Stay ahead of the curve and secure future growth for your business with Mintel’s US Electric and Hybrid Vehicles Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest trends and consumer behaviours affecting your industry. Get a 360° view of the US Electric and Hybrid Vehicles market including market size and forecasted growth for the next five years.
Despite US consumers’ growing interest in sustainability, they remain cautious of hybrid and electric vehicles. Availability and affordability are the biggest barriers to adoption. However, a growing number of younger consumers display a growing interest in electric and hybrid cars, which indicates positive future growth.
Despite limited current ownership, two-thirds of US consumers would consider purchasing a hybrid or electric vehicle, with Gen Z and Millennial consumers among the most likely adopters. Consumers gravitate toward hybrid vehicles over electric, due to issues around availability and affordability in the electric vehicle market.
In order to encourage more consumers to adopt electric vehicles, brands must aim to combat the negative perceptions related to reliability and value. This can be achieved by highlighting the average lifespans of these vehicles, as well as developing or communicating the warranties that are available for these vehicles.
Access and availability to charging stations remains a barrier for many consumers. However, almost three-quarters of US consumers who would consider purchasing a hybrid or electric vehicle would like charging stations to include different offerings, such as lounge areas or food options. Highlighting the need for brands to build upon the overall charging experience.
Purchase our full report to discover more about the latest industry and consumer trends in the US Electric and Hybrid Vehicle Market.
Readers of this report might also be interested in US Luxury Cars Market Report 2023, or US Car Purchasing Process Market Report 2023. Take a look at our extensive Automotive market research for more.
This report, written by Gabe Sanchez, a leading Automotive Analyst, delivers in-depth commentary and analysis to highlight current trends in the Electric and Hybrid Vehicle market and add expert context to the numbers.
Consumers’ growing interest in sustainability combined with automakers’ increasing commitment toward electric and hybrid vehicles presents a massive potential for growth in this category in the years ahead. However, obstacles such as perceptions, availability and affordability continue to pose challenges to consumers’ adoption. As such, it will be crucial for brands and retailers to work to overcome these barriers and effectively showcase the value of these offerings.
Gabe Sanchez
Automotive Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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