Electric vehicles on the rise

One way fleet management heads are looking to reduce spending while boosting efficiency is through investment in electric plug-in vehicles that use electricity rather than depending on fossil fuel consumption to operate.

Reportlinker.com recently released its latest market research report on the plug-in electric vehicle market, highlighting significant growth in the sector a few years after being released to the public. Having launched in 2011, the PEV market has increased production from the 20,000 units produced in the first year. Researchers predict PEVs will outsell battery electric vehicles in North America in the next few years due to the growing demand for and popularity of the technology.

In Europe the electronic vehicle equipment market is also on the rise. EV charging infrastructure enables consumers to charge their vehicles at home or trucking locations, saving time and money compared to charging at a station. By 2020, experts anticipate more than 2.9 million PEVs will be circulating in Europe, with more than 4.1 million EV charging stations established to meet the increased demands from consumers. After establishing a market in Europe, the PEV sector will likely grow more steadily in North America, as consumers and trucking companies realize the cost-benefits of the new technology.

Electric vehicles on the rise

Thursday, July 12th, 2012