UK-based research firm Frost & Sullivan says 500,000 electric vehicles are expected to be sold this year worldwide. Frost & Sullivan says the fastest growing regions for electric-vehicle sales will be Europe and China. By 2020, they expect to see as 10 million EVs will be on the world’s roads.
With the automotive industry exploring magnetless traction motor solutions, potential of AC induction motors will be explored. The Asian automakers are taking the fuel cell market to the next level by introducing competitive models which not only compete with electric vehicles but also with conventional vehicles. BMW is also apparently working on a fuel cell vehicle.
In 2014, the U.S. market saw an increase of 28 percent in plug-in sales. In January, EV sales rose almost 7% thanks to some strong performances found elsewhere in the segment.
Overall, an estimated 5,924 plug-ins were bought in January, as compared to the 5,550 sold a year ago.
See full press release below.