Gasoline motorbike users switch to hybrid cars more than electric cars

Electric cars are considered the development trend of 4-wheel vehicles now and in the future, the transition to electric vehicles is also being encouraged in many countries around the world. However, limitations in charging station infrastructure, as well as travel distance, still make many people hesitant to use electric cars.

Data recently released by S&P Global Mobility shows that from January to October 2023, about 8.3% of individuals and households that owned gasoline-powered vehicles switched to hybrid or plug-in hybrid vehicles (PHEVs) instead of electric vehicles. This figure reached a high of 9.9% in October 2023, up 3.8% from October 2022. Only about 5.7% of gasoline-powered vehicle owners switched to electric vehicles during the above period.

Data from AutoCreditInsight, S&P Global Mobility, and Transunion show that the average monthly payment for a new gasoline-powered car in the U.S. is about $675, while that number drops to $670 for a hybrid. For plug-in hybrids, the average monthly payment is about $798, and electric vehicles have the most expensive average monthly payment, with electric car buyers paying an average of $828 per month. This comes from the fact that electric cars in the U.S. are still more expensive than gasoline, hybrids, and plug-in hybrids.

Among the hybrid vehicles currently distributed in the US, the Honda CR-V Hybrid is the most popular hybrid model that customers choose when switching from an internal combustion engine car to a hybrid car. It is followed by the Toyota RAV4 Hybrid and the Honda Accord Hybrid.

Notably, the Tesla Model Y is the most popular electric vehicle among new car buyers, with a total of 112,195 vehicles sold from January to October 2023. The Tesla Model 3 is in second place with 60,417 vehicles.

Mr. Tom Libby - Vice President of Client Solutions and Market Analysis at S&P Global Mobility, said:“The auto industry’s transition to electric vehicles may not be as rapid as electric vehicle advocates hope, as American consumers increasingly opt for more sustainable and energy-efficient vehicles.”

However, the gradual shift by consumers towards hybrids rather than going straight to electric vehicles could be a sign that electric cars will eventually replace other types of cars in the future.