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Experian: US hybrid vehicle market share grew by 41% in 2012 to 3.1%

Experian Automotive released findings from an analysis of the US hybrid vehicle segment showing that market share of hybrid vehicles has increased by 40.9% since 2011, going from 2.2% in 2011 to 3.1% in 2012. While hybrid vehicles still only make up slightly more than 1% of the total vehicles in operation, the segment has witnessed steady market share growth over the past several quarters, the information services company said.

Experian
Snapshot of a typical hybrid owner. Source: Experian. Click to enlarge.

As part of the analysis, Experian Automotive also reviewed some of the financial attributes of hybrid vehicle loans. The study found that overall, consumers purchasing a hybrid have significantly higher credit scores than those purchasing another type of new vehicle. The average credit score for a loan on a new hybrid was 790 compared with the national average credit score of 755 for a loan on any new vehicle.

The study also showed that the average amount financed on a hybrid vehicle was $25,807 and the average monthly payment was $461. Additionally, the average interest rate for a new hybrid vehicle loan was 3.51%.

For this analysis, hybrid vehicles were defined by the following classifications: Alt Power — Electric Car; Alt Power — Hybrid Car; Alt Power — Hybrid Truck.

Other findings on hybrid vehicle financing:

  • In 2012, 3.1% of all vehicles financed were hybrids, up from 2.3% in 2009 and 1.5% in 2006.

  • The lease/loan ratio in 2012 for hybrid vehicles was 21.4% lease and 78.6% loan.

Toyota held the top four spots for financed new hybrid vehicles with Toyota Prius (37.2%); Camry (8.9%); and the Prius V (8.6%). The Chevy Volt came in 5th with 6.3%, followed by Hyundai Sonata (4.8%); Lexus CT 200h (4.2%); Kia Optima (2.7%); Nissan LEAF (2.7%); and Lexus RX 450h (2.3%).

Comments

HarveyD

In other words, Toyota (TMC) got about 61.2% of the electrified vehicle market? Not bad..... GM got 6.3%. Not that good...

As the majority seem to rent (or buy on loan) electrified vehicles and had to pay 3.5+% interest, part of the $85B/month of the new money being printed could be used to support interest FREE loans for electrified vehicles. That could boast sales at no or very little cost?

kelly

"US hybrid vehicle market share grew by 41% in 2012"

Any market share to consistently grow by 41%/year will likely dominate.

And this is after Government Motors did a safety hack job on the Prius hybrid before Congress which not even NASA could locate.

Prius, the best selling car in Japan and California. Of course, maximum GM and Lutz know hybrids don't make sense.

So the Prius family and other hybrid sales grow by 41%.

We just gotta pay them US CEOs more hundreds of times the average worker's wage.

HarveyD

Yes...a year to year market growth of 41+% for electrified vehicles is amazing and many times more than naysayers expected?

The arrival of lower cost micro-mild and nano-mild hybrids could raise this amazing year to year growth above 50% and send naysayers into major sock status?

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