Particularly over the past 10 years, the world has seen a significant rise in vehicle electrification driven by volatile oil prices, massive decline of urban air quality, and public attempts to decarbonize transportation. The BEV sales are expected to reach 6 million units by the end of 2020, and more than 10 million by 2025 (Figure 2). These figures imply growth at a compound annual growth rate (CAGR) of approximately 31.5 per cent from 2013 to 2020, almost tenfold as compared with the ICE market, which has an anticipated CAGR of 3.7 per cent throughout the same period." BEVs are expected to generate even greater sales by 2023 and expand their share at the expense of PHEVs in subsequent years. These forecasts indicate that PHEVs could act as a bridging technology between conventional power trains (ICEs) and PEVs. Overall, the global market for PEVs is projected to surpass $415 billion in 2020 and $636 billion in 2030,' accounting for 5.5 per cent of global car sales by 2020 and 15 per cent by 2025." Owing to technological, economic, and regulatory uncertainty, however, studies vary widely about PEVs' future share of new vehicles, with figures ranging from 1 per cent to 33 per cent over the 2020-2030 timeframe.