Tag: vehicle market share

After years of rapid growth, new electric vehicle (EV) registrations have moderated, and the EV market has entered a new chapter. But slower growth shouldn’t be mistaken for disappearing demand, with data suggesting the reality is much more nuanced. According to Experian Automotive’s Automotive Consumer Trends Report: Q2 2026, battery EVs accounted for 8.21% of new retail registrations in the last 12 months, down from 9.23% a year earlier. However, consumers aren’t simply walking away from electrification. In fact, more than one million new EVs were registered during the past 12 months and the used EV market recorded more than 540,000 registrations over the same period. The opportunity may be less about waiting for the EV market to grow and more about understanding where EV demand is present, who is driving them, and how to reach those consumers more effectively. Who is likely to purchase an EV and what vehicle types are they interested in? Understanding who’s in the market for an EV can allow dealers to position themselves around consumers’ needs as they choose a vehicle that fits their everyday lifestyle. In the second quarter of 2026, Millennials and Gen X accounted for 67.83% of new EV registrations, nearly 10 percentage points above their combined share of all new, retail registrations. Millennials were also the largest generational audience across both new and used EV market share, coming in at 35.76% and 38.42%, respectively. It’s important to consider that the EV shopper isn’t necessarily looking for an unfamiliar or new type of vehicle. In many cases, they’re seemingly looking for an electric version of the practical vehicle they already know. For instance, SUVs accounted for 77.47% of new EV registrations in Q2 2026, which was similar to SUVs’ 63.49% share of all new retail registrations. For these shoppers, creating messaging around value, practicality, and available choices may resonate differently than premium technology messaging aimed at some new-EV prospects. The more precisely dealers can identify those audiences, the less they need to depend on broad EV market momentum to generate demand. To learn more about EV insights, view the full Automotive Consumer Trends Report: Q2 2026 presentation.

Driven by a range of appealing factors including lower monthly payments and a wider array of models—due to the continuous rise in new vehicle inventory—leasing has reappeared as an optimal choice for consumers who are in the market for a vehicle. According to Experian’s State of the Automotive Finance Market Report: Q2 2024, leasing increased to 25.35%, up from 21.14% in Q2 2023 and 19.30% the year prior. While the average monthly payment and interest rate for a new loan modestly increased year-over-year, leasing is increasingly becoming a more attractive option for those leaning towards flexibility and affordability. For example, the average monthly payment on a leased vehicle was $148 less than a loan this quarter. What’s more, it seems consumers are leaning towards larger vehicles. For instance, the Honda CR-V (2.98%) continued to lead the top leased models in Q2 2024, and it was followed closely by the Tesla Model Y (2.61%). Rounding out the top five were the Honda Civic (2.29%), Ford F-150 (2.02%), and Chevrolet Silverado 1500 (1.86%). Prime financing grows and lease payments decline across all segments When looking at risk distribution trends in Q2 2024, prime consumers accounted for nearly 70% of the total finance market—with prime coming in at 37.82%, down from 39.84% last year and super prime increasing from 28.98% to 31.59% year-over-year. Subprime also saw a slight increase, going from 13% to 13.06% during the same period. It’s notable that all risk segments experienced a decrease in average monthly payments for leased vehicles, as super prime went from $601 in Q2 2023 to $586 in Q2 2024, prime declined to $583 this quarter, from $596 last year, and subprime was at $597, from $611. With the average monthly payments declining year-over-year for majority of shoppers, it can potentially create a more competitive market and drive more consumers towards this finance option—something automotive professionals should keep a close eye on. New and used vehicle finance market overview Data in Q2 2024 found that new vehicle loan amounts increased slightly, reaching $40,927, up from $40,743 last year, and the average interest rate went from 6.78% to 6.84% year-over-year. Despite the increases, the average monthly payment for a new vehicle only experienced a $1 growth to $734 this quarter. On the used side, the average loan amount declined from $27,316 Q2 2023 to $26,248 in Q2 2024, and the average rate grew from 11.47% to 12.01% in the same time frame. Though, the average monthly payment declined to $525 this quarter, from $536 last year. As the automotive industry continues to adapt to the changing market conditions and consumer preferences, it’s important for professionals to leverage the most current data—this will allow them to effectively assist consumers by meeting their financial needs with the available options. To learn more about automotive finance trends, view the full State of the Automotive Finance Market: Q2 2024 presentation on demand.