Sales of non-plug-in internal combustion-powered vehicles peaked in 2017, according to a report by industry analysts at Bloomberg New Energy Finance, and have been in “permanent decline” since then as sales of plug-in hybrid and electric vehicles increase.
Sales of plug-in vehicles are also expected to triple their current levels by 2025, according to the report.
“Most importantly, the market is shifting from being driven primarily by policy, to one where organic consumer demand is the most important factor,” lead authors Colin McKerracher and Aleksandra O’Donovan wrote in the BloombergNEF report.
Renault Captur Plug-in and Renault Clio Hybrid (Image: Renault)
In 2025, the global auto industry will sell 20.6 million plug-in vehicles, according the report, compared to 6.6 million this year. Sales of purely internal combustion-powered vehicles, while projected to still make up the majority of total car sales in 2025, will have decreased.
Read more: CNNBusiness
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