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EV Market Continues to Grow as More Models Are Introduced

Published: November 2, 2022 by Kirsten Von Busch

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It’s no secret electric vehicles (EVs) have grown in popularity over recent years. In fact, new EV registrations grew more than 250% over the last five years. The shift to electric gives automotive professionals more of a reason to reach consumers who may be interested—making it important to understand the types of EVs currently in the market and the states where they are most prominent in order to plan strategically.

According to Experian’s Automotive Consumer Trends Report: Q2 2022, EVs comprised more than 1.7 million vehicles in operation throughout the US, quite a jump from more than 400,000 EVs just five years ago in Q2 2018.

The number of EVs in operation this quarter may not seem significant when compared to the 284 million vehicles on the road today, but data shows registrations are continuing to grow with no signs of slowing down.

Additionally, it’s notable the types of EVs consumers prefer is beginning to shift—making it important for professionals to stay up-to-date with the current trends and understand the landscape in order to make informed decisions as the industry transitions into more gas-alternative options.

Consumers’ vehicle preference is shifting

As EVs continue to gain momentum throughout the industry, more models are introduced to the market every year—giving consumers a wider range of selection when searching for a vehicle that fits their needs. Though, as more options become available, it seems consumers are shifting away from sedans and gravitating towards SUVs; similar to the trend seen across other fuel types, including gasoline vehicles.

For example, SUV registrations in the EV market experienced significant growth in the past few years—going from 19.87% in Q2 2019 to 49.19% in Q2 2020 and 57.17% in Q2 2021, now comprising 59% of new EV registrations in Q2 2022.

In comparison, sedan registrations in the EV market have declined over the same period—going from 79.82% in Q2 2019 to 49.07% in Q2 2020 and 39.73% in Q2 2021, now making up 35.77% of new EV registrations in Q2 2022.

There may be a few reasons why consumers are shifting to larger EVs, such as having additional cargo space or more options available than ever before. Not only are the vehicle trends important for professionals to watch, but knowing where EV registrations are growing is important when looking for more opportunities to market strategically.

EVs are growing across multiple states

It’s somewhat expected that California still makes up the largest share of EV registrations in Q2 2022, as the state had many early adopters of the new technology. Although, data shows that other states are beginning to experience growth, as well.

For instance, California comprised 36.6% of new EV registrations in Q2 2022 and Arizona made up 2.61%. While the large difference in registrations may not seem comparable—it’s important to note that Phoenix, Arizona had over 14,000 new EV registrations in the last 12 months and Tucson, Arizona had one of the fastest growing DMAs aside from California, coming in at 82.33% this quarter. In addition to that, Chicago, Illinois also had over 14,000 new EV registrations year-over-year and Houston, Texas had more than 9,000 new EV registrations in the same time frame.

It will be crucial for professionals to stay up-to-date as preferences shift throughout the automotive industry, more models are being introduced to the market and more states offer infrastructure support and tax credits for EVs. Leveraging this data will enable them to prepare for what’s to come in the near future.

To learn more about EV insights, watch the entire Automotive Consumer Trends Report: Q2 2022 webinar.

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While many industry pundits are assessing how macroeconomic changes may impact the future of the automotive market, recent data suggests consumers tend to stick to specific fuel types. According to Experian’s Automotive Market Trends Report: Q4 2024, over the last 12 months, 77.5% of electric vehicle (EV) owners replaced their EV with another one, with 15.6% returning to gas-powered vehicles. Meanwhile, 82.2% of gas vehicle owners replaced it with the same fuel type, while only 4.7% made the switch to electric. It’s important for professionals to recognize that most consumers tend to replace their vehicles with the same fuel type. Additionally, knowing who is making these purchases and the types of vehicles being registered allows better anticipation for consumer needs and ultimately enhances the buying experience while fostering consumer loyalty. Breaking down fuel types by generation Through Q4 2024, Baby Boomers predominantly registered new gasoline vehicles, accounting for 74.7% of their choices, while 15.9% opted for hybrids and 6.6% chose EVs. Millennials showed a similar trend, with 69.2% registering gas vehicles, followed by 15.1% selecting hybrids and 12.5% choosing EVs. Gen Z also favored gasoline vehicles at 74.0%, with hybrids making up 14.3% and EVs at 9.1% of their registrations. Although gasoline vehicles account for the majority of new registrations, EVs and hybrids are steadily gaining ground, particularly among the younger generations who are drawn to advanced features that align with their preferences. This will likely play a role in shaping the future of vehicle registrations as more gas alternative models hit the market and consumers make the switch. To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q4 2024 presentation on demand.

