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Hybrid and Electric Cars - US - February 2016

Hybrid and Electric Cars - US - February 2016

"In the last few years, hybrid and electric cars were positioned as the vehicles of the future, but recent changes in the new-car market and the overall industry have slowed the growth of these segments. Falling fuel prices and a rekindled consumer love for SUVs are among the barriers to growth in these segments."

- Monica Staco, Category Manager - Financial Services

This report looks at the following issues:

Falling fuel prices affect hybrid and electric car market
Electric car range and infrastructure not yet up to snuff


OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
The issues
Figure 1: Total US sales and fan chart forecast of hybrid and plug-in vehicles, at current prices, 2010-20
The opportunities
Figure 2: Purchase consideration, by gender and age, December 2015
What it means
THE MARKET
What you need to know
Falling fuel prices hurt hybrids, electrics
Crossover craze keeps consumers away from hybrids
Infrastructure not yet up to snuff for electric car charging
Market size and forecast
Historic and projected sales performance
Figure 3: Total US sales and fan chart forecast of hybrid and plug-in vehicles, at current prices, 2010-20
Figure 4: US unit sales and forecast of hybrid and plug-in vehicles, 2010-20
Market breakdown
Hybrids struggle for sales
Figure 5: Sales of hybrid and electric cars, by hybrids, 2015-20
Figure 6: Total U.S. unit sales and forecast of hybrid and plug-in vehicles, by segment, at current prices, 2010-15
Figure 7: Total U.S. unit sales and forecast of hybrid and plug-in vehicles, by segment, at current prices, 2010-15
Electric car sales should improve
Figure 8: Sales of hybrid and electric cars, by plug-in vehicles, 2015-20
Market perspective
New-car growth could boost hybrids, electrics
Market factors
Falling fuel prices can hurt hybrids, electrics
Figure 9: Weekly U.S. all grades all formulations retail gasoline prices (dollars per gallon), 2015-16
Crossovers, SUVs are catering to American tastes
Infrastructure needs to catch up
KEY PLAYERS
What you need to know
Toyota Prius looms large
Chevy Volt could lead a charge of extended-range electrics
Infrastructure and technology available still a challenge
Fast charge is the upcoming technology in the market
What’s working?
Toyota Prius looms large
Figure 10: Toyota Prius online ad, 2015
Figure 11: Hybrid and electric car model familiarity, December 2015
Chevy Volt could portend a new way to go electric
Tesla trying to change the game
What’s struggling?
Infrastructure needs to be built out
Electric car range is still limited
BMW and Lexus not widely known for their hybrid and electric models
Figure 12: Hybrid and electric car model familiarity, December 2015
What’s next?
Fast charging might supercharge the market
THE CONSUMER
What you need to know
Consumers are interested in Hybrid and Electric cars
Most hybrid and electric car research is performed online
Consumers think hybrids and electrics are good for the environment
Consumer interest in hybrids and electrics
Today’s consumer will shop hybrid and electric cars
Figure 13: Purchase consideration for hybrid and electric cars, December 2015
Millennials express interest in Hybrids and Electrics
Figure 14: Purchase consideration for hybrid and electric cars, by age, December 2015
Boomer Women are interested in hybrid or electric cars
Figure 15: Purchase consideration for hybrid and electric cars, by age and gender, December 2015
Blacks show more future interest in hybrids/electrics
Figure 16: Purchase consideration for hybrid and electric cars, by Hispanic origin and race, December 2015
Research of hybrid and electric cars
Internet drives hybrid and electric car research
Figure 17: Hybrid and electric car research, December 2015
Figure 18: Hybrid and electric car research, December 2015
Men more likely to read news and research online
Household income influences the medium consumers use for research
Figure 19: Hybrid and electric car research, by household income, December 2015
Perceptions of hybrid and electric cars
Consumers perceive hybrids and electrics as expensive and efficient
Figure 20: Purchase drivers for hybrid and electric cars, December 2015
Men say hybrids and electric cars have good performance
Millennials, Gen X most likely to think of hybrids/electrics as efficient
Figure 21: Purchase drivers for hybrid and electric cars, December 2015
Attitudes towards hybrid and electric cars
Consumers say hybrids and electrics are environmentally friendly
Figure 22: Attitudes towards hybrid/electric vehicles, December 2015
Challenges for embracing hybrid and electric cars
Figure 23: Attitudes towards hybrid/electric vehicles, December 2015
Women do believe hybrids and electrics are worth the investment
Figure 24: Attitudes towards hybrid/electric vehicles, by gender and age, December 2015
Consumers associate hybrids to fuel-efficient
Figure 25: Perceptions of hybrid and electric vehicles, December 2015
APPENDIX
Data sources and abbreviations
Data sources
Abbreviations and terms
The consumers
Correspondence analysis
Figure 26: Car type attributes, December 2015
Cluster analysis
Figure 27: Hybrid and electric cars clusters, December 2015
RESEARCH METHODOLOGY
US Research Methodology
Consumer research
Social Media Research
Trade research
Statistical Forecasting

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