Tag: tesla

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.

Electric vehicle (EV) registrations are re-gaining momentum as a wave of more affordable models hit the market, pushing more consumers than ever to make the transition. According to Experian’s State of the Automotive Finance Market Report: Q3 2024, EVs made up 10.1% of new vehicle financing this quarter, increasing more than 30% from last year. Furthermore, 45% of EV consumers leased their vehicle in Q3 2024—resulting in EVs accounting for 17.3% of all new vehicle leasing. Of the top five transacted EV models this quarter, Tesla accounted for three—with the Tesla Model Y leading at 31.8%, followed by the Tesla Model 3 (14.3%) and Tesla Cybertruck (4.9%). Rounding out the top five were the Ford Mustang Mach-E (3.9%) and Hyundai IONIQ 5 (3.7%). Interestingly, data in the third quarter of 2024 found that consumers’ financing decisions vary based on the EV model they’re looking at. For example, 76.5% of consumers purchased the Tesla Model Y with a loan and 13.1% opted for a lease; on the other hand, only 8.5% of consumers bought the Hyundai IONIQ 5 with a loan and 78.7% chose to lease. Despite the rising interest in leasing as more incentives and rebate programs roll out, some consumers still prefer to purchase their EV with a loan. Understanding financing patterns based on different models is key for professionals as they cater to the diverse preferences and determine the long-term viability of certain EVs and their potential for leasing renewals. Snapshot of the overall vehicle finance market As the finance market continues to stabilize, it’s notable that the average interest rate for a new vehicle fell year-over-year, going from 7.1% to 6.6%, respectively. However, average new vehicle loan amounts increased $736 from last year, reaching $41,068 in Q3 2024, and average monthly payments went from $732 to $737 in the same time frame. On the used side, average interest rates saw a slight uptick to 11.7% in Q3 2024, from 11.6% last year. Meanwhile, the average loan amount dropped from $1,195 over the last year to $26,091 this quarter and the average monthly payment declined from $538 to $520 year-over-year. With the overall market shifting and EVs re-sparking interest, automotive professionals should leverage how consumers are purchasing their vehicles based on average payments and the fuel type as more incentives are being offered. Monitoring these insights can unlock opportunities for tailored financing solutions that meet the needs of consumers as preferences continue to evolve. To learn more about automotive finance trends, view the full State of the Automotive Finance Market: Q3 2024 presentation on demand.

As more consumers lean towards adaptable and efficient vehicles that fit their everyday lifestyle, it’s no surprise to see the nuanced shifts in consumer preferences over recent years. For instance, compact utility vehicles (CUVs) have resonated with those seeking versatility—emerging as the most registered new vehicle segment in the first quarter of 2024 at 51.1%, according to Experian’s Automotive Consumer Trends Report. When exploring the depths of CUV registrations, data showed Toyota led the market share for the non-luxury segment at 14.9% in Q1 2024. They were followed by Chevrolet (12.1%), Honda (11.4%), Subaru (10.4%), and Hyundai (10.0%). On the luxury side, Tesla accounted for 28.0% of the market share this quarter and Lexus trailed behind at 14.1%. Rounding out the top five were BMW (12.2%), Audi (8.6%), and Volvo (6.2%). CUV registration trends by generations It’s notable that different generations are drawn to CUVs for a multitude of personal preferences that align with their respective lifestyles. For example, Baby Boomers made up 32.3% of new retail registrations for CUVs and Gen X was close behind at 30.4% in Q1 2024. They were followed by Millennials (23.6%), Gen Z (7.9%), and the Silent Generation (5.4%). While some generations seek a vehicle that strikes a balance between practicality and comfort, others may prefer smaller and more maneuverable vehicles. Nonetheless, CUVs making up just over half of new retail registrations is something that should be watched closely. By leveraging multiple data points such as who is in the market for a CUV as well as the types of makes and models they’re interested in, professionals have the opportunity to strategize new ways to effectively reach shoppers. To learn more about CUVs, view the full report at Automotive Consumer Trends Report: Q1 2024. Or

With wider model availability and technology continuing to develop, the electric vehicle (EV) market experienced shifting in 2023, most notably among the top five newly registered models. According to Experian’s Electric Vehicles 2023 Year in Review, Tesla only made up two of the top five newly registered models in 2023, compared to four of the top five a year prior. The Tesla Model Y made up 36.8% of new retail EV registrations in 2023, followed by the Tesla Model 3 (19.6%), Volkswagen ID.4 (3.4%), Ford Mustang Mach-E (2.9%) and Chevrolet Bolt EUV (2.8%). The Volkswagen ID.4 and Chevrolet Bolt EUV were the newest entrants to the top five, replacing the Tesla Model X and Tesla Model S. EV registrations grow We’re also witnessing shoppers gravitate toward EVs more often than in years past. For instance, of the 11.8 million new retail registrations in 2023, more than 8% were EVs. Comparatively, of the 12.3 million new retail registrations in 2022, just over 6% were EVs. It’s notable that EVs continue to be most popular on the West Coast—particularly in California and Washington. According to the data, 33% of new retail EV registrations were in California—Los Angeles (170,000+), San Francisco (90,000+) and San Diego (30,000+) were among the top five DMAs for new retail EV registrations, along with Seattle, Washington (35,000+). While California exhibits robust EV registration growth, other states show the potential to expand, something automotive professionals should keep in mind. For instance, El Paso, Texas, was the fastest growing DMA for new retail EV registrations—with an 89.5% five year, year-over-year growth average, Savannah, Georgia, came in second at 81.8%, followed by Peoria-Bloomington, Illinois (76.7%), and Waco, Texas (73.7%). EV buyer insight Beyond the “what” and “where” of the EV market, the “who” is perhaps most important. Which customers have the highest propensity to buy an EV? According to the data, Gen Xers accounted for 32.0% of new retail registrations in 2023, however they accounted for 37.7% of new EV retail registrations over the same period. Similarly, millennials accounted for 24.5% of new retail registrations, yet made up 30.6% of new EV retail registrations in 2023; the only two generational demographics to over index on EV purchases. As professionals in the automotive industry find ways to stay ahead of the evolving EV landscape, leveraging data will enable them to understand and identify emerging opportunities to tailor their marketing strategies to a consumer’s needs. To learn more about EV trends, view the full Electric Vehicles 2023 Year in Review.

