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Monday, 26 July 2021 16:11

Electrified Vehicle Sales Accelerate Significantly in Q2 2021: Kelley Blue Book

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While the U.S. automotive market has experienced growth this year in nearly every vehicle segment, Kelley Blue Book on July 26 reported no segment is growing more quickly and relentlessly than electrified vehicles---defined as the combined total of electric vehicles (EVs), hybrids and plug-in hybrids.

New-vehicle demand is up across the board as the country emerges from the depths of last year's pandemic-ridden 2020, and while inventory-shortage challenges and supply-chain struggles remain, the general public's interest in electrified vehicles continues to grow.

 

As automakers produce more electrified vehicles, consumers are increasingly eager to buy them. According to an analysis of Q2 2021 data from Kelley Blue Book, sales of pure EVs surpassed 100,000 units in the quarter---a first---and hybrid sales were more than 250,000 units.

 

Sales of electrified vehicles for Q2 climbed a staggering 201.1% year-over-year, reaching beyond 375,000 total combined EVs and hybrids. Accordingly, electrified vehicles are capturing more total market share as consumer demand expands. Electrified vehicle sales accounted for 8.5% of total sales in Q2, up from 7.8% in Q1 and 4.2% in Q2 2020.

 

Gas prices continue to increase---according to AAA, prices have risen 40% from the beginning of the year---and research consistently shows when prices are up, consumers start dreaming about more efficient vehicles.

 

In a recent Cox Automotive "quick poll," 30% of consumers indicated they would either be "extremely likely or very likely" to consider an EV for their next purchase. That 30% is significantly higher than what is typical, given EV consideration usually hovers in the 5% to 7% range, according to Kelley Blue Book's ongoing Brand Watch study.

 

"While low inventory could impact the market's current trajectory, it's still safe to say that 2021 will be a record-setting year for electrified vehicles in the United States---and we're confident that 2022 will beat 2021," said Matt DeLorenzo, senior managing editor for Kelley Blue Book. "Automakers continue to...


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