The global internal combustion vehicle market peaked in 2017 and is currently in “structural decline”. Bloomberg New Energy Finance stated in a recent report.
According to BNEF, sales of internal combustion vehicles in 2022 are down nearly 20% from their 2017 peak. In 2017, 86 million internal combustion passenger vehicles were sold globally—including hybrids— but that number has dropped to 69 million by 2022. Analysts say it will be difficult to restore that lost volume, even if trends are likely to boost sales, such as sales. such as increasing car ownership in emerging markets.
Production BMW iX – Dingolfing
According to BNEF, sales of plug-in hybrids have grown to 10.4 million vehicles by 2022, but even including them in total internal combustion vehicles won’t change much. Sales of internal combustion engine vehicles will still peak in 2017, and global sales in 2022 will be 72 million vehicles, still down 16% from 2017.
The trend is even more pronounced in China, the world’s largest car market, according to BNEF. Plug-in cars will account for 26% of vehicle sales in China in 2022, the report said, while internal combustion vehicle sales are down 28% from 2017. Sales of internal combustion vehicles in Europe also fell. significantly above the peak. that U.S. plug-in vehicle sales will soon benefit from the Inflation Reduction Act incentives.
Cargo ship eCascadia
BNEF reported in 2021 that global internal combustion cars Sales have peaked, but do not mark that peak with an exact year. It also now predicts that oil demand for transportation will peak in 2027, thanks to a shift in commercial truck sales towards zero-emission vehicles. Even oil giants like Shell admit that the global economy peak oil has passed and are investing in renewable energy.
However, it’s fleet revenue that matters for oil demand—and that’s why the peak will happen later, around 2027. That’s much earlier than what it seems. was predicted as recently as 2016, when report predicting 2036 is the year of peak oil consumption, although the International Energy Agency recently said that global demand for fossil fuels will peak this decade.