According to Experian’s State of the Automotive Finance Market Report: Q4 2023, EVs comprised 8.6% of total new retail transactions, an increase from 7.1% in Q4 2022.

As vehicle inventory continues to restore post-pandemic, data through the third quarter of 2023 showed new vehicle registrations are on the rise again—a positive sign that the market is leveling out. According to Experian’s Automotive Market Trends Report: Q3 2023, new vehicle registrations increased 12.7% year-over-year, reaching 11.5 million. On the used side, registrations declined to 29.3 million through Q3 2023, a 2% decrease from 29.9 million last year. Digging a bit deeper, CUVs/SUVs were the most registered new vehicle segment at 56.9%, up from 56.2% compared to last year. Pickup trucks declined from 18.6% to 17.4% year-over-year and sedans went from 17.1% to 16.8% in the same time frame. While knowing what types of vehicles consumers are interested in is beneficial for automotive professionals, breaking down the most sought-after models will paint a fuller picture as they assist shoppers in finding a vehicle that fits their needs. For instance, despite new pickup truck registrations declining year-over-year, the Ford F-150 made up the highest share of new vehicle registrations through Q3 2023—reaching 3%. The Tesla Model Y and Toyota RAV4 were not far behind, both coming in at 2.5% this quarter. They were followed by the Chevrolet Silverado 1500 and Honda CR-V tying at 2.3%. ICE vehicles continue to grow Taking a deeper dive into the fuel type share, ICE vehicles continue to grow year-over-year, even with electric vehicles (EVs) making headway into the market. Experian Automotive’s Vehicles in Operation (VIO) data as of Q3 2023 shows ICE vehicle registrations grew to 265.7 million, up from 264.5 million last year, while hybrid vehicles increased to 8.0 million, from 6.9 million in the same time frame. Meanwhile, EVs went from 2.0 million last year to 3.0 million this year and diesel saw a slight uptick from 9.6 million to 9.9 million in the same period. Leveraging different data points and staying up to date on vehicle registration trends can better prepare professionals as the market remains ever-changing and consumer preference continues to shift. To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q3 2023 presentation on demand.

Electric vehicles (EVs) are sustaining prominence throughout the automotive industry, and data from the second quarter of 2023 shows registrations are still on the rise. According to Experian’s Automotive Consumer Trends Report: Q2 2023, 7.50% of new vehicle registrations were EVs, resulting in more than 2.7 million EVs in operation in the US, an increase from the approximate 1.7 million this time last year. Though, despite the continued growth in EV popularity, data found that 85% of EV owners also have a gas-powered vehicle in their household garage and 11% have a hybrid vehicle. It’s possible that majority of consumers prefer to have a secondary vehicle for comfortability, considering charging stations aren’t as accessible in some states and gas operated vehicles offer more miles. That said, it’s important for automotive professionals to have additional insight when helping consumers find a vehicle that fits their lifestyle, such as if they have plans to keep another vehicle in addition to their EV and the type of vehicle they’re interested in. Luxury EVs dominate market share When looking at new EV registrations by vehicle class in the last 12 months, luxury EVs accounted for 77.73%, while non-luxury made up the remaining 22.67%. It’s notable that Tesla led the luxury EV registration market share in Q2 2023 at 81.61%, followed by BMW at 4.42%, Rivian at 3.76%, Mercedes-Benz at 3.27%, and Audi coming in at 2.52%. For non-luxury EVs, Chevrolet accounted for 24.21% of new registration market share this quarter and Ford was not far behind at 24.00%, followed by Volkswagen at 15.77%, Hyundai at 15.22%, and Kia at 9.17%. Breaking the data down further, Tesla made up four of the top five models for luxury EVs in Q2 2023, which explains the dominance in overall luxury EV market share. This quarter, the Model Y came in at 47.36%, followed by the Model 3 at 27.30%, the Model X (4.42%), the BMW i4 (2.82%), and the Model S (2.53%). Meanwhile, the Chevrolet Bolt EUV accounted for 17.67% of the non-luxury EV market share in Q2 2023 and the Volkswagen ID.4 came in second at 15.77%, followed closely by the Ford Mustang Mach-E at 15.74%, and the Hyundai IONIQ 5 at 11.13%. Despite Tesla comprising the majority of luxury EV market share, something professionals should keep in mind is other OEMs making their way into the market, which will give consumers more models to choose from as the gas alternative vehicles continue to grow in popularity. This will be important data to leverage in years to come when helping a consumer find a vehicle. To learn more about EV insights, view the full Automotive Consumer Trends Report: Q2 2023 presentation.

New EV registrations have increased almost 60% since this time last year—and while gasoline vehicles continue to dominate the market, data shows new gasoline registration volumes are dropping year-over-year.