The Auto Care Association and MEMA Aftermarket Suppliers have released the 2024 Joint EV Trends and Outlook Forecast. The report, unveiled at AAPEX, provides a detailed analysis of the factors shaping the electric vehicle aftermarket, offering crucial insights to help the industry adapt to the accelerating shift toward electrification.
"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."
The forecast examines key challenges such as consumer concerns about charging infrastructure, pricing, and service frequency. While electrified vehicle parts are expected to generate incremental growth, the report highlights that internal combustion engine-related sales will continue to dominate aftermarket revenue in the near term.
"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."
Members of the Auto Care Association and MEMA Aftermarket Suppliers can access the report as a membership benefit. Non-members can purchase it at digital.autocare.org or mema.org.
