EV Registrations Grow 250% Over Five Years

By Staff Writer September 25, 2022 392

Electric vehicles, 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 U.S. today (compared with more than 400,000 EVs in Q2 2018). This number is 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 toward mirrors that of the larger automotive industry, with the obvious exception of pick-ups due to limited availability,” said John Howard, Experian’s director of product management for automotive.  “We can attribute part of the allure of electric vehicles to the newer variety of makes and models available.”

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 2022. Other markets with notable year-over-year growth rates include Orlando, Florida at 77%, and Oklahoma City, Oklahoma, at 75% growth.

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Last modified on Monday, 26 September 2022 12:11