More signs on the road to energy transition in North America’s transportation sector point to electrification momentum – at least in the consumer electric vehicle lane.
Consider recently released Cox Automotive data.
In its 2025 outlook, the U.S.-based automotive services and technology company estimated that 2024’s new-vehicle sales hit approximately 16 million in the U.S. Cox noted that the 2% increase over 2023 made 2024 the best new-vehicle sales volume year since the pandemic.
Jonathan Smoke, Cox Automotive’s chief economist, was also optimistic about 2025, in part because of what his company sees as accelerating economic momentum, reduced tax policy uncertainty following the November presidential election and a resulting uptick in consumer and auto dealer sentiment.
Cox predicts that 2025 will be the third consecutive year of sales growth and the best year for new vehicle sales since 2019. It could also be the best year for used vehicle sales since 2021, which was the sector’s best year on record.
Electrified vehicles are positioned to be in the winners’ circle for sales this year.
Cox predicts that one in four vehicles sold in 2025 will be electrified. That would increase the EV share of the overall market to 10% from 7.5%; hybrids and plug-ins would take a 15% share while internal combustion engine (ICE) vehicles would drop to a 75% market share – their lowest percentage on record.
Cox’s Car Buyer Journey Study also found EVs leading in customer satisfaction during the car-buying process.
According to the 15th anniversary of the study, which rates the main vehicle-buying factors in the United States, 82% of EV buyers in the survey of 2,300 consumers were “highly satisfied” with their overall vehicle-buying experience compared with 75% of new ICE buyers.
Among the reasons for that satisfaction was the prevalence of digital tools used during purchasing.
The tools sharpen clarity on several fronts, including options for inventory, financing and add-ons.
The growing acceptance of transportation electrification’s technological and environmental upsides in the land of gasoline worship is encouraging, especially on the eve of the inauguration of President-Elect Donald Trump, an outspoken EV opponent [https://bit.ly/400MvVU].
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