![\"Number](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0824\/number-of-vehicles-by-type-1200x676-v2_190820241742905.jpg\")
<\/p>\nOver the past eight months, the rate of EV new registration
\ngrowth in the US has plateaued and even pulled back month over
\nmonth \u2014 leading to stories about a slowdown in EV adoption.<\/p>\n
But this trend must be viewed in the broader context of how new
\nEVs are transforming the makeup of vehicles in use today.<\/p>\n
As of January 1, 2024, there were over 286 million passenger
\ncars and light trucks in the United States. At that time,
\nalternative fuel vehicles (EVs and hybrids) accounted for nearly
\n12.5 million vehicles in use. This number has been consistently on
\nthe rise and has doubled since the start of 2020.<\/p>\n
In our mid-year review of vehicles on the road on July 1, the
\noverall number had grown by 1.8 million units, to nearly 288
\nmillion. Almost 1.6 million (89%) of that growth came from EV and
\nhybrid vehicles!<\/p>\n
<\/p>\n
The EV sales slowdown and the rising popularity of hybrids are
\nstill a major focus in the news cycle. Yet, on the shift to
\nalternative propulsions, the impact of time can sometimes be
\noverlooked. Reporting often focuses on year-over-year changes in
\nregistrations rather than the long view provided by a more
\nwholistic review of vehicles currently on the road.<\/p>\n
By looking at the number of vehicles entering and leaving the
\nfleet \u2014 in addition to new registrations \u2014 we can more
\neffectively measure efforts to grow EV adoption and reduce the
\nfleet's negative environmental impact.<\/p>\n
Vehicles tend to have a protracted lifecycle, with the average
\nage of the population sitting at 12.6 years as of January 2024.
\nMore than 80 million vehicles are over 16 years of age. Within this
\ncontext, the real-world impact of new vehicles entering the
\npopulation can most clearly be understood.<\/p>\n
In a typical year, new registrations account for a 5 – 6%
\naddition of vehicles in operation. Additionally, 4 – 5% of all
\nvehicles on the road are retired each year. Various reasons
\ncontribute to vehicles retiring from the population, including end
\nof life, total-loss collisions, natural disaster and export, among
\nothers. By combining all these factors, we can better understand
\nthe change in total share of vehicles on the road over time.<\/p>\n
![\"New](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0824\/new-vehicle-reg-1200-v2_190820241742905.jpg\")
<\/p>\n
Although EV new registrations have slowed \u2014 and hybrid
\nregistrations are growing at a relatively slow pace \u2014 the
\nvehicles-in-use data demonstrates the importance of sustained
\ngrowth over time.<\/p>\n
Even at current levels, the rate of EV adoption will continue to
\nreshape the fleet. The new registration pipeline is rich in EV and
\nhybrid vehicles \u2014 while the retirement pipeline is primarily
\naged internal combustion vehicles. As a result, the share of
\nvehicles in use that are more environmentally friendly is
\nincreasing more rapidly. While a net zero future for the vehicle
\nfleet has been established as an aspirational goal, there are
\nimprovements in efficiency to be enjoyed over time.<\/p>\n
Since the start of 2020, the weighted average EPA MPG Combined
\nfor vehicles in use \u2014 the standard measurement for overall
\nfleet efficiency \u2014 has increased by nearly 2 MPG, from 23.68 to
\n25.41. Even in the current moment \u2014 where the rate of growth in
\nadoption of alternative propulsion is slowing \u2014 we can still be
\nconfident that we are making progress in improving the
\nenvironmental impact of the vehicle fleet.<\/p>\n
S&P Global Mobility provides a single global source for \u7acb\u523b\u8a3b\u518a\u53ca\u5831\u540d\u96fb\u8166\u88dc\u7fd2\u8ab2\u7a0b\u5427! <\/a> www.ITSec.vip<\/a> www.Sraa.com.hk<\/a>
\naftermarket insights, enabling automotive professionals to drive
\nincreased parts revenue and reduced cost with a more comprehensive,
\naccurate, and timely view of vehicles in operation (VIO), parts
\nresearch, aftermarket parts cataloging and VIO forecasts.<\/p>\n
\nLearn more<\/a>.<\/em><\/p>\n\nCommercials Cooperation Advertisements:<\/b><\/h2>\r\n
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