Light-duty commercial electric vehicles will see a 33% compound annual growth rate until 2030.

A new report from Navigant Research predicts that although internal combustion engine vehicles will continue to be the leading powertrain, plug-in hybrid and battery electric vehicles are quickly gaining in popularity.

Sales of plug-in hybrids is predicted to grow globally from about 238,000 in 2019 to almost 5.5 million in 2030, at a compound annual growth rate of 33.0%.

“The cost of electrified LCVs is falling due to improvements in battery technology and market maturity,” sayid William Drier, research analyst with Navigant Research. “In addition, governments at all levels are supporting an electric transition to meet fuel efficiency and emissions regulations.”

An executive summary of the report is available for free download on the Navigant Research website.