According to Experian's Automotive Consumer Trends Report for Q2 2023, Tesla continues to dominate the luxury electric vehicle (EV) market share in the US. Four out of the top five models in the luxury EV segment were Tesla vehicles, with the Model Y leading at 47.36% market share, followed by the Model 3 at 27.30%. The other two Tesla models, the Model X and Model S, also made the top five. The BMW i4 was the only non-Tesla vehicle in the top five, with a market share of 2.82%.
The report also highlighted the overall growth of EV registrations in the US. There are currently over 2.7 million EVs in operation, a significant increase from approximately 1.7 million in Q2 2022. EVs accounted for 7.50% of new vehicle registrations, up from 5.70% in the same period last year. However, the data also revealed that 85% of EV owners also have a gas-operated vehicle, while 11% have a hybrid vehicle. This suggests that some consumers still opt for a secondary gas-powered vehicle due to factors such as limited charging infrastructure in certain states.
In terms of market share by vehicle class, luxury EVs accounted for 77.33% of new EV registrations in the last 12 months, while non-luxury EVs made up the remaining 22.67%. Tesla dominated the luxury EV market share with 81.61%, followed by BMW, Rivian, Mercedes-Benz, and Audi. On the non-luxury side, Chevrolet and Ford were the top brands, with market shares of 24.21% and 24.00% respectively.
Kirsten Von Busch, Experian's director of product marketing for automotive, commented on the evolving EV market and the entry of other OEMs. She stated, "While Tesla has been the current electric vehicle market share leader, we're seeing other OEMs enter the market and gain share. As more model options become available, it will be interesting to see how that impacts consumer behavior."
Overall, the report highlights Tesla's continued dominance in the luxury EV market share in the US, as well as the overall growth of EV registrations. It also emphasizes the importance of understanding consumer needs and the development of charging infrastructure to further drive EV adoption.