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Plug-Based Car Sales Set for Rapid Growth, Says New Study

Expansion coming despite low gas prices.

by on Jun.30, 2016

The 2016 Chevy Volt improved its battery-only range from 38 miles to 53 miles. Plug-based car sales are expected to jump this year.

It’s been tough times for makers of battery-based vehicles. With cheap gas, demand for hybrids, plug-in hybrids and pure battery-electric vehicles took a sharp tumble in 2015, the first significant decline since the beginning of the decade.

But with new, longer-range and more affordable products set to come to market, demand is looking to rebound, even if gas prices don’t climb, according to a new study by Navigant Research. Sales of plug-based models should grow 62% year-over-year, to about 200,000 sales in 2016, said the Navigant study.

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A key to that is the arrival of products like the Chevrolet Bolt, said Scott Shepard, a senior research analyst. “The long-range BEV (or battery-electric vehicle) is a marked achievement in the industry.” (more…)