FORECAST: Neighborhood Electric Vehicle (NEV) Sales to Increase 45% by 2017

Neighborhood Electric Vehicles (NEV) are gaining popularity.

Neighborhood Electric Vehicles (NEVs) are one of the original “electric vehicle” categories and have been on the market for a number of years. NEVs are street legal. Originally conceived as a way to fulfill the California Air Resources Board zero emissions requirements in the late 1990s, the vehicles have found a niche with fleets on public roads, and city / urban consumers.

According to a new report from Pike Research, the total number of NEVs will grow from 479,000 in 2011 to 695,000 by 2017, a 45% increase. During that period, the cleantech market intelligence firm forecasts that annual NEV sales will rise from 37,000 vehicles to nearly 55,000 units by 2017, and North America will account for 45% of annual sales.

“Neighborhood Electric Vehicles (NEV) are proof that EVs will take many forms in different parts of the world,” says senior analyst Dave Hurst. “And while moderate in terms of sales volumes compared to other emerging vehicle markets, the growth rate for NEVs will double that of the total light duty vehicle market during the same period.”

Pike Research’s report, “Neighborhood Electric Vehicles”, provides a comprehensive examination of the market forces, technology issues, government incentives and regulations, and key drivers of the growth of neighborhood electric vehicles.

Source: Business Wire