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.
