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US retail EV market share reaches record 3.1% in March: IHS Markit
18 May 2021IHS Markit Automotive Expert
US new retail light vehicle registrations reached a 10-year high
of 1.64 million in March 2021, and, were highlighted by electric
vehicle (EV) retail market share reaching a record 3.1%, according
to an analysis by IHS Markit, released on 18 May.
From a regional perspective, March 2021 new vehicle
registrations in the Northeast climbed the most when compared with
March 2020, more than doubling to lead all regions with just over
336,000 units, due partially to an abnormally low base from
COVID-19 impacts last year. When comparing March 2021 with March
2019 to eliminate the impact of the pandemic, the Southwest
outperformed all others, up 16% to more than 264,000
registrations.
New EV retail registrations more than doubled year on year in
March to 42,591, with eight of the 10 most popular EVs displaying
triple-digit growth compared with March 2020 (one of the remaining
two was not on the market a year ago).
EV retail registrations rising from the 1-2% range to a record
3.1% is significant as it signifies the EV category is moving from
a niche status in the direction of the mainstream, IHS Markit
noted.
"The 10-year industry registration record in March is indeed
remarkable as it exceeds any monthly result during the four-year
stretch from 2015 through 2018 when industry registrations
surpassed 17 million every year, the highest volume four-year
stretch in history," said Tom Libby, associate director, automotive
loyalty and industry analysis, IHS Markit.
US GDP is expected to expand by 6.7% this year, according to IHS
Markit forecasts, as more Americans are vaccinated and the economy
re-opens.
