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An Automotive Minute - Hybrids and Electrification with Stephanie Brinley
An Automotive Minute - US Hybrids and Electrification with Stephanie Brinley
In 2020, we saw increased emphasis on both hybrid electric and battery electric vehicles in the United States, leading to hybrid vehicle market share increasing from 3.0% in 2019 to 3.7%. Volume grew and share increased on expanded opportunities in popular segments. Though hybrids have been around for more than 25 years, we are seeing an increase in options in CUV segments. Ford Escape, Honda CR-V, Toyota Venza, and Mercedes-Benz GLS were among contributors to increased hybrid share.
Perhaps not surprising given that hybrid technology is more expensive, about 21% of hybrid registrations were luxury-brand models last year, up from 15% in 2019. For the total market, luxury registrations in 2020 accounted for about 14% of registrations.
Consumers in 2020 were willing to explore and adopt electrified solutions, provided they are in a vehicle package that is sized and priced correctly for the segment and the lifestyle. This is an encouraging sign as automakers make broader efforts to shift to electrification and carbon neutrality.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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