Schaumburg, Illinois – (work wire) – Electric vehicles (EVs), previously seen as being outside the industry, are proving their viability, with new electric vehicle registrations growing more than 250% over the past five years. According to Experian’s Automotive Consumer Trends Report: Q2 2022 There are more than 1.7 million electric vehicles in operation in the United States today (compared to more than 400,000 electric vehicles in the second quarter of 2018). This number may seem small compared to the 284 million vehicles on the road, but the data shows it is growing exponentially. Additionally, new electric vehicle registrations continue to increase, making up 5.7% of all new vehicle registrations in the second quarter of 2022, up from 1.5% in the second quarter of 2018.
In addition to the growth in new electric vehicle registrations over the past five years, the data also shows that the types of electric vehicles consumers prefer are changing, in part due to the introduction of more models. For example, SUVs made up only 17.84% of new electric vehicle registrations in the second quarter of 2018, and sedans made up 81.89%. However, SUVs in the second quarter of 2022 accounted for 59%, followed by sedans with 35.77% and sports cars with 3.28%.
“Types of electric vehicles gravitate consumers toward mirrors like the larger auto industry, with the notable exception of pickups due to limited availability. “We can attribute part of the appeal of electric vehicles to the newer range of makes and models available,” said John Howard, Director of Product Management for Automotive at Experian. “Leveraging this type of data and trends can help all players in the auto industry understand the landscape and make informed decisions as we transition to a more electric market.”
Multiple markets are seeing huge growth in electric vehicles
California still accounts for the largest share of retail electric vehicle registrations at 36.6%, but other markets are starting to show significant growth. For example, Tucson, Arizona shows a growth rate of over 82% year-over-year as of Q2 2022.1. Other markets with notable year-over-year growth rates include Orlando, Florida, with 77%, and Oklahoma City, Oklahoma, with 75% growth.
As growth continues in different markets, it is helpful to understand which consumers are most likely to buy an electric vehicle. One way is to identify the types of vehicles that consumers drive right before purchasing an EV—their “transitional” vehicles. Data shows that consumers who drive a plug-in hybrid vehicle are more likely to switch to EV, with 23.5% of hybrid vehicle owners choosing EV as their next vehicle. In contrast, only 3.2% of petrol car drivers and 8.8% of gas hybrid car drivers chose electric vehicles as their next vehicle.
“Electric vehicles are beginning to defy stereotypes, because registrations aren’t just happening on the coasts, they’re expanding across the country,” Howard continued.Leveraging data that highlights trends such as plug-in hybrids serving as a transitional vehicle will be essential knowledge for OEMs and dealers as more models are introduced and the automotive landscape continues to change.”
To see more EV insights, watch the full Automotive Consumer Trends Report: Q2 2022 Web talk.
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1 Analysis is based on DMAs with 1,000+ EV recordings.
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