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Executive Summary
- What you need to know
- Total unit sales and forecast electric and hybrid vehicles
- Market predictions
- What consumers want & why
- Opportunities
- Amp up the charging experience: improve offerings for eco-driven pit stops
- Driving down costs: shifting gears towards affordable green rides
- Fashion on wheels: electrifying style drives trendy appeal
- Leading the race: innovating sustainability in manufacturing
- Bridging the gap: hybrids as the pathway to full electrification
- Rev up the dealership experience: improve infrastructure and awareness
- Empower consumer confidence in pre-owned hybrid and electric vehicle purchases
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Market Dynamics
- Market context
- Market drivers
- Annual inflation sits at 2.5% as of August, the lowest it has been since March 2021
- Graph 1: headline CPI and core CPI, 2021-24
- Consumer sentiment rebounds after a number of months on the slide
- Graph 2: consumer sentiment index, 2022-24
- US continues to expand charging station network, with some regions lagging
- Graph 3: electric charging stations, by state, 2024
- Gas price fluctuations may impact consideration
- Powering the future: $521M boost for charging infrastructure
- Market size and forecast
- Total unit sales and forecast electric and hybrid vehicles
- Total unit sales and forecast electric and hybrid vehicles (cont’d)
- Driving the future: the rise and challenges of electric and hybrid vehicles
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Consumer Insights
- Consumer fast facts
- Vehicle ownership
- Half of households only own one vehicle
- Graph 4: vehicle ownership, 2024
- Consumers continue to adopt more sustainable options
- Graph 5: I or someone in my household…, 2024
- “Driven” apart: age “shifts” ownership
- Graph 6: vehicle ownership, by age, 2024
- Easing barriers, lifestyle influence younger consumers’ ownership
- Graph 7: I or someone in my household…, by age, 2024
- Older men drive the hybrid ownership gap
- Graph 8: hybrid owners, by gender and age, 2024
- Younger men lead electric adoption, with younger women presenting opportunity for potential growth
- Graph 9: electric vehicle ownership, by gender and age, 2024
- Driving change: income influences in the green vehicle market
- Graph 10: vehicle type owned, by income, 2024
- Engage younger consumers through parenthood
- Graph 11: I or someone in my household…, moms vs dads, 2024
- Consumers continue to consolidate
- Graph 12: vehicle ownership, 2020-2024
- Rise in single car households among suburban and rural areas
- Graph 13: single car households, by area, 2022-2024
- Bridging the gap: disparities in hybrid and EV ownership across areas…
- Graph 14: I or someone in my household…, by area, 2024
- …and frequent work commuters
- Graph 15: I or someone in my household…, by work from home status, 2024
- Gateway to green: fostering loyalty
- Graph 16: I or someone in my household…, by owners of hybrids or EVs, 2024
- Purchase intent
- Seize future growth potential
- Graph 17: purchase intent timing, 2024
- Target younger consumers coming to market
- Graph 18: purchase intent timing, by age, 2024
- Younger men drive short term purchasing
- Graph 19: purchase intent within the next 6 months, by gender and age, 2024
- Seize the moment: rev up green vehicle purchases with strategic incentives for existing owners
- Graph 20: purchase intent timing, by current ownership of EVs or hybrid vehicles, 2024
- Parenthood offers additional opportunities
- Consideration of electric and hybrid vehicles
- Consumers consider a greener future
- Graph 21: electric and hybrid vehicle consideration, 2024
- Understand the costs
- Hybrids lead in consideration
- Graph 22: electric and hybrid vehicle type consideration, 2024
- Younger men and women drive interest
- Graph 23: “I would consider a hybrid or electric vehicle”, by gender and age, 2024
- Optimize vehicle marketing by type to reach across age groups
- Graph 24: electric and hybrid vehicle type consideration, by age, 2024
- Income shapes consumer interest across age groups
- Graph 25: “I would consider a hybrid or electric vehicle”, by age and household income, 2024
- Leverage parenthood to reach younger, interested consumers
- Graph 26: “I would consider a hybrid or electric vehicle”, moms vs dads, 2024
- Reaching moms and dads
- Charging station availability hinders regional interest
- Graph 27: “I would consider a hybrid or electric vehicle”, by census region, 2024
- Private retailer thinks smaller to reach consumers during charging
- Urban consumers lead consideration
- Graph 28: “I would consider a hybrid or electric vehicle”, by area, 2024
- Work-from-home influence on vehicle consideration
- Graph 29: “I would consider a hybrid or electric vehicle”, by work from home status, 2024
- Accelerating adoption: bridging the gap in EV and Hybrid consideration
- Graph 30: “I would consider a hybrid or electric vehicle”, by current ownership, 2024
- Unlocking market potential: tailoring strategies for first-time buyers and tech-savvy owners
- Graph 31: electric and hybrid vehicle type consideration, by current ownership, 2024
- Important factors
- Key factors driving hybrid and electric vehicle purchases
- Graph 32: important factors (% important), 2024
- Understanding older consumers’ priorities
- Graph 33: select important factors (% important), by age, 2024
- Electrifying legends: bridging tradition and innovation to drive EV adoption
- Harness education and incentives to captivate buyers
- Graph 34: select important factors (% important), by age, 2024
- Leveraging social influence: reaching younger consumers
- Graph 35: family and friends related factors (% important), by age, 2024
- Optimize parent-focused marketing
- Graph 36: select important factors (% important), moms vs dads, 2024
- Leveraging sales staff and social influence to capture to drive appeal among urban consumers
