Stat: Loyalty rates for EVs reach a record high

The market for electric vehicles (EVs), although still a small percentage of the total automotive market in the US, is gaining traction, according to IHS Markit. Recent analysis shows there were 208,000 new registrations for EVs in the US in 2018, more than double the number of registrations in 2017.

In addition to this, loyalty rates are high for electric car manufacturers as Americans invest in multiple vehicles. The study found that nearly 55% of all new EV owners who returned to market during the fourth quarter of 2018 acquired another EV, up from 42% in the previous quarter. ‘This increase over such a short timeframe demonstrates that a portion of the US market is highly accepting of this new technology and has a growing comfort level with it,’ says Tom Libby, loyalty principal at IHS Markit.