Plug-in electric car sales are now growing quite well in the U.S., however, it's not the only strong electrification current, because conventional hybrids are growing quite fast too.
According to the latest IHS Markit report for the month of April, the total market share of xEVs (BEVs, PHEVs, HEVs) reached a new monthly record of 8.4%.
- "EVs": about 2.4% (about 35,043)
- HEVs: about 6.1% (92,865)
As we can see, the total volume of hybrids is 2.65:1 compared to plug-ins (we guess that IHS Markit's "EVs" means BEVs + PHEVs). It's a big advantage, compared to Europe, where hybrids are slightly ahead of plug-ins. Not only that, hybrids are growing really quickly because there are more and more new models on the market.
"...IHS Markit new vehicle registration data in the US indicates vehicles with a hybrid powertrain (both gasoline and electricity) are out-performing EVs, based on several metrics. In April, hybrids accounted for 6.1% of all new vehicles registered, more than double EVs' share of 2.4%. Even more impressive, the share of hybrids in the US market has more than doubled compared to the same time frame in 2020, climbing from 2.3% a year ago; their volume rose more than five-fold from 17,591 a year ago to 92,865 this past April (based on CYTD figures for each year)."
U.S. New Light Vehicle Registrations - xEVs volume and market share
xEVs market share is climbing up:
This data gives us a broader perspective on the market. In the next several years, probably both segments - hybrids and plug-ins will expand significantly.
At some point in the future, plug-ins should start eating into the hybrid share and it will be the final act of electrification.
As of April, Toyota was the top player in the hybrid segment with over 51,000 units (up more than sixfold year-over-year), followed by Honda, Ford, Jeep and Lexus.