American EV Sales Keep Rising

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American EV Sales Keep Rising
A gray Tesla Model 3 charging at a free garage charging station in Orlando, Florida. © Joni Hanebutt

Registrations of new electric vehicles in the United States reached 442,788 in the second quarter, up 13% from the same period of 2021 and more than 250% over the second quarter of 2018, according to data gathered by Experian.

The growing popularity of EVs weighs on potential growth for passenger car motor oil demand. Consulting firm Kline & Co. estimates that by 2040 global passenger car motor oil demand will be 8.1 million metric tons, up from 7.2 million tons in 2020, but still 13% less than it would be were it not for the impact of EVs.

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Experian’s second quarter Automotive Consumer Trends Report found that there are more than 1.7 million EVs on the U.S. roads, up from 400,000 in the second quarter of 2018. New EV registrations constituted 5.7% of all new vehicle registrations in the same period of 2022, up from 1.5% in the second quarter of 2018.

Experian, an information services company headquartered in Dublin, Ireland, found that the traditional gas-guzzling state of Texas has, alongside Florida, experienced the fastest growth over that time. California is by far the biggest market in terms of sales and EV fleet size.

Tastes have also changed over the past half decade. In 2018, sedans accounted for almost 82% of registrations, with SUVs making up the rest. Now almost 60% of sales are SUVs, sedans almost 36% and sports cars the remaining.

“The types of electric vehicles consumers are gravitating towards mirrors that of the larger automotive industry, with the obvious exception of pick-ups due to limited availability,” John Howard, Experian’s director of product management for automotive, said in a press release. “We can attribute part of the allure of electric vehicles to the newer variety of makes and models available.”

Experian found that California still constitutes the largest share of EV registrations at 36.6%. Other markets are growing EV market share faster year over year – Tuscon at 82%, Orlando 77% and Oklahoma City 75%.

The data also shows that 24% of plug-in hybrid owners would buy a battery EV while 3% of gasoline engine drivers and 9% of gasoline hybrid drivers would consider buying a BEV next.

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