President Obama may be aiming to get 1 million plug in vehicles on the roads of the U.S. by 2015, but a recent study by Pike Research predicts that by 2017 there will only be 5.2 million plug-in vehicles worldwide.
In total, more than 14 million hybrid and plug-in electric cars will be on the roads by 2017, but it is estimated this will only represent just 3 percent of total light-duty vehicle sales.
The U.S. is expected to have the highest adoption of hybrid and plug-in electric vehicles, with as many as 4.9 percent of vehicles sold including hybrid or plug-in vehicle technology.
Next year, Pike research predicts just over 1 million hybrid electric vehicles will be sold worldwide, versus around 250,000 electric and plug-in hybrid vehicles.
Over subsequent years the dominance of the hybrid car will fade however, with an annual sales figure of just 1.5 million hybrid cars predicted for 2017 versus around 1.3 million electric and plug-in hybrid vehicles.
Pike Research Predicted Electric and Hybrid Car Sales
But perhaps the most promising news from Pike Research is that it expects the Compound Annual Growth Rate for plug-in and hybrid vehicles to grow at 19.5 percent worldwide during the next six years, while the market for plug-in and electric-only cars will grow at a massive 48.4 percent, while the overall automotive CAGR will be just 3.7 percent.
If the predicted trends continue, the annual electric and plug-in hybrid vehicle sales figures could easily outnumber the number of hybrid car sales within ten years.