S&P Global Mobility new vehicle registration data indicates
\nthat year-over-year EV growth through the first nine months of 2024
\nhas plummeted 80% compared to the same period in 2023.<\/p>\n
EVs accounted for 9% of new retail registrations in
\nJanuary-September 2024, up just 0.6 percentage points from their
\n2023 market share. However, this increase is less than half the
\nrise in any of the prior three years.<\/p>\n
Incentives and EV Demand<\/strong><\/h2>\nTo spur EV retail demand, original equipment manufacturers are
\nsignificantly increasing incentives, with the average total spend
\nper unit reaching $12,527 in September, three times the $4,188
\nspent two years ago.*<\/p>\n
Furthermore, migration data at the fuel-type level (see Table
\n#1) indicates that households with gasoline vehicles are now
\nmarginally more likely to purchase an EV than they were a year ago.
\nHowever, the likelihood of households with hybrid or electric
\nvehicles purchasing another EV has declined year over year.<\/p>\n
![\"Electric](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0125\/table-1_020120251458154.png\")
<\/p>\n
The Financial Appeal of Hybrid Vehicles<\/strong><\/h2>\nS&P Global Mobility new vehicle registration data, combined
\nwith financial transaction data from TransUnion, point to hybrids'
\nvalue proposition relative to EVs as one influence on EV
\ndemand.<\/p>\n
As Tables #2 and #3 demonstrate (one focuses on loan monthly
\npayments and the other on leases), the average monthly payment for
\na hybrid is lower than the monthly payment for a similar EV in
\nseven of the eight scenarios in the Compact Utility Segment, the
\nlargest segment in the industry.<\/p>\n
The one exception is when a RAV4 hybrid is leased; here the
\nhybrid payment is higher than the gasoline version and the EV
\npayment is lower.<\/p>\n
![\"Average](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0125\/table-2_020120251458154.png\")
<\/p>\n
![\"Average](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0125\/table-3_020120251458154.png\")
<\/p>\n
Hybrids' Success in the Market<\/strong><\/h2>\nThe financial advantages of hybrids compared to their gasoline
\ncounterparts, as illustrated in the prior tables, are a key factor
\nfor their recent success in the US market. Hybrids' impressive
\nmarket performance includes:<\/p>\n
\n- Retail US market share reached a record 14% in September, up
\n3.0 percentage points in one year and almost 1.5 points in just
\nAugust-September 2024.<\/li>\n - Almost half of market leader Toyota's retail registrations in
\nSeptember were hybrids, a far higher mix than for any other
\nbrand.<\/li>\n - September 2024 hybrid loyalty (of the return-to-market hybrid
\nhouseholds in September that acquired a new vehicle, what percent
\nacquired another hybrid) reached a near-record 44%, second only to
\nFebruary's 44.3% result.<\/li>\n - Migration from all three major fuel types to the hybrid
\npropulsion system has increased from a year ago, as shown in Table
\n#4.<\/li>\n<\/ul>\n![\"Hybrid](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0125\/table-4_020120251458154.png\")
<\/p>\n
The Evolving US Vehicle Industry<\/strong><\/h2>\nThe US new vehicle industry is more complex than ever, with over
\n400 models, 50 active brands, 34 segments, 3 fuel types and
\nnumerous (sometimes conflicting) external influences including an
\nupcoming change in the federal administration. This landscape makes
\nit challenging to identify performance drivers, yet the data
\naddressed above indicates financial factors, such as monthly
\npayments, still play a role.<\/p>\n
\nDemo Our Loyalty Analytics Tool<\/a><\/p>\n*Incentive data are from Autodata<\/em><\/p>\n\nCommercials Cooperation Advertisements:<\/b><\/h2>\r\n
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\nsignificantly increasing incentives, with the average total spend
\nper unit reaching $12,527 in September, three times the $4,188
\nspent two years ago.*<\/p>\n
\n#1) indicates that households with gasoline vehicles are now
\nmarginally more likely to purchase an EV than they were a year ago.
