New data from Experian Automotive shows in the first nine months of 2022 there were registrations for more than 530,000 new battery-electric vehicles in the US. This number increased by 57% compared to the same period last year.
In Experian Automotive’s 2022 Automotive Consumer Trends Report, in the last five years, EV registrations have increased by 250%.
In the United States today, there are more than 1.7 million electric vehicles on the road, compared to more than 400,000 electric vehicles registered in 2018. In total, new electric vehicle registrations account for only 5% of new vehicle registrations, but the trend is increasing from year to year.
This increase is because more and more manufacturers are releasing the latest electric vehicle models. Most manufacturers themselves have electrification targets for their production vehicles.
SUVs account for 59% of new EV registrations in the second quarter of 2022, while electric sedan registrations have fallen to around 35.77% of new EV registrations.
In California EV registration is around 40%, because it has been a long time since consumers in this state have switched to EVs. Still from the same report, it shows that several states such as Chicago, Illinois and Houston, Texas are also experiencing sizable growth in new EV registrations.
New electric vehicle registrations from brands other than Tesla saw a 71% year-over-year increase with a total of 183,750 registrations. Tesla alone is still in the lead for now, with nearly 350,000 new EV registrations from January to September 2022.
EV registrations are expected to continue to increase, especially with renewed federal tax incentives, reduced EV prices, and continued infrastructure growth to support EV charging across the U.S.