\nautomotive loyalty data<\/a>, which analyzes new vehicle
\nregistrations and return-to-market activity, we can track exactly
\nhow these buyers behave when choosing their next vehicle.<\/p>\n
![\"BEV](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0824\/share-of-return-to-market-volume-by-fuel-type_190820241041192.png\")
<\/p>\n
Since 2020, the share of households that previously purchased
\neither a hybrid or BEV and then bought another new vehicle
\nafterward has steadily increased by an average of ~1 percentage
\npoint each year. As of May 2024, these households represent close
\nto 10% of total industry return-to-market share for the year so far
\n\u2014 more than double the percentage from just a few years
\nago.<\/p>\n
The increase in return-to-market share among hybrid and BEV
\npurchasers can be attributed to a growing portfolio of available
\noptions, with the number of models in these vehicle categories
\nincreasing by 12% and 157%, respectively, over the last four years.
\nAs a result, the opportunity for dealers to retain customers is
\nstronger than it has ever been.<\/p>\n
![\"New](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0824\/fuel-type-1200_190820241437665.jpg\")
<\/p>\n
Recent results, however, show retention behavior differs
\ndepending on fuel type.<\/p>\n
When analyzing household return-to-market activity, we observe
\nthat each buyer's loyalty to their previous fuel type varies when
\nmaking their next purchase. In the case of households that
\npreviously came from a gas vehicle, they tend to be more stable,
\nwith more than 82% of them purchasing another gas vehicle. For
\nthose gas households that choose an alternative powertrain instead,
\nthey are more likely to prefer a hybrid over a BEV, as 9% choose
\nthe former vs. 6% who go with the latter.<\/p>\n
For hybrid households, on the other hand, choices are more
\ndistributed across all fuel types. Hybrids can be viewed as the
\nmid-point between a gas and electric powertrain, yet only 15% of
\nhybrid owners choose a BEV for their next purchase. Instead, they
\nare split evenly on remaining with another hybrid (41%) or moving
\nback to a gas powertrain (41%). The lack of movement to BEVs could
\npersist due to continued struggles in building a prevalent charging
\ninfrastructure along with a slowdown in EV demand.<\/p>\n
For returning BEV households, there are two different patterns,
\ndepending on how you view the data. On the surface, when looking at
\nall BEV return-to-market activity, there is an overwhelming
\ncommitment to the powertrain with ~68% of these households
\nremaining loyal to the fuel type. However, a key driver of this
\nloyalty is the strong retention and popularity of Tesla, which
\naccounts for most of these households. Tesla's industry-leading 67%
\nbrand loyalty, and 65% share of all BEV return-to-market volume,
\nmakes them the primary driver of any activity among BEV owners with
\nthe household's next purchase.<\/p>\n
However, without Tesla in the mix, return-to-market activity
\namong the rest of BEV households shows less of a commitment to the
\nelectric powertrain. Only 47% of non-Tesla BEV households choose
\nanother BEV vehicle for their next purchase, preferring instead to
\nmove to either a gas vehicle (38%) or a hybrid (14%). Although the
\nhighest percentage of return-to-market activity remains in a BEV,
\nthe difference in movement to either a gas or hybrid vehicle
\nsignals these households may not be as committed to the electric
\npowertrain compared to a Tesla household.<\/p>\n
![\"BEV,](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0824\/loyalty-comparison-by-fuel-type_190820241041192.png\")
<\/p>\n
The Tesla effect among BEV households can better be explained
\nwhen comparing loyalty to fuel type versus brand. Given its early
\nmarket entry, Tesla had the advantage of building a reputation as
\nthe leader in this field, yielding strong loyalty to the brand as
\nwell as the fuel type.<\/p>\n
When looking at all BEVs, the results show these households have
\nhigh loyalty to the fuel type (68%) and the brand (58%). But if you
\njust looked at Tesla, the loyalty numbers are even higher (76% fuel
\ntype \/ 67% brand). Removing Tesla from the mix causes a drastic
\nshift, with loyalty to the fuel type dropping to 47% and brand
\nloyalty falling to 42%. These numbers are more in line with hybrid
\nvehicles (41% fuel type \/ 40% brand).<\/p>\n
While an assumption could be made that the lower fuel type
\nloyalty can be attributed to non-Tesla buyers having more gas
\noptions within the brand they purchased an EV from, this is not the
\ncase. What the data shows is non-Tesla households, who come from
\neither a hybrid or BEV, are not very loyal and are more likely to
\ndefect away from both the powertrain and brand with the next
\npurchase.<\/p>\n
Although the current state of retention among hybrids and BEVs,
\noutside of Tesla, is challenging, continued investment in
\ninfrastructure and new model production could help strengthen these
\nnumbers in the future. Growing familiarity with the technology and
\na larger pool of available options will help in giving returning
\nhouseholds more reasons to commit to alternative powertrain
\nvehicles with their next purchase.<\/p>\n
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