Sales of HEVs in Western Europe to Grow 21% Annually Through 2022

Continuation of the subsidies, tax benefits, and infrastructure incentives will promote West European HEV sales

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Jun 18, 2018, 09:44 ET

CLEVELAND, June 18, 2018 /PRNewswire/ -- Sales of hybrid electric vehicles (HEVs) in Western Europe are anticipated to more than double through 2022, rising on average annual gains of 21% to 1.9 million units. The continuation of the subsidies, tax benefits, and infrastructure incentives available in 2017 will promote West European HEV sales. These and other trends are presented in Global Hybrid & Electric Vehicles, 4th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.

More information about this study is here: https://www.freedoniagroup.com/industry-study/global-hybrid-and-electric-vehicles-by-type-vehicle-segment-and-region-4th-edition-3627.htm

Additional factors promoting regional sales growth include:

stated targets in many West European nations for banning diesel and petrol vehicles
stated HEV penetration goals in many West European countries
an increasing number of city centers with restricted-access environmental or emissions-free zones

Through 2022, full hybrid electric vehicles (FHEVs) are anticipated to account for most sales gains: 45% of new HEV sales in Western Europe. Nevertheless, FHEVs will continue to see their share of HEV sales fall through the forecast period. Plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) will register the fastest average annual advances through 2022 and will together account for over 50% of new HEV sales, buoyed by the increasing number of models available and falling lithium-ion battery costs.

Global demand for hybrid and electric vehicles is forecast to advance 23% per year through 2022, an acceleration from the rate registered between 2012 and 2017. China will register the fastest and largest sales gains, accounting for more than 70% of new sales through 2022, when it will surpass Japan to become the leading global HEV market.

Related studies include:

#3624 Recreational Vehicles in the US, 6th Edition (April 2018)
#3634 Global Motorcycles (May 2018)

About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Automotive & Transport studies can be purchased at https://www.freedoniagroup.com, www.marketresearch.com and www.profound.com.

Press Contact:
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SOURCE The Freedonia Group