An increasing number of ICE owners are choosing hybrids when it comes time to buy their next vehicle, growing by 3.4 percentage points or 61 percent over the past year.
Once those customers go hybrid, they aren’t quite as likely to go back to a strict ICE vehicle either – hybrid loyalty hit 40.1 percent in August, which is its highest level since May 2021 and an increase of 8.5 percentage points or 27 percent versus a year ago.
A sizable chunk of hybrid sales growth comes from commercial fleets, as 13.3 percent of total hybrid registrations came from that segment in the time period between January and August 2023, and 14.2 percent in July alone – the highest such rate in over three years.