Auto Care, MEMA Aftermarket report: EVs to be 10% of market by 2030, 47% by 2045 - Transmission Digest

Auto Care, MEMA Aftermarket report: EVs to be 10% of market by 2030, 47% by 2045

The Auto Care Association and MEMA Aftermarket Suppliers released their jointly-commissioned “2023 Joint EV Trends and Outlook Forecast” during the 2023 Automotive Aftermarket Products Expo (AAPEX). The report shows that battery electric vehicles (BEVs) sales are projected to account for 9% of total U.S. light vehicles sales in 2023, growing to 35% by 2030.

The U.S. car market is projected to include approximately 10% BEVs by 2030, with that number expanding to account for nearly half of all vehicles by 2045 at 47%. As the complexity and cost of replacement components increase, the aftermarket parts market will continue to grow—meaning the average service shop with two to three bays is expected to need to invest $80,000 to $270,000 to remain competitive in the EV services market.

New this year, the 2023 Joint EV Trends and Outlook Forecast report includes the addition of an expanded feature focused on the impact of EVs on automotive aftermarket service providers, the associations said.

“The study reveals that electrification and ADAS offer the greatest growth potential, growing at 18% and 8% CAGR as the car parc transitions to newer technologies,” said Paul McCarthy, president and CEO, MEMA Aftermarket Suppliers. “We have learned from the current crop of EVs that while sometimes different things break, they still break – and the aftermarket will be ready.”

“By the end of this decade, one in 10 new vehicles in the U.S. will be a BEV,” predicted Bill Hanvey, president and CEO of the Auto Care Association. “The trend toward electric vehicle adoption among Americans continues to rise year over year, presenting the aftermarket industry with a clear view of its future: investment in the modernization of auto care businesses now will be essential to our survival in the decades to come.”

You May Also Like

How seriously should shops take the EV wave?

Automotive repair shops across the country are essential for keeping vehicles of all shapes and sizes, designed for every application under the sun, moving. With the emergence and increasing popularity of electric vehicles, repair shops now have a decision to make: Is it the right time to invest in EV services? Between necessary new tools,

Automotive repair shops across the country are essential for keeping vehicles of all shapes and sizes, designed for every application under the sun, moving. With the emergence and increasing popularity of electric vehicles, repair shops now have a decision to make: Is it the right time to invest in EV services? Between necessary new tools, training and shop equipment like charging stations, it isn’t easy to know for sure.

Report: U.S. EV investments rapidly increasing

Electric vehicle (EV) and battery manufacturing grew by a reported $92.3 billion over the past 12 months, according to a new report released by the Environmental Defense Fund and WSP, an engineering, environment and professional services consultancy. Related Articles – Report: Inflation Reduction Act sparks surge in EV investment – Tremec acquires EV systems provider Electric GT – Can the U.S.

Report: Inflation Reduction Act sparks surge in EV investment

A new report by the Environmental Defense Fund and WSP USA finds that a year after its passage, the Inflation Reduction Act (IRA) has catalyzed investment and job growth in the EV market. Related Articles – Transmission shops are preparing to work on hybrids and EVs – Dana announces new line of electric transmissions for

2030-Sustainability-Targets-1024x512-1
Tremec acquires EV systems provider Electric GT

Tremec, a subsidiary of KUO, has announced the acquisition of a provider of plug-and-play EV conversion systems, Electric GT, Inc. The company says that the acquisition will enable Tremec to strengthen its product offerings in the growing ICE-to-BEV vehicle conversion market. The newly branded company, Tremec – Electric GT, will be based out of Electric GT’s headquarters in Huntington Beach,

tremec
Can the U.S. electric grid power Electrify America?

As the world becomes increasingly conscious about the environment, electric vehicles are becoming more popular. Related Articles – Is your shop ready for a service EVolution? – Stellantis transmission plants in Indiana to begin manufacturing electric drive modules – BendPak introduces new AP Series of two-post lifts In 2022, more than 750,000 new all-electric cars

Electrify-America-2

Other Posts

DOJ, FTC signal support for MEMA Aftermarket suppliers’ petition

The U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) recently submitted support to the U.S. Copyright Office for MEMA Aftermarket Suppliers’ petition for a new exemption to the Digital Millennium Copyright Act (DMCA)’s anti-circumvention provisions. These provisions prohibit bypassing copyright protection systems. MEMA’s proposed exemption would allow consumers to view their vehicle’s

DOJ-FTC-Support-MEMA-Aftermarket-Suppliers-Petition
MEMA remanufacturing conference to take place in October

MEMA Aftermarket Suppliers announced that the 2023 Remanufacturing Annual Conference will take place on October 11-12, 2023, at the Genuine Parts Company (GPC) Headquarters in Atlanta. Related Articles – ALI announces Lifting Points Guide now available in digital and print – Axalta to acquire the CoverFlexx Group from Transtar – Remembrance: Gene Lewis Hosted by MEMA Aftermarket Suppliers,

Reman-2023-Conference-to-Unite-Industry-Leaders-
MEMA Reman Roadshow to take place in March

MEMA Aftermarket Suppliers will present “Spring Ahead in Springfield: A Remanufacturing Roadshow” from March 13 to 15 in Springfield, Missouri. Related Articles – Schaeffler, ATSG partner to support technical education – NexaMotion Group opens new C&M location in Edison, New Jersey – Transtar announces Texas product expansions Presented with this year’s partner, SRC Holdings, the

Reman-Roadshow
MEMA announces plan to position organization for the future

MEMA, a trade association representing North American motor vehicle component manufacturers, has announced a new business structure that the organization says will better position it and the vehicle supplier community for the future. The 118-year-old organization will now operate under one umbrella — MEMA — and represent automotive and commercial vehicle suppliers with two groups: