America’s love affair with big SUVs and pickup trucks is facing a new challenger: the hybrid. And it’s the Asian carmakers that are best placed to cash in.

Toyota, Honda and Hyundai all reported stronger US sales in the third quarter, while Ford and General Motors recorded declines.

Industry research and surveys reveal that Asian brands to account for more than half of all new vehicles sold in the US during the quarter – close to a record share.

The reason is increasingly obvious. Hybrid demand is booming. Sales jumped 23% year-on-year in the second quarter, giving hybrids a record 16.3% share of new-vehicle sales.

Toyota remains the dominant player, accounting for 44% of conventional hybrid registrations, followed by Honda at 17%, Hyundai at 10% and Kia at 9%. Ford’s share has fallen to 6%, while GM has largely concentrated on fully electric vehicles.

That strategy may be changing. GM has acknowledged that customers want hybrids and says it intends to respond, as rising fuel prices make efficiency increasingly attractive.

Average US petrol prices reached $4.36 a gallon in early October, compared with $3.13 a year earlier.

Hybrids are also benefiting from slowing EV demand. For many buyers, they offer better fuel economy without requiring a major change in how they drive or refuel their cars.

The shift comes as the average new-car transaction price has passed $50,000, adding further pressure on buyers.

For now, the message from America’s showrooms is clear: electrification is happening, but it isn’t necessarily happening with a plug.