Report: US Vehicle Electrification Will Be a Protracted, Decades-Long Process
NEW YORK, Sept. 12, 2023 /PRNewswire/ -- In 2022, the share of electric vehicles (EVs) sold in the US hit a record high of nearly 6%. A new study from The Conference Board projects that even if new EV sales rise gradually to 100% by 2040, 40% of all cars and trucks on the road in 2040 might still be powered by fossil fuels.
- According to The Future of US Vehicle Electrification and GHG Emissions , businesses must be prepared to manage their operations in a bifurcated and rapidly changing market environment.
- "EV adoption is set to surge in the coming decade, but new vehicle sales tell only part of the story," said Alex Heil, Senior Economist at The Conference Board.
- "Americans are holding on to their cars longer than they once did, with the average age of light vehicles exceeding 12 years in 2022.
- The transition to EVs will create a bifurcated transportation fuel system that persists for at least the next three decades.