Consumers registered more than 530,000 new battery-electric vehicles from January through September 2022, according to new data from information services company Experian Automotive, which shows that registrations for electric vehicles in the U.S. have increased 57% in the first nine months of 2022 over the same time period last year.
According to Experian Automotive’s newly released Automotive Consumer Trends Report 2022, EV registrations have surged by a staggering 250% over the last five years. Currently, there are more than 1.7 million electric vehicles registered, up from just over 400,000 in 2018. Only 5% of new vehicle registrations are EVs overall, although that percentage is rising.
The research reveals that as more options enter the market, people are increasingly choosing to purchase electric SUVs rather than sedans, and the increase is partially attributed to the growing diversity and accessibility of EV models from automakers. As of the second quarter of 2022, electric SUV registrations account for 59% of new EV registrations, while electric sedan registrations have decreased to roughly 35.77% of new EV registrations.
With many Californians switching to EVs at an early stage, the state continues to hold the highest registration share for EVs at about 40%. However, the research reveals that in Arizona, particularly in Phoenix and Tucson, EV registrations grew quickly in the first half of the year. Houston, Texas, and Chicago, Illinois also saw significant increases in the number of new EV registrations.
Utility Dive stated that registrations for electric vehicle brands other than Tesla had significantly increased, with a 71% year-over-year growth in new EV registrations, or a total of 183,750 registrations, for both established manufacturers and start-up businesses.
With about 350,000 new EV registrations from January to September 2022, Tesla continues to lead for the time being. For the first three quarters of this year, the company’s Tesla Model Y was the vehicle with the newest EV registrations, closely followed by the Tesla Model 3.
The Ford Mustang Mach-E came in third place in terms of EV registrations, with Tesla’s Model S coming in fourth. Fifth-placed Volkswagen ID.4 completed the list.
It’s anticipated that the number of EV registrations will rise, even more, thanks in part to improved government tax incentives, falling EV prices, and expanding EV charging infrastructure around the country.