Global vehicle sales to plummet by 2040 due to ride hailing?

Ever wondered which country buys the most cars? Or which automakers dominate globally? This Infographic compiles detailed data from the world's largest car markets and manufacturers … for more, go to https://visual.ly/community/infographic/transportation/2012-global-car-sales-statistics

Global vehicle sales to plummet by 2040 due to ride hailing?

Oil demand to rise, 80% of the vehicles sold worldwide in 2040 will still use some form of petroleum-fueled combustion engine?

Electric vehicles (EVs) demand to remain at a low 19% only?

“The forecast figures and statistics touted by IHS Markit sure is mind-boggling, isn’t it?” Gerakan Deputy Speaker Syed Abdul Razak Alsagoff said.

He said IHS Markit’s study was akin to concluding that consumers would not embrace new and advance automobile technology, like EVs?

“I am not too sure and convinced by the study, least to say it’s flawed. Common sense dictates that the majority of consumers, except for the rich and super rich of course, will always go for savings.

“EVs will be cheaper to run, and it will also contribute to anti-global warming efforts. Why would demand for EVs be so low as touted by the study?” he asked.

Global Auto Sales on Track for 75 Million Units in 2010

Dec 29, 2010John Sousanis | WardsAuto

Gains in recent months suggest a new, albeit less dynamic sales surge in worldwide vehicle sales.

Analysis

Global auto makers enjoyed their third-best month of the year in November, delivering 6.37 million vehicles, up 3% from October and 13.4% over year-ago. This marks the second month of double-digit growth in the past three months, after year-over-year comparisons bottomed out at 3.4% in August. The recent gains, while significantly lower than the first-quarter 27% growth rate, are higher than third-quarter’s 6.3%, indicating a new, albeit less dynamic sales surge is under way … for more, go to http://wardsauto.com/news-analysis/global-auto-sales-track-75-million-units-2010

Syed Razak, who is Gerakan’s nominee to contest N.37 Bukit Lanjan in the coming 14th General Election (GE14), said the study “did not make much sense”.

“The only point in the study that makes common sense is the possibility of consumers going for ride hailing, thus the possibility of a slowdown or plummeting vehicles sales,” he added.

Here’s the report on the study as posted by The Star Online. Form your own judgment and conclusion:

"Global vehicle sales to fall by 2040 but oil demand to rise
AUTO
Wednesday, 15 Nov 2017
7:06 AM MYT

Another counterintuitive finding from the study by IHS Markit was that more than 80 percent of the vehicles sold worldwide in 2040 will still use some form of petroleum-fueled combustion engine.

Global vehicle sales will decline over the next two decades as consumers embrace on-demand ride services like Uber, but demand for oil will keep rising, according to a study released Tuesday.

Another counterintuitive finding from the study by IHS Markit was that more than 80 percent of the vehicles sold worldwide in 2040 will still use some form of petroleum-fueled combustion engine.

Annual sales of privately owned vehicles in the United States, Europe, China and India will decline over the next 23 years to 54 million in 2040, as total miles traveled rises 65 percent to around 11 billion miles a year, the study projected. About 67 million vehicles a year are sold currently in those regions.

Although there will be fewer cars sold, demand for petroleum, especially for non-transportation uses, is expected to rise, from the current 98 million barrels a day to 115 million barrels a day in 2040.

According to IHS Markit, which provides economic forecasts and data to the global energy and automotive markets, battery-powered all-electric vehicles will account for about 19 percent of sales by 2040. This compares with an estimated 14 percent of production by 2030 in a forecast by Boston Consulting Group on Nov. 2.

IHS Markit forecast that plug-in hybrid electric vehicles - those with electric motors and combustion engines - will account for another 14 percent of sales in 2040.

"Consumers are starting to embrace" the advanced technologies in electric and self-driving vehicles, Tom De Vleesschauwer, IHS Markit's transport and mobility practice leader, said in an interview.

While the adoption of electric vehicles is being driven in part by technology advances and government policy, "the part that's most consumer-driven is ride hailing," the on-demand service offered by such startups as Uber Technologies and China's Didi Chuxing, according to Daniel Yergin, IHS Markit vice chairman.

He said the firm was "surprised when we saw (oil) demand increasing rather than going down.” Yergin noted that cars only account for a third of oil demand.

The study's authors expect 43 million barrels a day of new oil production will need to be brought into development by 2040 as demand rises and existing fields decline naturally. – Reuters"

N.37 LET BUKIT LANJAN SOAR WITH SYED ABDUL RAZAK ALSAGOFF