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Study: EVs could have 10% of market by 2020

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A ThinkCity electric car. [Photo Credit: ThinkCity]

Bloomberg New Energy Finance predicts that electric vehicles are likely to account for about nine percent (about $1.6 million) of automobile sales in 2020, and up to 22 percent ($4 million) of sales in 2030.

In order for these numbers to prove true, there needs to be a decrease in cost of batteries, as well as a rise in cost for gasoline (which would drive more consumers to consider purchasing EVs).

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According to Bloomberg, the biggest thing preventing electric vehicles from taking over the market is their price. After federal subsidies, the total price of the Nissan Leaf and the accompanying charger installation is $26,280, while the median price of gasoline vehicles is $21,800.

The research company forecasts that the GM Volt will have an addressable market of approximately seven percent of total United States automotive sales, where as the Nissan Leaf will have a market of 11 percent of the total market.

“It’s not just car companies who have a lot riding on their success – utilities; oil companies; whole countries will feel the impact if there is rapid uptake,” notes a Bloomberg analyst.

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