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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 view Experian as a credit bureau, we have a rich history in identifying and analyzing emerging market shifts and consumer behaviors across industries, particularly automotive. In fact, Experian’s Automotive Consumer Trends Report: Q1 2025 is one of our many reports that provide essential intel for automotive professionals navigating today’s competitive landscape. And this quarter’s report sheds light on SUVs (including SUVs and CUVs)—a segment that continues to pique consumers’ interest. Data in the first quarter of this year found 62.8% of new retail registrations were SUVs, accounting for the largest portion of market share over the last 12 months—compared to sedans (18.4%), pickup trucks (16.6%), and vans (2.2%). While overall SUV registrations highlight the growing dominance in this sector, a closer look at the data revealed that electric SUVs are emerging as a contributor to this momentum. In Q1 2025, electric SUVs accounted for 10.5% of new retail SUV registrations—and within that group, 30.7% were registered in the state of California. It’s crucial for automotive professionals to monitor these trends and prepare accordingly as the fuel type continues to grow. Which electric SUV models are catching buyers’ attention? Knowing which types of electric SUVs are attracting consumer interest can enable professionals to align their offerings with market demand. The Tesla Model Y made up nearly half of the new retail SUV registrations for exotic and luxury in the last 12 months, coming in at 40.5%. Interestingly, the next closest model, Ford Mustang Mach-E, trailed behind at 5.8%. Rounding out the top five were the Hyundai IONIQ 5 (5.5%), Honda Prologue (4.9%), and Chevrolet Equinox EV (4.3%). Understanding SUV registrations goes beyond data—it’s about spotting the shift in consumer behavior as this segment as well as the EV fuel type continues to break ground in the automotive landscape. This insight gives professionals the leverage they need to adapt and refine their strategies in the next era of mobility. To learn more about SUV insights, view the full Automotive Consumer Trends Report: Q1 2025 presentation.

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Understanding generational trends and preferences is more crucial than ever, especially for the financial services industry.

Published: June 24, 2025 by Josee Farmer

Without data, anticipating buyer behavior in the months ahead can be challenging. While some OEMs had record sales¹ this spring, it remains critical to identify who’s in the market—whether to purchase or service their vehicle. With tax refund season in the rearview mirror and summer promotions approaching, consumers may be weighing their next move. Some could have “one foot in the showroom door” while others are waiting to see which dealer delivers the most compelling offer. Meanwhile, 41% of drivers choosing to keep their vehicles longer² are likely focused on maintaining them. So how can you best position yourself?  Explore These 3 Strategic Moves to Navigate This Summer:  Firm up your Service Marketing Plan: With summer road trips on the horizon, your customers may be in the market for services like A/C repair, wheel alignment, tire rotation, engine cooling, oil changes, multi-point inspections, and more. Discover who’s most likely to need service in the next 30–60 days with Experian Automotive’s AutoAudiences. Understand Customers’ Communication Preference: To effectively target your audience, start by understanding how they would prefer to communicate. As Car Dealership Guy puts it, “The shift in consumer preferences is undeniable and generational.”³ Experian Automotive’s Product Management Director, Kirsten Von Busch echoes this, adding, “Understanding generational differences is crucial to developing effective marketing strategies that resonate with each group’s unique preferences”. Experian’s Automotive Consumer Insights support this approach with data-driven messaging and communication channel recommendations.  Focus on Growing Market Share with Mid-Year Auto Trends: Two purchase types that are trending in the beginning half of the year include Leasing⁴ and Trade-In. Whether you have EVs or AWD vehicles on your lot, consider (A)ll (W)eather (D)eals that can (1) Supersede those in your backyard as part of your Conquest strategy and (2) Build upon your “Why Buy” dealer loyalty.  Experian Marketing Engine powers automotive marketing by helping automotive marketers identify the right audience, uncover the most appropriate communication channels, develop messages that resonate and measure the effectiveness of their marketing activities. Timing is everything, so start Targeting and Conquesting in your Market today!  Sources:  http://www.autonews.com/retail/sales/an-april-us-sales-2025-0501/  https://news.dealershipguy.com/p/3-real-time-shifts-in-car-buying-behavior-post-tariff-announcements-2025-05-01  https://news.dealershipguy.com/p/dealers-are-saving-thousands-in-labor-in-fixed-ops-2025-05-30 https://www.experian.com/blogs/insights/auto-the-current-state-of-ev-financing-why-more-consumers-are-choosing-leasing/

Published: June 17, 2025 by Chanté O’Neill

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