US Electric and Hybrid Vehicles Market Report 2024

Explore the electric and hybrid vehicle market in the US with this comprehensive report. What drives the purchase of electric and hybrid vehicles? How is the market performing? And why? Answer critical industry questions, with Mintel.

US Electric and Hybrid Vehicles Market – Current Landscape

Consideration of electric and hybrid vehicles is strong. This is especially driven by younger consumers, presenting a substantial market expansion opportunity. While current ownership remains limited, many consumers are keen to make their next vehicle electric or hybrid. Younger adults, from 18 to 54, show a much stronger preference for these eco-friendly vehicles compared to those over 55, indicating a ripe opportunity for growth.

Social proof, such as peer and expert reviews, heavily influences their buying decisions. For brands, addressing critical factors like affordability, battery performance, and charging infrastructure is essential to converting interest into sales. Despite challenges in infrastructure and cost, there’s a significant chance for brands to boost awareness and consideration of electric and hybrid vehicles. Engaging digitally through social media and expert endorsements is crucial, particularly for reaching younger buyers.

By tackling concerns about cost, charging access, and battery life, automakers and retailers can improve perceptions of electric vehicles (EVs) and present hybrids as a sensible bridge to full electrification among those not yet ready to fully commit. This strategy can create a compelling narrative that boosts consumer confidence and adoption, highlighting hybrids as a cost-effective, accessible first step. As the market evolves, effectively communicating benefits and addressing consumer concerns will be key to capturing the interest of these forward-thinking audiences.

US Electric and Hybrid Vehicles – Market Statistics

• US electric vehicle market concern: Half of consumers express concerns about how available charging stations are. With this, 32% also cannot install a charging station at their residence. This outlines critical consumer concerns and the need for innovative, accessible solutions to ease these concerns.
• US hybrid and electric vehicle purchase factors: Leading in a close race of purchase factors is battery efficiency (94% want), followed by affordability, and other factors that indicate overall consumer interest in practical and financial aspects when choosing a vehicle.
• US sources influencing electric and hybrid vehicle decisions: Consumer and professional reviews are the most impactful sources influencing decision-making when purchasing an electric or hybrid vehicle. This showcases the weight of third-party validation.

US Electric and Hybrid Vehicles Market Report – What’s Inside?

Key Topics Analyzed in the Report

• Consumers’ current ownership and consideration of electric and hybrid vehicles.
• Sources influencing consumers’ interest in electric and hybrid vehicles.
• Important factors impacting electric and hybrid vehicle purchase decisions.
• Attitudes toward EVs and hybrids.

Meet the Expert Behind the Analysis

This report was written by automotive industry expert Gabe Sanchez.

Interest in hybrid and electric vehicles signals opportunity for future growth as the industry continues to shift gears to improve vehicle technologies and steer past perceived barriers.

Gabe Sanchez
Automotive Analyst