Has the world reached peak ICE? Sales of internal combustion engine (ICE) passenger vehicles reached a peak of 86 million in 2017 (this number includes traditional hybrids like the Prius). In that same year electric and plug-in hybrids amounted to just over 1 million vehicles sold.
Fast forward to 2022: there were just under 80 million vehicles sold, of which 69 million were ICE and 10.4 million were plug-ins (roughly ¾’s of which were pure electrics).
There is no telling what the future may bring, but China is expecting plug-in models to account for a 1/3 of all passenger vehicles sold in 2023. European sales of ICE cars are down significantly from their peak. And with the Inflation Reduction Act in the USA going into effect, 2023 will most likely be the start of an electric breakout in America.