the world.
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