Data Source: California Energy Commission; California Department of Finance. Analysis by Beacon Economics
  • The vehicle ownership rate has continued to decline since 2018. After a slight rebound in 2021, the vehicle ownership rate declined again in 2022—from 78.3 per 100 persons, down from 78.4 in 2021. The most recent peak occurred in 2018, when the vehicle ownership rate grew 1.2 percent (in absolute terms) compared to the previous peak in 2007 (76.0%). From 2007 to 2018, the vehicle ownership rate experienced an annual average increase of 0.1 percent. For sub-sectors, ZEVs and hybrids (HEVs) accounted for 2.8 and 3.6 vehicles per 100 persons, respectively, in 2022—up slightly from 2021. The increased share of ZEVs and HEVs is matched by a decreasing share in the internal combustion engine (ICE) vehicles rate at 72 vehicles per 100 persons in 2022—the lowest level since 2010. The ZEV ownership rate is expected to continue climbing due to state and federal incentives.