In 2009, the Toyota Prius hybrid electric vehicle (HEV) became the best selling passenger vehicle in Japan, beating out all other gasoline powered cars. It has been thirteen long years, but hybrids have finally hit the big time. No longer just for environmentalists, electric vehicles (EV) are now mainstream.
Hybrids have always been a niche market, capturing one percent or less of the world passenger vehicle market through the first decade of the millennium. But in 2009, SBI Energy estimates that just over 700,000 electric vehicles were sold worldwide, with 99% of those being hybrid electric vehicles. HEVs stole 1.5% of the world passenger vehicle market in 2009, and almost 8% of the same market in Japan.
The demographics for hybrid ownership are still very much skewed towards affluent, educated families; the classic early adopters of new technologies. But with the surge of general consumer acceptance of HEVs, seen by the uptake in HEVs in 2009 even during the most difficult recession since the 1930’s, there will be new consumer segments purchasing HEVs in the coming years.
And with hybrids hitting the mainstream, plug-in hybrid electric vehicle (PHEV) and BEV models are not far behind. Plug-in electric vehicle products from Toyota, Nissan and Mitsubishi are coming to market in 2010, following in the successful tire tracks of hybrids. But the lithium-ion battery technology required to make PHEVs and BEVs with a sufficient driving range to appeal to consumers is expensive, leading to a cost premium for plug-in vehicles that will keep sales minimized over the next four to five years. This leaves the road wide open for hybrids to continue to dominate the EV market.
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide by SBI Energy analyzes the manufacturing and sales of electric based passenger vehicles throughout the world with a particular emphasis on the United States and Japan as the leading markets for electric vehicles. The analysis will include definitions, current product offerings and market detail on the following segments:
Read an excerpt from this report below.Report Methodology
This report contains both primary and secondary data obtained from government sources, trade associations and publications, business journals, scientific papers, company literature, investment reports, and interviews with industry professionals. Statistics describing the sales of hybrid vehicles in the U.S. are primarily through the U.S. Department of Energy Alternative Fuels Data Center. Sales and production data of hybrid vehicles in Japan is from the Japan Automobile Dealers Association and the Japan Automobile manufacturers Association.
Simmons Experion Market Research Bureau’s fall 2009 survey, based on a nationwide sample of over 25,000 U.S. adults, provides the primary research data on consumer penetration and demographics related to hybrid vehicle adoption in the U.S. market.
What You’ll Get in This Report
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide provides a concise, focused look on the world of battery electric and hybrid electric vehicles as it exists today, and shows where the market is moving towards in the next five years. The report highlights key players in the industry and pinpoints ways current and prospective competitors can capitalize on recent trends and spearhead new ones. No other market research report provides both the comprehensive analysis and extensive data that Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide offers. Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.
How You’ll Benefit from this Report
If your company is already doing business related to hybrid vehicles, or is considering making the leap, you will find this report invaluable as it provides a comprehensive package of information and insight not offered in any other single source. You will gain a thorough understanding of the current market for all aspects of electric vehicles, as well as projected markets and trends through 2014.
This report will help:
Market Insights: A Selection From The Report
The hybrid electric vehicle has been accepted into the automotive scene like no other type of electric vehicle before. For all practical purposes, HEV sales are electric vehicles sales; SBI Energy calculates that worldwide HEV sales accounted for 99% of world electric vehicle sales in 2009. What is even more impressive is how well HEVs are doing compared to regular passenger vehicles.
With the plunging of the auto market around most of the globe, and particularly in Japan and the U.S., it comes as a huge shock to see that hybrid sales in the world have actually risen an estimated 33% in 2009 to 695,700 vehicles over 2008’s 519,200 hybrids sold. In fact, HEV car sales accounted for an SBI Energy estimated 1.5% of all passenger cars sold in 2009, up from just 1.0% of all cars sold worldwide in 2008.
The U.S. and Japan have always been the largest market for HEVs, with the two countries responsible for over 80% of HEV sales since 2004. But while the U.S. has traditionally been the larger market of the two countries, that has changed. In 2009 SBI Energy calculates that the U.S. made up 42% of the world HEV market while Japan garnered almost half of all world HEV sales at 48%.
Potential Owners Need to See the Money
Now that HEVs are moving into the mainstream and away market share in the coming years. While most consumers enjoy the idea of a fuel efficient car that will save them money, the price premium over gasoline models can be as high as $7,000 for a hybrid. This makes the argument that the price premium will have a five to seven year payback period and that an HEV will cut your overall driving costs a little hard to accept.
