The Shift to Utility: Part I – May 2022
Utility share reaches new high, despite increasing gas prices
The rise of the utility sector is no surprise. The trend started nearly a decade ago and ramped up as gas prices plummeted from 2014 to 2016 (Fig. 1). Even as gas prices began to increase, utility share continued to climb due to the introduction of smaller and more fuel-efficient utility nameplates.
Read our full US Automotive Advisory Insights from S&P Global Mobility. Our May 2022 report on the US Market focuses on the increasing gas prices and how consumers are moving to utility vehicles.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.