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– The world passed peak ICEV sales in 2017
– Analysis suggests the ICEV fleet will peak soon and start reducing, with EV sales increasing.
CleanTechnica offers daily news updates via email or Google News. The transition from internal combustion engine vehicles (ICEVs) to electric vehicles (EVs) peaked in 2017, signaling a shift in the global automotive market. As EV sales increase, ICEV sales are declining, indicating a move towards a predominantly electric fleet.
Analyzing the path to peak ICEV fleet involves calculating new car additions and scrapped vehicles. The average lifespan of ICEVs varies globally, impacting the reduction of ICEV fleets. Developing economies like China and India play a significant role in vehicle sales, with EVs leading the post-pandemic recovery in the market.
Estimates suggest that ICEV sales will continue to decline, reaching peak ICEV fleet in the near future. Predictions based on different scenarios and variables indicate a shift towards a more electric vehicle market. Developing economies with high growth rates, like India, are likely to promote EV use and transition away from ICEVs.
As the automotive industry evolves, the demand for gasoline and diesel is expected to decrease, particularly in rapidly growing economies dependent on costly oil imports. The transition to EVs is gaining traction worldwide, with incentives to restrict or ban ICEV imports in some countries. The future of the global vehicle fleet depends on the rate of ICEV phase-out and the growth of EV sales.