Combined sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEV) comprised 16.3% of total new light-duty vehicle (LDV) sales in the United States in 2023, an increase from 12.9% in 2022, according to data from Wards Intelligence.
The rise in the share of total U.S. LDV sales for hybrids, plug-in hybrids, and BEVs was influenced by several factors including increased BEV model options, more hybrid vehicles offered in popular size classes, and a decline in BEV prices. Additionally, manufacturer price cuts and clean vehicle credits from the Inflation Reduction Act contributed to reducing the cost of BEVs. These sales increases were observed in the midst of a semiconductor chip shortage that affected manufacturers’ vehicle production capabilities.
Hybrids, plug-in hybrids, and BEVs reached their highest share of total LDV sales in the second half of 2023 at 17.9%. Manufacturers introduced 20 new BEV models during the year, with a focus on crossover vehicles, which have significantly increased their share of total LDV sales since 2014.
Although the number of hybrid model offerings declined, sales of existing models increased significantly in 2023. The average transaction price for BEVs also decreased, falling to $50,798 in December 2023, a 24.2% decline from the peak price in the second quarter of 2022.
The luxury vehicle market also saw an increase in market share post-pandemic, with BEV sales concentrating in the luxury category, accounting for 31.3% of the luxury vehicle market in 2023.
Principal contributor: Michael Dwyer, Courtesy of U.S. EIA.
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