Light Duty Vehicle Electrification: Global Sales Forecasts and Market Analysis for Six Vehicle Powertrains, 2024-2033

EVs are expected to have a permanent place in the vehicle landscape. After being initially invented in the 1800s, the EV reemerged into the global consciousness in the 2000s with General Motors' (GM's) EV1 and the Tesla Roadster. While the EV has since evolved as battery chemistries and manufacturing techniques have advanced, vehicle electrification has diversified significantly as well. Hybrid EVs (HEVs), popularized globally by the Toyota Prius in the early 2000s, have become

more viable as the technology has improved to make hybridization an option for several vehicle sizes. Plug-in hybrid EVs (PHEVs), technically introduced in the early 1900s but not practical until the 2010s, have been letting many drivers make their daily commute with zero emissions. Extended range EVs (EREVs) have also been making a comeback since the days of the Chevy Volt. Particularly valuablefor vehicles designed for towing or off-road driving, EREVs have been making big waves in China and are expected to do the same in other markets in the coming decade.

This report evaluates the global light duty vehicle (LDV) market with a specific focus on the multiple electrification options that Guidehouse Insights forecasts will make up the entirety of the market in the coming decade. It looks at expected sales and market share for six different LDV powertrains-internal combustion engine (ICE) vehicles, battery EVs (BEVs), PHEVs, HEVs, EREVs, and hydrogen fuel cell vehicles (FCVs)-in eight global regions over the next 10 years.