Insight
Keep on trucking – When it comes to vehicles, size does matter to US consumers
Report summary
As the world’s largest user of gasoline, where the US consumer goes has a dramatic effect on global oil demand, as illustrated by the sharp pandemic-led declines in US gasoline demand in 2020 and resurgence in consumption this year. But before the pandemic, a critical shift US consumer preference towards “light trucks” – car SUVs, truck SUVs, and pickup trucks was underway – diluting the impact of US fuel efficiency standards and supporting US gasoline demand. In this insight, we address the following questions: • How did the US passenger vehicle fleet changed in the last decade? • What prompted the shift towards larger vehicles and what does that mean for fuel economy? • How did these changes impact US gasoline demand then, and what does it mean for the next decade?
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