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- 07 Oct
Plug-in electric vehicles annual compounded growth projected to be 18.6% through 2022
Navigant Research has recently published a report projecting the annual compounded growth rate of plug-in electric vehicles at 18.6% through 2022, significantly higher than the projected growth of the light duty vehicle market. Four US states in particular are pegged as being the growth leaders in projected annual sales: California, New York, Washington, and Florida. Los Angeles, San Francisco and New York City are projected to have the largest sales of plug-in electric vehicles among all North American cities through 2022.
The study attributes the accelerating growth to the dramatic increase in plug-in electric vehicle options in the North American market. Where once it was a choice between the Nissan Leaf and the Chevy Volt, new mainstream choices include Tesla, Ford, Mercedes Benz, Toyota, Mitsubishi, Honda, and Fiat, with new offerings coming soon from BMW and Volkswagen.
When measured by percentage of overall vehicle sales by state, the highest concentration of annual plug-in electric vehicle sales is expected to be in Hawaii, California and Oregon.
Retail fuel managers competing in these states and cities need to be carefully monitoring the demand for electric charging stations, and consider a five to ten year plan that includes the electric charging station as a product offering. While liquid fuels are unquestionably destined to be the majority of fuels sales, ignoring the demand for electric charging could lead to consumers going outside the c-store market to re-fuel, and a loss of in-store revenue opportunities.
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