New Electric Vehicle Registrations Grew More Than 250% Over the Last Five Years, According to New Experian Data
22 Septiembre 2022 - 9:00AM
Business Wire
Consumers prefer larger models as SUVs make up
nearly 60% of electric vehicle registrations in Q2 2022
Electric vehicles (EVs), once thought of as an industry outlier,
have demonstrated their staying power, with new EV registrations
growing more than 250% over the last five years. According to
Experian’s Automotive Consumer Trends Report: Q2 2022 there are
more than 1.7 million EVs in operation in the US today (compared
with more than 400,000 EVs in Q2 2018). This number may seem small
compared to the 284 million vehicles on the road, but data shows it
is growing exponentially. Additionally, new EV registrations
continue to ramp up, comprising 5.7% of all new vehicle
registrations in Q2 2022, up from 1.5% in Q2 2018.
In addition to the growth of new EV registrations over the past
five years, the data also shows the types of EVs consumers prefer
is shifting, partly due to more models being introduced. For
example, SUVs comprised just 17.84% of new EV registrations in Q2
2018, with sedans making up 81.89%. However, in Q2 2022 SUVs made
up 59%, followed by sedans at 35.77% and sports cars at 3.28%.
“The types of electric vehicles consumers are gravitating
towards mirrors that of the larger automotive industry, with the
obvious exception of pick-ups due to limited availability. We can
attribute part of the allure of electric vehicles to the newer
variety of makes and models available,” said John Howard,
Experian’s director of product management for automotive.
“Leveraging this kind of data and trends can help all auto industry
players understand the landscape and make informed decisions as we
move to a more electric market.”
Multiple markets see significant EV growth
California still makes up the largest share of retail EV
registrations at 36.6%, but there are other markets beginning to
show significant growth. For example, Tucson, Arizona shows a
growth rate of more than 82% year-over-year as of Q2 20221. Other
markets with notable year-over-year growth rates include Orlando,
Florida at 77%, and Oklahoma City, Oklahoma, at 75% growth.
As growth continues in various markets, it is helpful to
understand which consumers are most likely to purchase an EV. One
way is to identify what kinds of vehicles consumers drive directly
before purchasing an EV—their “transition” vehicle. The data shows
consumers who drive a plug-in hybrid are more likely to transition
to an EV, with 23.5% of plug-in hybrid owners selecting an EV as
their next vehicle. In contrast, only 3.2% of gasoline vehicle
drivers and 8.8% of gas hybrid drivers opted for EVs as their next
vehicle.
“EVs are beginning to defy the stereotypes, because
registrations aren’t just happening on the coasts, it’s expanding
nationwide,” Howard continued. “Leveraging data that highlights
trends like 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 entire Automotive Consumer
Trends Report: Q2 2022 webinar.
About Experian
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1 Analysis based on DMAs with 1,000+ EV registrations.
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Jordan Takeyama Experian Public Relations 1 951
733 8768 jordan.takeyama@experian.com
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