Electric automaker giant Tesla proved its strong market dominance again as it claims four of the top five spots in the US luxury electric vehicle segment. Apart from that, the Musk-led company persists in controlling the majority of the market share, Experian reports.
Ranking
Experian’s Automotive Consumer Trends Report: Q2 2023 revealed that Tesla’s S3XY electric car models accounted for four of the top five popular models in the luxury EV market in the US.
As expected, the all-electric SUV Tesla Model Y dominated the rankings with a 47.36% market share. Tesla Model 3 and X followed with 27.30% and 4.42% market shares, respectively. The Tesla Model S ranked fifth (2.53%), trailing behind the BMW i4 (2.82%). Refer to the table below:
| Models | Share |
| Tesla Model Y | 47.36% |
| Tesla Model 3 | 27.30% |
| Tesla Model x | 4.42% |
| BMW i4 | 2.82% |
| Tesla Model s | 2.53% |
| Rivian R1T | 2.31% |
| Mercedes-Benz EQS | 1.98% |
| BMW iX | 1.48% |
| Rivian R1S | 1.44% |
| Audi Q4 e-tron | 0.93% |
EV uptake in the US
The report indicated that the US currently has over 2.7 million registered electric vehicles. It represents a million-unit growth from just 1.7 million in the second quarter last year.
In the same period, EVs accounted for a notable 7.50% or 840,000+ of the total new vehicle registrations, up from just 5.70% year-on-year.
However, it is interesting to note that 85% of these EV owners also own gas-powered cars. Meanwhile, 11% have hybrid cars, according to the report’s findings.
“Although EVs are growing in popularity, it’s natural for some consumers to still opt for a secondary vehicle. With fewer charging stations in some states, they may feel more comfortable with a gas-powered vehicle. As the infrastructure continues to develop, understanding consumers’ needs will enable automotive professionals to better assist them when finding something that fits their lifestyle.”
Kirsten Von Busch, Experian’s director of product marketing for automotive
Luxury EVs lead the industry
Luxury electric vehicle models dominated retail EV registrations in the past 12 months with a 77.33% market share. Meanwhile, non-luxury EVs only gained 22.67% of the market in the same period, the report noted.
As mentioned, Tesla led the rankings with four of its main products, enabling the brand to claim the majority of the luxury EV market in Q2 2023 (81.61%). German automaker BMW ranked second with a 4.42% share. Rivian followed with 3.76%, while Mercedes-Benz (3.27%) and Audi (2.52%) trailed behind.
| Brands | Share |
| Tesla | 81.61% |
| BMW | 4.42% |
| Rivian | 3.76% |
| Mercedes-Benz | 3.27% |
| Audi | 2.52% |
As for the non-luxury rankings, Chevrolet led the market with a 24.21% share in Q2 2023. Ford followed with a share of 24%. Volkswagen (15.77%), Hyundai (15.22%), and Kia (9.17%) completed the top five.
| Brands | Share |
| Chevrolet | 24.21% |
| Ford | 24% |
| Volkswagen | 15.77% |
| Hyundai | 15.22% |
| Kia | 9.17% |
“While Tesla has been the current electric vehicle market share leader, we’re seeing other OEMs enter the market and gain share. As more model options become available, it will be interesting to see how that impacts consumer behavior. It’s important for industry professionals to stay ahead of the trends as the automotive landscape continues to evolve.”
Kirsten Von Busch, Experian’s director of product marketing for automotive
See Also:
- Tesla Model Y continues to lead the European auto market from Jan to Aug 2023
- Hundreds of Tesla Model 3 Highlands spied in Shanghai, speculated for European exports
- Tesla Model Y receives Residual Value Award in European BEV SUV category
- Tesla Model Y dominates the used EV market in the US, study reveals
- Tesla Model Y advances to second spot in Australia’s top-selling car in June 2023
Tesla continues to lead the luxury electric vehicle segment with its popular models under the S3XY lineup. It would not be surprising if the Musk-led company could manage to maintain this significant lead in the following quarters, especially with the arrival of the Model 3 Highland and the Cybertruck.
