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The North American electric vehicle (EV) market is undergoing a notable shift, according to Experian’s Automotive Consumer Trends Report: Q2 2024. The report highlights the increasing share of non-luxury EVs, reflecting a growing preference for affordability and practicality among consumers. Non-luxury models now represent a larger portion of the EV market, while luxury and exotic EVs have seen a decline. This trend is also accompanied by strong consumer loyalty to EVs, as more than three-quarters of owners are replacing their vehicles with another EV. Despite this, gasoline-powered vehicles remain a common presence in households with EVs.
Key Highlights from the Report:
- Non-luxury EVs are on the rise: Registrations for non-luxury EVs increased to 26.6% in Q2 2024, up from 22.7% the previous year.
- Overall EV market growth: Over 3.5 million EVs were on the road in Q2 2024, up from 2.7 million a year earlier.
- Market share shifts among manufacturers: Ford led the non-luxury EV market at 21.9%, though its share declined, while Hyundai’s share rose significantly to 19.3%.
- Consumer loyalty to EVs: 77.4% of EV owners replaced their existing EV with another EV in the past year.
According to Kirsten Von Busch, Experian’s director of product marketing for automotive, “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.” This shift underscores a growing demand for more affordable and functional electric vehicles.
The report also highlights changes in market share among non-luxury EV manufacturers. Ford maintained a leading position with a 21.9% market share, though it decreased from 24% in 2023. Hyundai experienced a notable increase from 15.2% to 19.3%, while Chevrolet saw a sharp decline from 24.2% to 13.2%.
Consumer behavior also reflects a strong commitment to EVs, with 77.4% of EV owners choosing to stay with electric when replacing their vehicles. However, gasoline-powered vehicles still hold a presence, with 81% of households that own an EV also owning a gasoline vehicle. This suggests that while consumers are increasingly adopting EVs, they continue to rely on traditional fuel vehicles for specific needs, particularly long-distance travel.
To explore more insights, the full findings are available in the Automotive Consumer Trends Report: Q2 2024.
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