- Graph 37: select important factors (% important), by area, 2024
- Factors vary by consideration
- Graph 38: purchase factors (% important), by consideration of type (exclusive), 2024
- Ford launches “Ford University”
- Impactful sources
- Harness key consumer influences to boost brand credibility and strategy
- Graph 39: impactful sources when purchasing an EV or hybrid vehicle (any rank), 2024
- Tailor marketing strategies to distinct preferences across age groups
- Graph 40: reviews as an impactful sources when purchasing an EV or hybrid vehicle (any rank), by age, 2024
- Tailor marketing strategies to distinct preferences across age groups
- Graph 41: impactful sources (select) when purchasing an EV or hybrid vehicle (any rank), by age, 2024
- Social media resonates with younger men
- Graph 42: social media as an impactful sources when purchasing an EV or hybrid vehicle (any rank), by age and gender, 2024
- Harnessing the power of social proof and digital influence
- Graph 43: impactful sources (select) when purchasing an EV or hybrid vehicle (any rank), by parental status (moms vs dads), 2024
- Ways to reach parents
- Leverage advertising and media coverage to authentically engage with LGBTQ+ consumers
- Graph 44: media-related impactful sources when purchasing an EV or hybrid vehicle (any rank), by LGBTQ+ identity, 2024
- Understanding key influences: hybrid vs EV consideration
- Graph 45: impactful sources (select) when purchasing an EV or hybrid vehicle (any rank), by EV and hybrid consideration (exclusive), 2024
- Optimize engagement strategies based on ownership
- Graph 46: impactful sources when purchasing an EV or hybrid vehicle (any rank), EV/Hybrid owners vs overall owners, 2024
- Electric vehicle concerns
- Address concerns over charging access…
- Graph 47: charging station concerns, by age, 2024
- …considering varying areas…
- Graph 48: charging station concerns, by area, 2024
- …and living situations
- Graph 49: charging concerns, by owner or renter, 2024
- Providing power: Mercedes-Benz and Simon partner to provide access to charging
- Address hybrid consumers’ charging concerns
- Graph 50: charging concerns, by EV and hybrid consideration (exclusive), 2024
- Empowering first-time buyers: overcoming infrastructure concerns
- Graph 51: charging station concerns, by ownership status and type, 2024
- Ford offers free home installation in partnership with Qmerit
- Driving down cost perceptions: highlighting affordability is critical
- Graph 52: electric vehicle affordability concerns, by age, 2024
- Rivian launches CPO program
- Educate potential EV owners on costs and incentives
- Graph 53: electric vehicle affordability concerns, by ownership status and type, 2024
- Address EV safety and simplicity concerns
- Graph 54: electric vehicle technology concerns, by age, 2024
- Tailoring EV strategies for safety-conscious women
- Graph 55: electric vehicle technology concerns, by gender, 2024
- Embrace inclusive crash testing in electric and hybrid vehicles
- Attitudes toward electric and hybrid vehicles
- Awareness fuels hybrid and electric vehicle adoption
- Graph 56: knowledge-related attitudes toward electric and hybrid vehicles (% agree), by age, 2024
- Embrace consumers’ perception of practicality
- Showcase practicality across gender and age
- Graph 57: hybrid vehicles are more practical than battery-only vehicles (% agree), by age & gender, 2024
- Highlight the practical appeal of hybrids
- Graph 58: hybrid vehicles are more practical than battery-only vehicles (% agree), by electric and hybrid vehicle consideration (exclusive), 2024
- Strategic pivot: GM embraces hybrid solutions to meet consumer demands and navigate regulatory challenges
- Consumers are critical of electric vehicles…
- Graph 59: range and reliability attitudes toward electric vehicles (% agree), 2024
- …across ages
- Graph 60: range and reliability attitudes toward electric vehicles (% agree), by age, 2024
- Navigate consumer skepticism
- Graph 61: range and reliability attitudes toward electric vehicles (% agree), by consideration and type (exclusive), 2024
- Adapt the charging experience and drive awareness across ages…
- Graph 62: attitudes toward charging (% agree), by age, 2024
- …and areas
- Graph 63: attitudes toward charging (% agree), by area, 2024
- Bridge the gap: drive charging station awareness to improve electric consideration
- Meet the needs to current owners, drive consideration among non-owners
- Leveraging brand trust and tech partnerships in an evolving market
- Graph 64: brand-related attitudes toward electric and hybrid vehicles (% agree), by age, 2024
- AFEELA: tech innovation and automotive tradition
- Engage younger consumers through stylish EV showcases
- Graph 65: the style of electric vehicles is appealing to me (% agree), by age, 2024
- Leverage EV style to captivate prospective buyers
- Graph 66: the style of electric vehicles is appealing to me (% agree), 2024
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Competitive strategies
- Toyota’s strategic leap: navigating emissions and electrification with a hybrid-only North American lineup
- Gelson’s and Rove Charging partner to develop charging locations
- Mercedes-Benz and Starbucks partner to bring convenient charging
- Honda and Nissan explore a strategic partnership
- Lucid Motors, Tesla explore affordable options
- Love’s continues to expand its EV charging network
- Rivian expands in-person research experiences
- Ford and Red Bull Racing enter technical partnership
- Hertz adjusts strategy amid slowing EV market
- Volkswagen revives a legacy: Scout Motors’ bold leap into electric off-roading
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Appendix
- Market definition
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations and terms
- Forecast methodology
- Forecast fan chart methodology
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.
Download Report SummaryInterest 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
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