New Experian Report Shows a Shifting Electric Vehicle Market in North America as More Models Are Introduced
EXPERIAN PLC S/ADR (EXPGY)
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Source: Business Wire
Non-luxury EV registrations continue to grow year-over-year SCHAUMBURG, Ill.--(BUSINESS WIRE)--With a wider range of electric vehicle (EV) models being introduced, the EV landscape is beginning to shift. According to Experian’s Automotive Consumer Trends Report: Q2 2024, non-luxury EVs are slowly making up more of the market, growing from 22.7% last year to 26.6% in Q2 2024. Meanwhile, the percentage of exotic and luxury models declined from 77.3% to 73.4% year-over-year.The growth in non-luxury EV registrations is indicative of the continued expansion of the overall EV market. For instance, of the 291.1 million vehicles on the road in Q2 2024, EVs accounted for more than 3.5 million, an increase from approximately 2.7 million this time last year.“Not only are we seeing overall growth in EV registrations, but more consumers are opting for non-luxury EVs as manufacturers roll out new models,” said Kirsten Von Busch, Experian’s director of product marketing for automotive. “With the
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