US Electric and Hybrid Cars Market Report 2022
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Description
This report provides comprehensive and current information and analysis of the Electric and Hybrid Cars market including electric and hybrid cars market size and market share, anticipated market forecast, relevant market segmentation, and industry trends for the electric and hybrid cars market in the US.
Current market landscape
While economic influences and supply chain disruptions persist, auto brands and retailers have an opportunity to drive familiarity and consideration among interested consumers – even if consumers’ purchasing may be delayed.
Market share and key industry trends
The majority (64%) of consumers would consider a hybrid or electric vehicle. It’s important to note that consideration is heavily driven by hybrids – a vehicle type that has been widely available to consumers for some time across various brands and car types. Consumers, especially younger consumers, are among the most likely to consider electric vehicles, presenting auto brands and retailers with an opportunity for growth as these consumers make up a larger share of buyers in the coming years.
Electric and hybrid cars forecast and future market trends
A majority (64%) of consumers, who are planning to purchase a car within the next three years, would consider purchasing an electric or hybrid vehicle for their next vehicle. This is a positive for future growth, as automakers continue to establish commitments to fully electrified futures. That said, it will be critical for auto brands and retailers to understand the various sources and factors that consumers weigh in their consideration of electric and hybrid vehicles to deploy strategies that appeal to consumers across various consumer segments.
Read on to discover more about the electric and hybrid cars consumer market, read our Car Purchasing Process – US – 2022, or take a look at our other Automotive research reports.
Quickly understand the electric and hybrid cars market
- Consumers’ ownership and consideration of electric and hybrid vehicles.
- Influential sources impacting consumers’ interest in electric and hybrid vehicles.
- Important factors impacting consumers’ decisions to purchase an electric and/or hybrid vehicle.
- Attitudes toward electric and hybrid vehicles.
Covered in this electric and hybrid cars market report
Brands include: Chevrolet, Ford, Volkswagen, Tesla, Uber, Hertz, Jeep, 7-Eleven, Volta Charging, Lucid Motors, Electrify America.
Expert analysis from a specialist in electric car market analysis
This report, written by Gabe Sanchez, a leading analyst in the Automotive sector, delivers in-depth commentary and analysis on electric and hybrid cars market research to highlight current trends and add expert context to the numbers.
As automakers across the globe continue to commit to the development and production of electric and hybrid vehicles, consumers are becoming increasingly interested in purchasing these vehicles. Barriers related to perceptions and availability will continue to impact consumers, making it important for auto brands and retailers to demonstrate the value of these offerings. Moving forward, better leveraging social media, addressing consumers’ range anxiety and highlighting affordability will be key in meeting consumers’ expectations and demand.
Gabe Sanchez
Automotive Analyst
Table of Contents
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Overview
- What you need to know
- This Report looks at the following areas:
- Definition
- Market context
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Executive Summary
- Top takeaways
- Market overview
- Figure 1: Total US volume sales and fan chart forecast of electric and hybrid vehicles, at current prices, 2017-27
- Figure 2: Hybrid and electric vehicle outlook, 2022-27
- Opportunities and challenges
- Weakening consumer confidence drives consumers to be more critical of spending habits
- Leverage science and art museums to generate interest
- Educate consumers on lifetime ownership of electric vehicles
- Highlight local and federal financial subsidies
- Leverage established commercial locations for charging
- Key consumer insights
- Millennials are the most interested in purchasing a car in the short term
- Consumers indicate an interest in electric vehicles, despite current ownership
- Various sources of information drive consumer interest
- “Range anxiety” outpaces consumers’ natural search for affordability
- Older consumers are critical of the new technology
- Consumers look to charging stations to evolve, especially parents
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Market Size and Forecast
- Electric and hybrid vehicles have high potential for growth; pending outside impacts
- Figure 3: Total US volume sales and fan chart forecast of electric and hybrid vehicles, at current prices, 2017-27
- Figure 4: Total US volume sales and forecast of market, at current prices, 2017-27
- Electric and hybrid vehicles have high potential for growth; pending outside impacts
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Market Factors
- Consumer confidence dips, as fear of a recession looms
- Figure 5: Consumer Sentiment Index, 2007-22
- Inflation, supply chain disruptions drive up the cost of new and used vehicles
- Figure 6: Consumer Price Index, new vehicles and used vehicles, 2017-22
