Plug-in EV sales in North America to grow 14 million units by 2032: Guidehouse

The market for Plug-in electric vehicles (PEVs) will grow to a massive user pool of nearly 14 million in North America by the 2032 estimates research from Guidehouse Insights.

The assessment includes PEVs and EV supply equipment (EVSE) in America and identifies key emerging market trends in both of the segments.

It’s reported that the sales o PEVs in North America saw a sharp increase in 2022 and 2023. PEV sales in the first three quarters of 2023 went ahead of the overall 2022 figure.

In the third quarter of 2023, there are over 300,000 battery EVs (BEVs) sold alone in the U.S.

Guidehouse Insights predicts that PEV sales in North America could grow from 1.7 million in 2023 to 13.9 million in 2032. These numbers are projected at a compound annual growth rate (CAGR) of 26.5%.

Several factors increase the number of sales including new models, improving customer approval for PEVs, better-charging infrastructure, and increased regulatory pressure to achieve zero-emission transportation.

Despite retracting development plans, PEV sales are likely to grow with increasing demand among customers.

“PEVs are now a significant piece of the North American new vehicle market and poised to continue growing as the industry transitions to greater levels of electrification,” says Jason Pandich, research analyst with Guidehouse Insights.

(source – Guidehouse)