As of 2023, the actual fossil energy consumption in the transport equipment sector was at 9.3 thousand gigawatthours. The forecast from 2024 to 2028 shows a consistent decline in consumption, with a year-on-year percentage decrease observed as approximately 2.54% (2024-2025) and 2.49% (2025-2026). Further declines occur, with the forecast dropping by 2.55% in 2026-2027 and another 2.62% by 2027-2028. The five-year compound annual growth rate (CAGR) indicates an average annual decrease of about 2.52% in fossil energy consumption.
Future trends to watch for:
- Increasing adoption of electric and hybrid vehicles.
- Implementation of stricter environmental regulations.
- Developments in alternative fuels such as hydrogen.
- Technological advancements improving energy efficiencies.