- US government aims to address chip shortage
- Government pushes consumers to environmentally friendly vehicles
- Gas prices raise concerns
- Figure 7: US gasoline and diesel retail prices, 2007-22
- Consumers indicate a growing interest in sustainability
- Consumer confidence dips, as fear of a recession looms
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Competitive Strategies and Market Opportunities
- Automakers build on legacy models to drive interest and trust
- Figure 8: Chevy Silverado “A whole new truck for a whole new generation”
- Brands use electric vehicles to switch up traditional offerings
- Figure 9: Volkswagen announces the return of the Scout
- Tesla aims to open its electric charging network
- Figure 10: Tesla chargers available in all 50 states
- Ford creates “electric university,” splits company into Ford Blue and Ford Model E
- Figure 11: Ford announces “electric university” to train its dealers
- Tesla leans on partnerships to extend reach
- Brands partner with video games to generate interest
- Leverage museums to educate consumers across generations
- Convenience stores think ahead, other locations have a similar opportunity
- Automakers build on legacy models to drive interest and trust
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The Car Consumer – Fast Facts
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Purchase Time Frame and Ownership
- Consumers may delay purchasing in the short term
- Figure 12: Purchase intent, by generation and race and Hispanic origin, 2022
- Younger consumers indicate the highest ownership of electric vehicles
- Figure 13: Electric vehicle ownership, by generation, 2022
- Consumers may delay purchasing in the short term
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Consideration of Electric and Hybrid Vehicles
- Millennials, Gen Z offer opportunity for hybrid and electric vehicle market
- Figure 14: Consideration, by generation, 2022
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- Figure 15: Consideration of vehicle type, by generation, 2022
- Continue to drive familiarity of available models
- Figure 16: Jeep leverages “Jurassic World Dominion” to showcase plug-in hybrid options
- Figure 17: Consideration, by gender, 2022
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- Figure 18: Consideration of vehicle type, by gender, 2022
- Access drives consideration
- Figure 19: Consideration, by area, 2022
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- Figure 20: 7-Eleven, Walgreens provide electric vehicle charging
- Renters beware…
- Figure 21: Consideration, by living situation, 2022
- More than half of multicultural consumers are considering a hybrid or electric vehicle
- Figure 22: Consideration, by race and Hispanic origin, 2022
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- Figure 23: Consideration of vehicle type, by race and Hispanic origin, 2022
- Millennials, Gen Z offer opportunity for hybrid and electric vehicle market
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Influential Sources
- Younger consumers look to social media; older consumers conduct more traditional research
- Figure 24: Influential sources, by generation, 2022
- Income shifts consumers’ sources of influence
- Figure 25: Influential sources, by household income, 2022
- Multicultural consumers rely on varying influential sources
- Figure 26: Influential sources, by race and Hispanic origin, 2022
- Younger consumers look to social media; older consumers conduct more traditional research
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Factors of Importance
- Range anxiety outpaces affordability in terms of importance
- Figure 27: Important factors, by generation, 2022
- Desire for more premium offerings increases factors considered
- Figure 28: Important factors, by household income, 2022
- Parents lean on sales staff, seek value
- Figure 29: Important factors, by parental status, 2022
- Range anxiety outpaces affordability in terms of importance
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Attitudes toward Electric and Hybrid Vehicles
- Battery lifespan is a key concern overall; older consumers are more critical of electric and hybrid vehicles
- Figure 30: Lucid Motors announces pop-up locations
- Figure 31: Attitudes toward electric and hybrid vehicles, by generation, 2022
- Consumers seek value in their electric vehicle purchase
- Figure 32: Attitudes toward electric and hybrid vehicles – Aesthetics, by household income, 2022
- Parents are aware of vehicle charging stations; look to them to evolve
- Figure 33: Electrify America’s future of charging
- Figure 34: Attitudes toward electric and hybrid vehicles – Charging stations, by parental status, 2022
- Battery lifespan is a key concern overall; older consumers are more critical of electric and hybrid vehicles
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Forecast
- Consumer survey data
- Consumer qualitative research
- Marketing creative
- Abbreviations and terms
- Abbreviations
About the report
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Market
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Consumer
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Brand/Company
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Data
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
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