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New registrations for electric vehicles in 2018 more than doubled year-over-year, according to a new report from research firm IHS Markit.
The firm found that new electric vehicle registrations grew from “just over 100,000” in 2017 to 208,000 in 2018.
California led in new EV registrations, with 46 percent of all new EV registrations in 2018. States who have passed strict emissions standards accounted for 59 percent of new registrations, including California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, and Vermont.
Loyalty rates for EVs are also on a growth trajectory with nearly 55 percent of all new EV owners who returned to market during the fourth quarter of 2018 acquiring (purchasing or leasing) another EV, up from 42 percent in the prior quarter, according to IHS Markit. The trend continued in January, with nearly 70 percent of EV owners returning to market for a new EV during that month.
IHS Markit forecasts a considerable increase in new fully-electric models offered in the U.S. market over the next decade, with more than 350,000 new EVs to be sold in the US in 2020, reflecting a 2 percent share of the total U.S. fleet. In 2025, that figure is expected to rise to more than 1.1 million vehicles sold or a 7 percent share, the report said.
“A rapid increase in EV nameplates is the catalyst behind the projected growth throughout the next decade,” Devin Lindsay, IHS Markit powertrain analyst, said in a release. “While relatively successful models such as the Tesla Model 3 mature in the market, other traditional automakers will be rolling out not just one EV as we have seen in the past, but multiple models off dedicated EV platforms.”