Hybrids could grow from roughly 14% of the U.S. new-vehicle market in 2025 to approximately 34% by model year 2031, according to the first full Murphy Automotive Product Pipeline. The 280-page report says the forecast was raised from approximately 27% in June, with most of the increase coming at the expense of traditional internal-combustion vehicles rather than electric vehicles. EVs, which held just under 8% share in 2025, are projected to dip to roughly 5%-6% in the near term before recovering to approximately their 2025 share by model year 2031. The report also projects a record three-year new-product drought through model years 2026-2028, with average vehicle age peaking at 4.8 years in 2028. It says more than $70 billion has been recorded in EV write-downs and program cancellations, while delayed internal-combustion and hybrid launches are expected to revive product activity from model year 2029. Murphy Automotive Partners estimates the number of U.S. automotive brands could decline from 38 today to roughly 30 by 2035 under more aggressive portfolio rationalization, while its base case leaves about 35. Chinese automakers are adding competitive pressure globally even without entering the U.S. market, and policy uncertainty is delaying long-term investment decisions.