Proof Point
U.S. Energy Information Administration expects new light duty vehicle sales to grow annually by 0.4% between 2015 and 2050, driven by increased adoption of electric and hybrid vehicles
U.S. New Light Duty Vehicle Sales by Technology Type
2015 – 2050F (million units)
Proof Point Findings
- Light Vehicle Sales – Sales of new light-duty vehicles, including cars and light trucks, for personal and fleet use; excluding secondary vehicle market transactions
- U.S. New Light Duty Vehicle Market – Forecasted by U.S. Energy Information Administration (EIA) to increase from 16.3 million units in 2015 to 18.7 million units in 2020, growing annually by 0.4%
- EV and HEV Sales – Estimated segment to grow annually by 4.4% between 2015 to 2050, reaching 2.7 million units or 15% share of total, from 0.6 million units or 4% of market in 2015
- Stalled AFV and ICE Growth – Anticipated alternative fuel vehicle (AFV) segment to expand slower at 0.4% from 2015 to 2050, and internal combustion engine (ICE) to remain at current sales level, with sustained demand coming from light trucks' continued reliance on conventional engines
- Key Growth Drivers – Include improving energy consumption efficiency, increasingly advancing electric vehicle technology (e.g. batteries, charging capacity), declining electric vehicle (EV) and hybrid electric vehicle (HEV) ownership costs, and growing government support for EV adoption, through better transportation infrastructures and tax incentives
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Date Last Updated |
March 3, 2017
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