Global sales of electrified vehicles to approach 4 million annually by 2020, says Pike Research

Annual global sales of electrified vehicles will reach 3.8 million by 2020, Pike Research forecasts in a new report. The company, part of Navigant's Energy Practice, projects the compound annual growth rate for hybrid vehicles at 6% for the remainder of the decade. The growth rate for PEVs—which include full electric vehicles (also called battery electric vehicles, or BEVs) and plug-in hybrid electric vehicles, or PHEVs—is projected at nearly 40%. That compares to a growth rate for the overall auto industry of about 2%, according to Pike. It believes PHEVs will outsell EVs in North America and Latin America, while the reverse will be the case in most other regions.