\nHowever, the likelihood of households with hybrid or electric
\nvehicles purchasing another EV has declined year over year.<\/p>\n
<\/p>\nS&P Global Mobility new vehicle registration data, combined
\nwith financial transaction data from TransUnion, point to hybrids'
\nvalue proposition relative to EVs as one influence on EV
\ndemand.<\/p>\n
As Tables #2 and #3 demonstrate (one focuses on loan monthly
\npayments and the other on leases), the average monthly payment for
\na hybrid is lower than the monthly payment for a similar EV in
\nseven of the eight scenarios in the Compact Utility Segment, the
\nlargest segment in the industry.<\/p>\n
The one exception is when a RAV4 hybrid is leased; here the
\nhybrid payment is higher than the gasoline version and the EV
\npayment is lower.<\/p>\n
<\/p>\n
<\/p>\n
Hybrids' Success in the Market<\/strong><\/h2>\nThe financial advantages of hybrids compared to their gasoline
\ncounterparts, as illustrated in the prior tables, are a key factor
\nfor their recent success in the US market. Hybrids' impressive
\nmarket performance includes:<\/p>\n
\n- Retail US market share reached a record 14% in September, up
\n3.0 percentage points in one year and almost 1.5 points in just
\nAugust-September 2024.<\/li>\n - Almost half of market leader Toyota's retail registrations in
\nSeptember were hybrids, a far higher mix than for any other
\nbrand.<\/li>\n - September 2024 hybrid loyalty (of the return-to-market hybrid
\nhouseholds in September that acquired a new vehicle, what percent
\nacquired another hybrid) reached a near-record 44%, second only to
\nFebruary's 44.3% result.<\/li>\n - Migration from all three major fuel types to the hybrid
\npropulsion system has increased from a year ago, as shown in Table
\n#4.<\/li>\n<\/ul>\n<\/p>\n
The Evolving US Vehicle Industry<\/strong><\/h2>\nThe US new vehicle industry is more complex than ever, with over
\n400 models, 50 active brands, 34 segments, 3 fuel types and
\nnumerous (sometimes conflicting) external influences including an
\nupcoming change in the federal administration. This landscape makes
\nit challenging to identify performance drivers, yet the data
\naddressed above indicates financial factors, such as monthly
\npayments, still play a role.<\/p>\n
\nDemo Our Loyalty Analytics Tool<\/a><\/p>\n*Incentive data are from Autodata<\/em><\/p>\n\nCommercials Cooperation Advertisements:<\/b><\/h2>\r\n
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\ncounterparts, as illustrated in the prior tables, are a key factor
\nfor their recent success in the US market. Hybrids' impressive
\nmarket performance includes:<\/p>\n
\n3.0 percentage points in one year and almost 1.5 points in just
\nAugust-September 2024.<\/li>\n
\nSeptember were hybrids, a far higher mix than for any other
\nbrand.<\/li>\n
\nhouseholds in September that acquired a new vehicle, what percent
\nacquired another hybrid) reached a near-record 44%, second only to
\nFebruary's 44.3% result.<\/li>\n
\npropulsion system has increased from a year ago, as shown in Table
\n#4.<\/li>\n<\/ul>\n
<\/p>\n
The Evolving US Vehicle Industry<\/strong><\/h2>\nThe US new vehicle industry is more complex than ever, with over
\n400 models, 50 active brands, 34 segments, 3 fuel types and
\nnumerous (sometimes conflicting) external influences including an
\nupcoming change in the federal administration. This landscape makes
\nit challenging to identify performance drivers, yet the data
\naddressed above indicates financial factors, such as monthly
\npayments, still play a role.<\/p>\n
\nDemo Our Loyalty Analytics Tool<\/a><\/p>\n*Incentive data are from Autodata<\/em><\/p>\n\nCommercials Cooperation Advertisements:<\/b><\/h2>\r\n
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\n400 models, 50 active brands, 34 segments, 3 fuel types and
\nnumerous (sometimes conflicting) external influences including an
\nupcoming change in the federal administration. This landscape makes
\nit challenging to identify performance drivers, yet the data
\naddressed above indicates financial factors, such as monthly
\npayments, still play a role.<\/p>\n
\nDemo Our Loyalty Analytics Tool<\/a><\/p>\n
*Incentive data are from Autodata<\/em><\/p>\n\n \u7acb\u523b\u8a3b\u518a\u53ca\u5831\u540d\u96fb\u8166\u88dc\u7fd2\u8ab2\u7a0b\u5427! <\/a> www.ITSec.vip<\/a> www.Sraa.com.hk<\/a> Commercials Cooperation Advertisements:<\/b><\/h2>\r\n
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