Drivers plug into cheaper electric cars
Electric car prices have fallen by almost 20 per cent year on year as the market becomes more competitive, analysts say.
An increasingly competitive market has driven down the sticker price of leading electric vehicles by as much as 18 per cent of their 2012 price, overcoming one of the main barriers to ownership.
New research by Frost and Sullivan forecasts global sales will rise by 50 per cent as a result from 120,000 units in 2012 to between 170,000 and 190,000 this year.
By 2018, it expects worldwide sales to top 2.7 million, as the market expands beyond business fleets to private ownership.
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Anjan Hemanth Kumar, leader of Frost and Sullivan's automotive and transportation team, said: "The scheduled introduction of about 15 new electric vehicle models in the next year, such as the BMW i8, the Tesla Model S, the Audi R8 and Q7, the Porsche 918 Spyder and the Mercedes SLS AMG ECell, will intensify competition in the global electric vehicle market and bring down prices."
A 20 to 40 per cent fall in lithium-ion battery costs over the past five years has also helped vehicle manufacturers lower the price of electric vehicles they add.