Hybrids are at a critical juncture, where they are starting to be seen as mainstream and yet are still selling for a premium price. To prevent a decline in market share, HEV manufacturers are going to have to work to reduce costs and governments are going to have to provide incentives to help bring the price of hybrids close to their internal combustion engine counterparts. SBI Energy sees the next three years through 2012 being crucial in how quickly hybrid market share will grow based on these financial realities.In the News
New York, August 26, 2010 - Renewable energy is receiving a big push from the Obama Administration and from governments around the globe. Stimulus packages and government incentives for green technology has created jobs and established new industry, which in turn has sparked a brighter outlook on the world's economy. Going into 2011 and beyond, SBI Energy has identified six clean energies that will not only gain double-digit growth in the next five years, but will also alter the lifestyle we know today.
Green Building Materials and Construction - Traditional construction creates considerable debris which ends up in our landfills, soil and fresh water supply. Furthermore, inefficient materials used in construction produce higher energy bills for the homeowner. The judicious use of recycled materials, lumber that is harvested from sustainable forests, more efficient insulation and windows, and improved construction techniques can drop energy bills for consumers while reducing the need for raw materials simultaneously. Market research performed by SBI Energy forecasts the size of the global green building materials market to grow to over $580 billion by 2015 from about $160 billion in 2010. This represents a growth rate of 21% CAGR which is significant but understandable in light of increasing demand for products that save energy and minimize harmful environmental effects.
Enhanced Oil Recovery - EOR refers to a variety of oil producing methods, by which 70% - 90% more oil is produced from oil wells than is typically extracted by conventional oil production methods. Some of the more common EOR methods include steam, gas or chemical injection, which improve the viscosity of the oil, enabling the oil to flow more freely out of the well. More oil indicates lower prices. SBI Energy estimates dollars from EOR will climb steadily with some gentle fluctuations. SBI's analysts calculate the EOR market will experience a compound average growth rate (CAGR) of 63% per year over the 6-year span to total $1.3 trillion in 2015.
Solar Technology - We've all seen the solar panels on residential home roofs and today energy providers are multiplying this concept by installing large solar farms and using concentrated solar power (CSP) technology to supplement power demands. Electricity from CSP technology is generated like conventional electricity, except solar power is used to heat the boiler instead of fossil fuels. Global CSP installations are just getting started and SBI Energy expects to see real growth in the segment beginning in 2012.CSP is the fastest growing segment within the solar technologies, going from $0.7 billion in 2010 to $3 billion in 2014, a CAGR of 42% for the period. Including systems and panels, SBI Energy sees the world solar market growing to $173 billion in 2014 - a CAGR of 28%.
Offshore Wind Farms - Coastal area will have a new view as nations increasingly harness the renewable energy generated by the fierce winds a few miles off their shorelines. During the next five years, SBI Energy expects offshore wind farms to crop up at a much faster pace than land-based turbines. Leading manufacturers of turbines and components are riding the wave of production expected to result from growing interest in offshore projects, such as the recent approvals of Cape Wind in Massachusetts and The Offshore Wind Economic Development Act in New Jersey. Helping them accelerate their offshore initiatives are government cash and tax incentives that promote renewable energy development, particularly in Europe and the U.S. "States are leading the way in off-shore wind development because it spurs economic development, helps to stabilize energy costs, and moves our country towards energy independence in a sustainable fashion," comments Donald Carcieri Governor of Rhode Island. SBI Energy forecasts the global market to grow at a five-year CAGR rate of 11% to reach more than $78 billion. The fastest growth will come from the U.K., which will more than double its offshore market value to reach nearly $5 billion in 2015.
Electric Vehicles - For years the marketing and advertising from government and car companies alike have boldly stated that electric cars will take over the car industry “real soon now.” Now, electric vehicles, in the form of hybrids that combine both gas and electric motors, are finally beginning to do just that. The world populace is accepting hybrid electric vehicles, giving them equal weight as an option in their car purchases. Just how quickly this market will grow depends on several factors including gas prices, government incentives and vehicle price. According to market research from SBI Energy worldwide hybrid electric vehicle sales will double from just under 700,000 units sold in 2009 to 1.5 million passenger hybrid vehicles sold in 2014. Exponential HEV market growth will occur in smaller existing markets such as Europe, Australia and South Korea, and in new markets such as India and China where product sold will increase from 95,000 vehicles in 2010 to 440,000 vehicles in 2014, a phenomenal 47% compound annual growth rate.
