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

BETHESDA, Md. and RESEARCH TRIANGLE PARK, N.C. - MEMA Aftermarket Suppliers and the Auto Care Association 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 & Planning at 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 mema.org or digital.autocare.org.

About MEMA Aftermarket Suppliers 

MEMA Aftermarket Suppliers exclusively serves manufacturers of aftermarket components, tools and equipment, and related products, an important part of the automotive parts manufacturing industry which supports over 900,000 American jobs in all 50 states. MEMA Aftermarket Suppliers is a recognized industry change agent-promoting a collaborative industry environment, providing a forum to address issues, and serving as a valued resource for member companies. Members represent all areas of the aftermarket including light vehicle, commercial vehicle, and remanufacturing. MEMA Aftermarket Suppliers is a membership group within MEMA, The Vehicle Suppliers Association. 

MEMA is the leading North American trade association for vehicle suppliers, parts manufacturers, and remanufacturers. Automotive and commercial vehicle suppliers are the largest manufacturing sector in the United States and lead the way in new vehicle innovations. MEMA has been the voice of the vehicle supplier industry since 1904. Its more than 1,000 members are Strong by Association.
 
Members supply the aftermarket with the parts that keep millions of vehicles on the road, fueling international commerce and meeting society's transportation needs. MEMA members are committed to safety and sustainability. 

MEMA has offices in Southfield, Mich.; Research Triangle Park, N.C.; and Washington, D.C. Learn more at mema.org/aftermarket-suppliers.

About the Auto Care Association  

The Auto Care Association is the voice of the auto care industry, a $435 billion plus industry comprised of more than 4.9 million American workers. Providing advocacy, educational, networking, technology, market intelligence and data resources to serve the collective interests of members, the Auto Care Association serves the entire supply chain of the automotive aftermarket: businesses that manufacture, distribute and sell motor vehicle parts, accessories, tools, equipment, materials and supplies, and perform vehicle service, maintenance and repair. To learn more, visit www.autocare.org.