Auto Care Association, MEMA Aftermarket Suppliers Release 2024 Joint EV Trends and Outlook Forecast Report

The two automotive aftermarket industry associations partnered to provide forecasts and analysis of the trends driving change in electrification.
 

BETHESDA, Md. and RESEARCH TRIANGLE PARK, N.C. – November 5, 2024 – The Auto Care Association and MEMA Aftermarket Suppliers have released the 2024 Joint EV Trends and Outlook Forecast, providing insights into the evolving electric vehicle landscape to help the aftermarket industry navigate this dynamic sector. Unveiled at AAPEX, the report offers in-depth analysis and forecasts to support the industry adaptation to the continuing shift toward electrification. Research and analysis for the 2024 Joint EV Trends and Outlook forecast were contributed by PwC Strategy&, providing a comprehensive view of factors affecting the EV aftermarket. 

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& has shared conservative short-term forecasts for EV penetration, and the 2024 Joint EV Trends and Outlook Forecast findings validate that caution.  

The 2024 Joint EV Trends and Outlook Forecast report dives into key factors influencing the cautious growth forecast, examining the consumers’ concerns about battery charging, price, and service frequency. The report also provides crucial forecasts for the aftermarket’s addressable market, focusing on warranty and post-warranty EV components and the potential for incremental sales in the coming years. While electrified vehicle part sales are expected to provide essential incremental growth, the aftermarket will continue to rely on internal combustion engine vehicle-related sales for the majority of revenue, transitioning as EV market share expands.  

"Electrified components are set to drive incremental growth for the next several years before bringing significant aftermarket growth in the next decade," said Philip Atkins, director, strategic research and planning, MEMA, The Vehicle Suppliers Association. "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." 

"This report shines a light on the strategic adjustments our industry must consider in response to evolving electrification," said Michael Chung, senior director, market intelligence, Auto Care Association. "Our partnership with MEMA Aftermarket Suppliers ensures our members are well-equipped with the insights needed to navigate this shift." 

MEMA Aftermarket Suppliers and Auto Care Association members can access the report as a membership benefit. Non-members can purchase the report at digital.autocare.org or mema.org.