Loading...

EV Market Continues to Grow as More Models Are Introduced

Published: November 2, 2022 by Kirsten Von Busch

930x420-EV-image (002)

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.

Related Posts

In an ever-evolving automotive landscape, where shifting consumer behavior meets fluctuating market dynamics, Experian’s State of the Automotive Finance Market Report: Q2 2025 delivers key insights into how both consumers and professionals are adapting to the changes. This quarter’s report revealed a sharp increase in vehicle refinancing—up nearly 70% from Q2 2024—as consumers capitalized on the more stable rate environment. In fact, after refinancing, the average interest rate went from 10.45% to 8.45%. That shift resulted in their monthly payment dropping by an average of $71. Interestingly, credit unions played a significant role in the refinance surge, increasing their market share from 63.22% last year to 68.33% this quarter, and borrowers who refinanced through credit unions saw their monthly payments decrease by $87 on average. Banks saw a slight dip in their share of the refinancing market year-over-year, going from 22.71% to 21.45%, and borrowers who refinanced through them saved an average of $46 a month. New leaders emerge as the lender market share continues to evolve Taking a deeper dive into the automotive finance market share, banks reclaimed their leading position for total vehicle financing, rising to 27.50% in Q2 2025, from 24.50% in Q2 2024. Meanwhile, captives declined from 30.17% to 26.63% year-over-year, and credit unions slightly increased from 20.35% to 21.04% during the same period. For new vehicles, captives continued to lead at 52.39% this quarter, though it was a drop from 60.74% last year. On the other hand, banks grew from 21.12% to 25.91% and credit unions went from 9.99% to 12.24% in the same time frame. On the used side, banks edged ahead, increasing their share to 28.59% in Q2 2025, from 26.80% last year. Credit unions saw slight growth from 27.59% to 27.63%, while captives declined from 7.83% to 6.40% year-over-year. As affordability remains a key priority, consumers seem to be exploring financing options that offer more favorable terms. While Experian Automotive’s report continues to illustrate the evolving dynamics, these data-driven insights can empower both consumers and industry professionals to make smarter financial decisions. To learn more about automotive finance trends, view the full State of the Automotive Finance Market Report: Q2 2025 presentation on demand.

Published: September 5, 2025 by Melinda Zabritski

While Experian is known as a trusted source for credit insights, we have built a reputation for helping car shoppers, dealers, and lenders make informed decisions with confidence in the automotive space. Leveraging the value of data is key for identifying the latest trends in markets, behaviors, and industry changes. In fact, Experian’s Automotive Market Trends Report: Q1 2025 revealed the latest shifts in alternative fuel type registrations. Through the first quarter of this year, data found that growth in retail registrations for electric vehicles (EVs) is slowing compared to previous years, reaching 7.8%, down from 7.9% last year and 7.1% the year prior. Meanwhile, hybrids increased to 13.6% of new retail registrations through Q1 2025, from 11.3% through Q1 2024 and 8.8% through Q1 2023. Some of the uptick in hybrids may be attributed to consumers’ concerns with EV charging infrastructure and range anxiety. Hybrids are known to offer practical middle grounds—with the convenience of refueling and not having to plan longer trips around charging availability, this fuel type is becoming a more ideal choice for some. Vehicle preferences continue to vary by age group Through Q1 2025, Gen Z accounted for 14.8% of new retail hybrid registrations and 8.4% of EV registrations, while Millennials made up 15.9% for hybrid and 11.4% for EVs. On the other hand, Baby Boomers were at 16.3% for hybrids and 5.9% for EVs this quarter. Younger generations have naturally gravitated towards the gas-alternative fuel types as it aligns with their current lifestyle, including everyday commuting and the tech-forward features that these vehicles offer. As the automotive industry continues to evolve, staying attuned to the shifting landscape is essential. We’re committed to delivering insights that will help professionals make forward-looking decisions and stay ahead of the curve. To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q1 2025 presentation on demand.

Published: July 7, 2025 by John Howard

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.

Published: June 24, 2025 by Kirsten Von Busch

Subscribe to our Auto blog

Enter your name and email for the latest updates.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.