LAS VEGAS — Sales of battery-electric vehicles (BEVs) seemed to have plateaued this year as some OEMs have switched to investing in hybrids, making them a substantial part of their portfolio mix through 2030, according to the newly released the 2024 Joint EV Trends and Outlook Forecast, sponsored by the Auto Care Association (ACA) and MEMA Aftermarket Suppliers.
The report, unveiled at AAPEX in Las Vegas, provides analysis and forecasts on the continuing shift toward electrification. Research and analysis were provided by PwC Strategy&.
BEVs are expected to account for 8% of new vehicle sales in the U.S. in 2024, slightly higher than the 7.7% of sales for 2023.
Last year's Joint EV Trends and Outlook Forecast report projected that the share of electric vehicles in operation in 2025 would be triple that of the share in 2023, and that the 2025 share would triple again by 2030 and continue to build momentum.
However, this year Strategy& provided a more conservative short-term forecast for EV penetration, and the 2024 Joint EV Trends and Outlook Forecast findings validate that caution.
Key factors influencing the cautious growth forecast include consumers’ concerns about battery charging, price and service frequency.
"Electrified components are set to drive incremental growth for the next several years before bringing significant aftermarket growth in the next decade," Philip Atkins, director, strategic research and planning for MEMA, said.
"Understanding market shifts and their timing is crucial for suppliers aiming to capitalize on the opportunities in our electrified future. Our collaboration with the Auto Care Association equips the aftermarket with the data needed to plan strategically," he said.
"This report shines a light on the strategic adjustments our industry must consider in response to evolving electrification," said Michael Chung, ACA’s senior director, market intelligence, said.
The report is available for free to MEMA and ACA members; non-members can purchase the report at digital.autocare.org or mema.org.
