The consultancy IHS Markit forecasts that fully electric SUVs of different stripes (especially little ones) are going to start taking off in coming years.
Why it matters: Both types of vehicles are hugely popular with U.S. consumers. So the true mainstreaming of EVs, now a tiny market share, will eventually require batteries to power a chunk of this segment.
The big picture: The number of EVs of various types available in the U.S. market is set to mushroom, IHS projects.
- Overall, they see full EVs accounting for 7.6% of U.S. vehicle sales in 2026.
- "By 2023, IHS Markit forecasts 43 brands will offer at least one EV option — this will include nearly all existing brands as well as new brands entering the market — compared to 14 brands offering EVs in 2018," they said in a note last week.
- IHS expects U.S. electric SUV sales to grow to roughly 757,000 units, or nearly 60% of total EV sales, by 2026.
Where it stands: According to the consultancy BloombergNEF, trucks and SUVs account for over 50% of U.S. car sales, but just 19% of the current EV model offerings in the U.S. are SUVs.