Published: April 2, 2025 by John Howard

While CUVs and SUVs continue to dominate the market, sedans remain a popular choice among consumers. According to Experian’s Automotive Consumer Trends Report: Q4 2024, sedans accounted for 18.4% of new retail registrations and 36.9% of used. Comparatively, CUVs/SUVs came in at 59.3% for new and 38.6% for used. For retail sedan registrations, the Toyota Camry made up the most market share for both new and used in the last 12 months, coming in at 10.5% and 6.0%, respectively. Meanwhile, the Honda Civic came in a close second for new sedan registrations at 10.1% and the Honda Accord followed closely for used at 5.9%. Knowing which sedan models are leading in registrations is important for professionals as it helps them understand evolving consumer preferences, enhance marketing strategies, and make informed inventory decisions. Understanding the key generations fueling the sedan segment When examining generational interest in this vehicle segment, data found Gen Z and Millennials over-indexed in new retail sedan registrations. In the past 12 months, Gen Z represented 12.4% of new retail sedan registrations, while their total new retail registration was 8.2%. Millennials had 27.3% of sedan registrations out of 27% total registrations. Understanding who is purchasing and what models they’re gravitating towards can unlock valuable insights as professionals craft their next move and position themselves one step ahead in a competitive market. To learn more about sedan insights, view the full Automotive Consumer Trends Report: Q4 2024 presentation.

Published: March 24, 2025 by Kirsten Von Busch

The electric vehicle (EV) market continues to see remarkable growth as both new and used registrations rise year-over-year. For the first time, new EVs accounted for 9.2% of all retail vehicle registrations across the U.S. in 2024, according to Experian’s 2024 EV Year in Review Report, and used EV registrations climbed to just over 1%, from 0.7% the year prior. As we dove into the data, we found that Tesla remains the dominant player in both new and used sectors; however, the shift in consumer preferences is extending across various manufacturers with more models hitting the market. For instance, Tesla accounted for 50.7% of new retail registrations in 2024, from 60.6% in 2023. Meanwhile, Ford increased from 4.7% to 6.2% year-over-year and Hyundai went from 4.2% to 5.4%. On the used side, Tesla made up 59% of retail registrations, from 60% in 2023, while Chevrolet grew from 7.1% to 9% and Nissan was at 5.4%, from 8.3%. As the EV market continues to grow, it’s not just the various manufacturers making waves; geographical trends are also coming into play in shaping how these vehicles are being embraced nationwide. While EV adoption is expanding well beyond the traditional EV strongholds, California still holds the highest number of registrations, with Los Angeles accounting for more than 180,000 new retail EV registrations, followed by San Francisco at 91,000+ and San Diego with more than 31,000. Hartford and New Haven, Connecticut experienced the highest growth in new retail EV registrations over the last five years, reaching 110.5% in 2024. Close behind were El Paso, Texas (with a 99% increase), and Colorado Springs, Colorado (with an 85.7% spike). These shifts highlight the rapid expansion of EV adoption across the country as we see more consumers in diverse areas opting for the fuel type. Analyzing and leveraging the broader range of registrations will help automotive professionals as they identify emerging markets to effectively tailor their strategies. To learn more about EV insights, visit Experian Automotive’s EV Resource Center.

Published: March 18, 2025 by Kirsten Von Busch

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