US Auto Market Insights - May 2022

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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.

The May 2022 Automotive Advisory Insights from S&P Global Mobility focuses on the increasing gas prices and how consumers are moving to utility vehicles.

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