R.L.Polk & Co. reports that the hybrid vehicle industry is making an impressive dent in the market.
According to recent analysis, registration of new hybrids have grown a whopping 49% in the first seven months of the year, with the Midwest making the most aggressive strides with a 56.9% increase when compared to other regions of the country. According to Lonnie Miller, the director of industry analysis for Polk,
“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,”She went on to say that the hybrid market has yet to rich a plateau and expects continued growth nationwide. The state showing most impressive sales of hybrids was Oklahoma and Hawaii showed up as the only state seeing a surprising decline.
When looking at specific car models generating this growth, the Toyota Prius took a second place seat with its already impressive 88.3% increase, while Toyota Camry lead with a whopping 214.9% increase compared to the first seven months in 2006. While sedan sales left us optimistic, the sale of hybrid SUV's such as the Toyota Highlander and Lexus RX400h declined in all regions (by 24.6% and 16.3% respectively).
This high note for the green consumer was also a high note for the automotive industry that actually experienced a decline overall. While hybrids account for only 2% of the overall market, these recent finding point to a growing market that no longer can be overlooked.