Smart Grid Technologies - Implementing and integrating all of the renewable energies is somewhat contingent on the upgrade of our existing dilapidated 100 year old electrical grid to a powerful sophisticated smart grid system. The smart grid can be seen in broad outline as an architectonic structure consisting of three major sectors: grid infrastructure; information and communications technology (ICT); and applications and software (A/S). Despite consumer concerns over privacy and cost regulation, the smart grid will encourage clean energy production and ensure reliable electrical supply to the world through digital grid operation and a distributed network. SBI Energy sees the global smart grid market soaring upward nearly 150% between 2009 and 2014, reaching $171 billion in 2014. Meanwhile, the U.S. market is projected to double over the timeframe to about $43 billion by 2014.
SBI Reports has been leading industrial market research reporting for more than a decade. The brand established SBI Energy to address the complex nature of the Energy and Resources industry. SBI Energy reports capture data vital to emerging energy market sectors on a global scale. Growth of energy technology, manufacturing, construction, transportation and investment is exciting in its innovations and opportunities, and integral to the advancement of security and science. SBI relies upon only the most experienced analysts with excellent credentials, years of industry experience, and the trust of colleagues and peers.
Research for this article is based on the following market studies from SBI Energy:
EOR Enhanced Oil Recovery Worldwide
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide
Smart Grid and Consumers
Global Green Building Materials and Construction, 2nd Edition
Offshore Wind Farm Manufacturing Worldwide
U.S. Solar Energy Market World Data, 2nd Edition: PV, Solar Thermal, CSP
# # #In the News
Hybrids Leading the Way Toward Global Embrace of Electric Vehicles
New York, February 22, 2010 - For years the marketing and advertising from government and car companies alike have boldly stated that it was only a matter of time before electric vehicles took over the car industry. Now, electric vehicles, in the form of hybrids that combine both gas and electric motors, are finally beginning to do just that.
As a result, the world populace is accepting hybrid electric vehicles and giving them equal weight as an option in their car purchases, according to Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide, the latest report from leading energy market research firm SBI Energy. The report examines the natural progression occurring in the marketplace from hybrid electric vehicles to plug-in hybrid electric vehicles to battery electric vehicles. Each stage won’t likely be picked up by consumers in mass quantities until the previous technology has matured and reached a significant portion of the market.
“The hybrid electric vehicle has been accepted into the automotive scene like no other type of electric vehicle before,” says Shelley Carr, publisher of SBI Energy. “And what’s truly impressive is how well hybrids are doing compared to regular passenger vehicles.”
Global sales of hybrid electric vehicles rose 33% in 2009 with 700,000 vehicles sold in an unfavorable climate that saw the overall auto market plunge worldwide. SBI Energy calculates that sales of hybrids accounted for 99% of all electric vehicle sales in 2009 worldwide.
Sales of hybrid electric vehicles exploded in Japan during 2009, with the production of hybrids by domestic manufacturers for domestic sale reaching 334,000 cars, essentially tripling production compared to 2008. Overall, Japan garnered almost half of all global hybrid sales, followed by the U.S. with 42% of global sales. SBI Energy’s analysis of the market indicates that buying a hybrid in the U.S. is still very much about making a statement concerning oil use and environmental conservationism. In Japan, however, environmental sentiment along with a personal sense of responsibility to do something about environmental issues is much more pervasive.
According to SBI Energy, future growth of the electric vehicle market on a global scale will depend on three key motivators: government incentives to consumers to purchase fuel efficient vehicles; any increase in the price of crude oil and gas prices at the pumps; and a reduction in the price differential between hybrids and non-hybrids.
Electric Vehicle (EV) and Plug-In Hybrid Electric Vehicle (PHEV) Markets Worldwide analyzes the manufacturing and sales of electric based passenger vehicles throughout the world with a particular emphasis on the United States and Japan as the leading markets for electric vehicles. The analysis includes definitions, current product offerings and market detail on: passenger hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV).
About SBI Energy
SBI Energy (Specialists in Business Information), a division of MarketResearch.com, publishes research reports in the industrial, energy, building/construction, and automotive/transportation markets. SBI Energy also offers a full range of custom research services.