Lifetime customer value runs through the service bay. See how Polk Audiences uses data to deliver the best ROI for… https://t.co/93TmvWGurA
EV Insights - Part I
Electric vehicle penetration of new retail registrations reached 5% in the five months from January to May 2022. Asian consumers continue dominate EV, with 16% of Asian new registrations being electric. While African American and Hispanic consumers make up a larger portion of EV purchases compared to three years ago, EVs only represent 3% of those ethnic groups' new registrations.
There are several factors in the strong Asian presence in the EV market. Despite recent and upcoming EV launches, Tesla is still the dominant player. Asian consumers seem to have a bigger draw to Tesla than any other ethnic group. Nearly 80% of Asian EV registrations are Tesla (compared to 66% of the total EV market). African American EV owners are the least likely to own a Tesla, but still, 63% do.
In addition, electric vehicles are generally more expensive than gas vehicles, giving those with higher incomes greater ability to purchase them. Asian car buyer incomes skew higher than the other ethnic groups and the general population.
Geographically, California continues to dominate the EV market. Although down from three years ago, California still made up 40% of EV registrations in the first five months of this year (versus 12% of total market). For all fuel types, California has the largest Asian new registration volume and the second highest proportion of Asian new car buyers, behind Hawaii. Asians account for 17% of CA new registrations, but only 7% of national registrations.
Fill out the form on the right to access the latest edition.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.
- Fuel For Thought: Detroit Auto Show 2022 - An industry in transition
- Supply Constraints, Lack of Inventory Cap US Light Vehicle Sales in September
- Load-shedding disrupts recovery in South Africa truck and bus assembly
- September 2022 Light Vehicle Production Forecast update
- Major supply chain disruption is behind us but production developments are far from uniform as new headwinds emerge
- Plugging in to the Electrified Future - September 2022
- Fluid production in relation with the increased electrification.
- Tesla loyalty and market share soar, but dominance of EV segment could wane
Load-shedding disrupts recovery in South Africa truck and bus assembly. EVs pose a huge challenge to South Africa,… https://t.co/k2wXhpQVrm
Please join our experts in-person in Paris to gather insight around critical subject matters of enablers for the co… https://t.co/sdeDYl7En4