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The fuel-saving potential of a series hybrid electric vehicle (SHEV) was investigated in this work based on the future goals and technical roadmaps proposed by China's automobile and internal combustion engine (ICE) industry. The genetic algorithm optimization method and dynamic programming energy management strategy are used to optimize the key component parameters of a typical SHEV SUV to improve the fuel economy of the vehicle. Results showed that the fuel consumption of the vehicle would be 3.24 L / 100km in 2035, which is 37.21% less than 5.16 L / 100km in 2020, following the industries’ roadmaps. The results also indicated that the improvement of the ICE’s thermal efficiency is the main reason for the decrease of the vehicle’s fuel consumption. In addition, the improvement of working points and the reduction of energy losses of the key components also contribute to the improvement of the fuel economy.