According to Experian, there are more than 2.7 million EVs in operations in the U.S. So, on today’s episode of Inside Automotive, we’re looking at who these consumers are and what’s trending. Here to discuss the Automotive Consumer Trends Report: Q2 2023 is Kirsten Von Busch, Experian’s director of product marketing for automotive.
The first report in this series was created in 2022. Now, every quarter, the data collection focuses on a specific vehicle segment. Von Busch explains, “We dive deep into the details about those vehicles on the road and the consumers buying them.”
1. For the EV segment, overall, the industry continues to see exponential growth. According to the report, 7.5% of new retail registrations were strictly for electric vehicles- not hybrids- but fully electric.
2. Last spring, that number was at 5%, so, there is still room to grow.
3. Von Busch believes luxury EVs continue to make up most of the market because Tesla dominates four of the top five luxury EVs for market share.
4. The report also found that 85% of EV owners also own a gas vehicle. Von Busch notes that this is due to consumer adoption. While car buyers are interested in electrified cars, they’re not ready to fully transition.
5. 11% of EV owners also own a hybrid, meaning only 4% of households are purely electric at this time.
6. The top consumer concerns with EVs remain range anxiety, cost of vehicle, and model availability.
7. Where interest is there, full adoption is not ready regarding EVs.
8. One thing Von Busch found interesting in the report was that cars continue to dominate new, retail EV registration, but market share is shifting towards SUVs and pickup trucks with new and expanded model availability.
“Here at Experian, we continue to see consumers keeping those ICE vehicles in their garages.”