Schaumburg, Ill., September 28, 2023 — As electric vehicle (EV) registrations rise across the country, Tesla continues to capture 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%, followed by the Model X (4.42%), the BMW i4 (2.82%), and the Model S (2.53%).
At a broader level, there are currently 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. Though, despite the incessant growth in EV popularity, data in Q2 2023 found that 85% of EV owners also have a gas operated vehicle in their household garage, while 11% have a hybrid vehicle.
“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,” said Kirsten Von Busch, Experian’s director of product marketing for automotive. “As the infrastructure continues to develop, understanding consumers’ needs will enable automotive professionals to better assist them when finding something that fits their lifestyle.”
Luxury EVs comprise majority of market share
Looking at new EV registrations by vehicle class, in the last 12 months, luxury EVs accounted for 77.33%, while non-luxury made up the remaining 22.67%. The dominance of luxury EVs can be credited to Tesla, who led the retail luxury EV registration market share in Q2 2023, coming in 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 in Q2 2023, followed closely by Ford at 24.00%. Rounding out the top five were Volkswagen at 15.77%, Hyundai (15.22%), and Kia (9.17%).
“While Tesla has been the current electric vehicle market share leader, we’re seeing other OEMs enter the market and gain share,” Von Busch continued. “As more model options become available, it will be interesting to see how that impacts consumer behavior. It’s important for industry professionals to stay ahead of the trends as the automotive landscape continues to evolve.”
To learn more about EV insights, view the full Automotive Consumer Trends Report: Q2 2023 presentation.
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