December 2020 also represented the highest monthly share for
EV new registrations, at 2.5% of the industry – a record monthly level since
IHS Markit began tracking new vehicle registration data by fuel type. For the
purposes of this analysis, EVs reflect those vehicles only powered by
electricity and no other power source.
While overall registration volumes were down across the
industry for the year due to COVID-19 impacts, the fact that EVs experienced
such increased share indicates rising consumer acceptance of EVs. In fact, from
a retail perspective, EVs accounted for 2.8% of new vehicle registrations in
December, according to the analysis, more than tripling EV retail share three
years ago. This rising EV acceptance coincides with recent OEM announcements of
substantial investments in electrification.
Further development of EV share in the U.S. in 2021 is
nearly guaranteed. IHS Markit forecasts EV sales in 2021 will surpass 3.5%
nationally and continue to increase to more than 10% in 2025. Across the
automotive spectrum, a wave of new EV products and brands all point to support
EV trends in 2021 and beyond. With more than 100 new EV options expected
between 2021 and 2025, a continued increase in consumer acceptance and demand
will grow as ICE options are displaced by EVs.
“Consumer acceptance of electric vehicles is increasing,
though at a modest pace, and now is at record levels,” said Tom Libby, associate
director of industry analysis for IHS Markit. “We continue to see significant
contrasts in EV adoption across different regions of the country, led by the
two coasts.”
From a regional perspective, EV market share is highest in
the Western Region, where 4.8% of all new vehicles registered are electric
vehicles. The San Francisco DMA’s EV share of 11% far exceeds that of any other
major DMA in the Western Region. EV market share is 1.6% in the Northeast, the
second highest region on this metric, and the New York City DMA’s share of 2%
is driving the Northeast. In the Southeast, just 1.1% of 2020 new vehicle
registrations were electric vehicles, and the Washington, D.C., DMA is leading
the way at 2.5% during the same time period. The Southwest Region EV share was
just .9% in 2020, while Austin was the top DMA with a 2.1% EV market share.
Lastly, the Midwest region had the smallest EV market share in 2020 at just
.8%. Predictably, Chicago led all other Midwest DMAs with a 1.5% EV market
share.
EV owners are returning to market for another EV at record
levels as well, and this is expected to continue, according to IHS Markit. More
than half of EV households that return to market acquire another EV, up
substantially from prior years.
“Record-high EV loyalty rates imply consumer acceptance for
the entire electric vehicle concept,” said Libby.
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