The market share of electric and hybrid vehicle sales in the United States continued to grow in the third quarter of 2024 (3Q24), reaching a new record.
According to Wards Intelligence, the combined sales of hybrid vehicles, plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) increased from 19.1% of total light-duty vehicle (LDV) sales in the U.S. in 2Q24 to 19.6% in 3Q24.
This growth in the market share of electric and hybrid vehicles was primarily driven by hybrid vehicle sales.
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Battery Electric Vehicles Decline
Sales of battery electric vehicles (BEVs) decreased slightly, with their market share dropping from 7.4% of the U.S. light-duty vehicle market in 2Q24 to 7.0% in 3Q24.
Meanwhile, the market share of hybrid vehicles increased, with hybrids representing 10.8% of the U.S. light-duty vehicle market in 3Q24, a record high.
Other Segments
BEVs remained popular in the luxury vehicle segment, accounting for 35.8% of luxury LDV sales in the U.S. during 3Q24.
However, luxury BEVs as a proportion of total BEV sales have been decreasing as non-luxury BEV sales have risen, marking the lowest share for luxury BEVs since 2Q17. Even so, 70.7% of BEVs sold in the U.S. during 3Q24 were luxury models, compared to just 10.3% of hybrid vehicles sold in the luxury segment.
Price Trends
According to Cox Automotive, the average transaction price for a new BEV before factoring in any consumer or government incentives was $56,351 at the end of 3Q24, approximately 16% higher than the industry-wide average vehicle price.
