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SCHAUMBURG, Ill. ~ Electric vehicle registrations have seen a steady rise in the US, with Tesla leading the majority of market share. According to Experian's Automotive Consumer Trends Report: Q2 2023, four of the top five models in the luxury EV segment were Tesla, with the Model Y making up 47.36% and the Model 3 coming in second at 27.30%.
Currently, there are more than 2.7 million EVs in operation in the US, an increase from approximately 1.7 million in Q2 2022. In addition, 7.50% of new vehicle registrations were attributed to EVs, up from 5.70% this time last year. Despite this growth, data found that 85% of EV owners also have a gas operated vehicle in their household garage, while 11% have a hybrid vehicle.
Kirsten Von Busch, Experian's director of product marketing for automotive said "Although EVs are growing in popularity, it's natural for some consumers to still opt for a secondary vehicle. With fewer charging stations in some states, they may feel more comfortable with a gas-powered vehicle"
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Luxury EVs accounted for 77.33% of new EV registrations by vehicle class over the last 12 months and non-luxury made up 22.67%. Tesla led the retail luxury EV registration market share in Q2 2023 at 81.61%, followed by BMW at 4.42%, Rivian (3.76%), Mercedes-Benz (3.27%), and Audi (2.52%). On the non-luxury side, Chevrolet made up 24.21% of new EV registration market share followed closely by Ford at 24%. Volkswagen came third at 15.77%, Hyundai (15.22%), and Kia (917%).
Von Busch added "As more model options become available, it will be interesting to see how that impacts consumer behavior" She continued "It's important for industry professionals to stay ahead of the trends as the automotive landscape continues to evolve"
The electric vehicle market is continuing to grow and evolve as more model options become available and infrastructure develops across states to support them better; understanding consumer needs will enable automotive professionals to better assist them when finding something that fits their lifestyle
Currently, there are more than 2.7 million EVs in operation in the US, an increase from approximately 1.7 million in Q2 2022. In addition, 7.50% of new vehicle registrations were attributed to EVs, up from 5.70% this time last year. Despite this growth, data found that 85% of EV owners also have a gas operated vehicle in their household garage, while 11% have a hybrid vehicle.
Kirsten Von Busch, Experian's director of product marketing for automotive said "Although EVs are growing in popularity, it's natural for some consumers to still opt for a secondary vehicle. With fewer charging stations in some states, they may feel more comfortable with a gas-powered vehicle"
More on illi News
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Luxury EVs accounted for 77.33% of new EV registrations by vehicle class over the last 12 months and non-luxury made up 22.67%. Tesla led the retail luxury EV registration market share in Q2 2023 at 81.61%, followed by BMW at 4.42%, Rivian (3.76%), Mercedes-Benz (3.27%), and Audi (2.52%). On the non-luxury side, Chevrolet made up 24.21% of new EV registration market share followed closely by Ford at 24%. Volkswagen came third at 15.77%, Hyundai (15.22%), and Kia (917%).
Von Busch added "As more model options become available, it will be interesting to see how that impacts consumer behavior" She continued "It's important for industry professionals to stay ahead of the trends as the automotive landscape continues to evolve"
The electric vehicle market is continuing to grow and evolve as more model options become available and infrastructure develops across states to support them better; understanding consumer needs will enable automotive professionals to better assist them when finding something that fits their lifestyle
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