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US Hybrid Vehicle Market Share Grew 41% In 2012

Toyota Prius

The overall market share of hybrid vehicles is still pretty low, but a new study has shown that the US hybrid industry experienced a 40.9% growth between in 2012, up from 2.3% to 3.1%. This is a pretty solid indication that hybrids are on their way from a novelty type of vehicle for the eco-inclined to a pretty standard vehicle choice.

The study also found that hybrid consumers have a higher credit score than those purchasing non-hybrid new vehicles. Hybrid drivers had an average credit score of 790, a bit higher than the average score of 755 for a new vehicle loan. Another interesting stat: the average driver of a hybrid is 27-34 years old. It’s probably not surprising that most hybrid vehicle drivers are of the younger generations.

For those who financed a hybrid, the average amount was $25,807 with an average monthly payment of $461 and an average interest rate of 3.51%. Only 21.4% of these were leases, and 78.6% were loans.

The Toyota Prius is still dominating the hybrid market with 37.2% of sales, while the Camry Hybrid took 8.9% of the sales and the Chevy Volt at 6.3%.

Hybrids still have a long way to go before they take up a significant portion of the market, but the fact that there is significant growth in the market, despite controversy and occasional bad press, is definitely a good sign.

Do you drive a hybrid? Are you considering getting one in the future?

Image CC licensed by Rober Scoble

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