IHS Markit: vehicle miles traveled to increase 65% in key markets by 2040, while vehicle sales slow

By mmillikin In a new study, IHS Markit forecasts that vehicle miles traveled (VMT) will by 2040 grow to an all-time high of around 11 billion miles per year (a 65% increase since 2017) in China, Europe, India and the United States—the key markets examined for the study—and will keep growing. At the same time, sales growth of new light-duty vehicles will slow substantially.

A shift from buying cars to buying “mobility” will be a driving force of change in the automotive future, the study says. These findings are part of the baseline scenario (“Rivalry”) in Reinventing the Wheel, a major new

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