Global Gas-Powered Vehicle Sales Have Fallen 23% Since 2017 Peak

Global sales of internal-combustion-engine vehicles have fallen each year since 2017 thanks to electric cars taking up a growing share.

The result: The world has hit “peak” gas-powered vehicle sales, said Colin McKerracher, BloombergNEF’s head of transport and automotive analysis, at the group’s summit Tuesday in San Francisco. Since that peak in 2017, gas-powered vehicle sales have dropped 23%. At the same time, EV sales have steadily risen.

In the fourth quarter of 2023, they made up 20% of new passenger cars sold, according to BNEF, though some countries and regions saw EVs make even greater inroads. Notably, EVs made up more than 35% of all ...