Rising inflation means that crude oil prices have now reached $110 per barrel for the first time since 2014. So, as households struggle to run their cars due to rising costs, will this mean more interest in electric or hybrid cars? According to one study, it could.
The study, which was released by iSeeCars.com, found that the latest car sales figures suggest that when consumers buy a new or used vehicle, they tend to choose a hybrid or electric one.
Demand for electric cars has been increasing for several years. Now, with record-high gas prices, more consumers are willing to consider alternatives to petrol cars to save money.
For example, figures from Toyota from last month show that 23% of sales were in the hybrid or electric vehicle category, despite major inventory shortages.
This is good news for environmental groups, who have been campaigning for gas-powered vehicles to be phased out to improve air quality and speed up the transition to green energy.
Does location make a difference?
Another key finding of the study was that people in rural areas were more interested in EVs than those in more urban areas. Mississippi had the highest growth in EV sales since 2014, with a 241% growth in the electric car market.
iSeeCars Executive Analyst Karl Brauer said: “You expect to see strong hybrid and electric vehicle sales in states like California, Oregon, and Washington, or in cities like San Francisco, Los Angeles, or Seattle.
While those areas do have the highest percentage of alternative fuel vehicles, the areas with the greatest growth in hybrid and electric vehicle share come from states and cities few would expect. It’s pretty amazing that California barely makes the top 10 in terms of hybrid and electric vehicle growth since 2014, even with strong incentives encouraging their purchase.
Conversely, despite not having any statewide incentives, Mississippi’s EV adoption is growing faster than all other states, and could continue to do so as Nissan has plans to manufacture EVs in its Mississippi plant in the coming years.”