New Experian Report Shows a Shifting Electric Vehicle Market in North America as More Models Are Introduced
Non-luxury EV registrations continue to grow year-over-year
The growth in non-luxury EV registrations is indicative of the continued expansion of the overall EV market. For instance, of the 291.1 million vehicles on the road in Q2 2024, EVs accounted for more than 3.5 million, an increase from approximately 2.7 million this time last year.
“Not only are we seeing overall growth in EV registrations, but more consumers are opting for non-luxury EVs as manufacturers roll out new models,” said
The growth in non-luxury options also caused a shift in non-luxury EV market share. In Q2 2024,
Consumers are committed to EVs
Interestingly, 77.4% of EV owners replaced their current EV with another one in the last 12 months—signaling their loyalty to the fuel type. On the other hand, 16.2% transitioned to a gasoline-powered vehicle and 3.2% opted for a hybrid.
Though, it’s notable that as of Q2 2024, 81% of households with at least one EV also own a gasoline-powered vehicle, 14% also own a hybrid, and 12% own an additional EV.
“EVs have become a compelling choice over recent years as we continue to see adoption rise, but consumers are still relying on their gasoline-powered vehicles,”
To learn more about EV insights, view the fullAutomotive Consumer Trends Report:Q2 2024 presentation.
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Source: Experian