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Hybrids Gain Traction In U.S. Heartland
New hybrid vehicle
registrations have grown more than 49 percent nationwide in the first seven
months of 2007 when compared to the same timeframe in 2006, according to R.
L. Polk & Co. The Midwest region posted the highest increase of 56.9
percent when compared to the South, Northeast and the West regions (see
table 1). The West region leads in total volume, anchored by the number one
hybrid vehicle registration state, California.
"Hybrids are being adopted by vehicle buyers in all regions at an
increasing rate for many factors which include fuel prices, differentiating
themselves from other consumers and environmental activism," said Lonnie
Miller, Polk director of industry analysis. "The data indicates that
hybrids have not hit plateau and that there is room for continued growth
within the marketplace in all regions."
Oklahoma led all states with growth of more than 143 percent compared
to the first seven months of 2006 (see table 2) while Hawaii was the only
state showing a decline in new hybrid vehicle registrations, dropping 5.3
percent (see table 3).
HYBRID OVERVIEW
Large gains were made in the Midwest due in part to the Toyota Prius,
which boasted an 88.3 percent increase, and the Toyota Camry with a 214.9
percent increase from the first seven months of 2006, which marked the
entry of the Camry hybrid in the U.S.
While the majority of sedan hybrid registrations increased, both the
Toyota Highlander and Lexus RX400h declined sharply in every region.
Highlander registrations were down 24.6 percent while the RX400h was down
16.3 percent.
Following the Toyota Prius at just over 50 percent share of the hybrid
segment, the Toyota Camry was the second highest registered hybrid model,
taking 15 percent of the category, followed by the Honda Civic, with 9.1
percent of all new hybrid registrations. Continuing leadership in this
segment, Toyota and Lexus own more than 78 percent of the hybrid market,
compared to 74 percent in the first seven months of 2006.
"While the overall U.S. vehicle market is down, hybrids are a bright
spot in the automotive industry with this category projected to easily
exceed 300,000 vehicles this year. At this point, hybrids account for more
than two percent of the total U.S. vehicle market, which is supported by
the regional growth we've seen," said Miller.
The core hybrid vehicles offered today are automobiles powered by
internal combustion engines, and are equipped with batteries recharged
during driving and an electric motor to assist with power demand. Hybrids
deliver exceptional mileage compared to their gas-only counterparts and are
considered environmentally-friendly alternatives to traditional internal
combustion engine vehicles.