Analysis: US EV Loyalty Increasing
April 16, 2019—New registrations for EVs during 2018 more than doubled year-over-year, from just over 100,000, while EV market share has also increased exponentially, over the past three year, according to a new study by IHS Markit.
About 59 percent of the EVs were registered in California, and the section 177 states which have all adopted the same vehicle emission standards and have therefore been key markets for EVs, as the OEMs have launched new models.
California alone accounted for nearly 46 percent (95,000) of new EV registrations in 2018.
Loyalty rates for EVs are also on a growth trajectory, with nearly 55 percent of all new EV owners who returned to market during the fourth quarter of 2018 acquiring (purchasing or leasing) another EV, up from 42 percent in the prior quarter, according to IHS Markit. The trend continued in January, with nearly 70 percent of EV owners returning to market for a new EV during that month.
In addition, IHS Markit predicts a considerable increase in new fully-electric models offered in the US market over the next decade, with over 350,000 new EVs to be sold in the U.S. in 2020.