While the U.S. automotive market has experienced growth this year in nearly every vehicle segment, Kelley Blue Book reports no segment is growing more quickly than electrified vehicles, defined as the combined total of electric vehicles (EVs), hybrids and plug-in hybrids.
According to an analysis of Q2 2021 data from Kelley Blue Book, sales of pure EVs surpassed 100,000 units in the quarter – a first – and hybrid sales were over 250,000 units. Sales of EVs for Q2 climbed 201.1% year-over-year, reaching beyond 375,000 total combined EVs and hybrids. Accordingly, electrified vehicles are capturing more total market share as consumer demand expands. Electrified vehicle sales accounted for 8.5% of total sales in Q2, up from 7.8% in Q1 and 4.2% in Q2 2020.
Gas prices continue to increase – according to AAA, prices have risen 40% from the beginning of the year – and research consistently shows that when prices are up, consumers start dreaming about more efficient vehicles. In a recent Cox Automotive “quick poll,” 30% of consumers indicated they would either be “extremely likely or very likely” to consider an EV for their next purchase. That 30% is significantly higher than what is typical, given that EV consideration usually hovers in the 5% to 7% range according to Kelley Blue Book’s ongoing Brand Watch study.
“While low inventory could impact the market’s current trajectory, it’s still safe to say that 2021 will be a record-setting year for electrified vehicles in the United States – and we’re confident that 2022 will beat 2021,” says Matt DeLorenzo, senior managing editor for Kelley Blue Book.
“Automakers continue to release more electrified vehicles, whether hybrid versions of established nameplates or all-new electrified models,” he adds. “Car buyers are increasingly attracted to these options. The electrified market is currently dominated by hybrids and plug-ins, but automakers future plans favor pure electric vehicles. The progress may be slow, but the path is set.”