Auto Care, MEMA Aftermarket Release 2023 Joint EV Report

Auto Care, MEMA Aftermarket Release 2023 Joint EV Report

The report shows that BEV sales are projected to account for 9% of total US light vehicles sales in 2023.

The Auto Care Association and MEMA Aftermarket Suppliers released their jointly-commissioned “2023 Joint EV Trends and Outlook Forecast” report to provide the auto care industry with the insights needed to navigate the rapidly evolving industry. Newly released during the 2023 Automotive Aftermarket Products Expo (AAPEX), the report is part of industry collaboration designed to inform and support the auto care industry as it navigates change.

The 2023 Joint EV Trends and Outlook Forecast report shows that battery electric vehicles (BEVs) sales are projected to account for 9% of total US light vehicles sales in 2023, growing to 35% by 2030. The U.S. car parc 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 – $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,” said Bill Hanvey, president and CEO, 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.”

Research and analysis in the 2023 Joint EV Trends and Outlook Forecast were contributed by PwC Strategy&, IMR Inc. | AutomotiveResearch.com, Schwartz Advisors and S&P Global Mobility.

Auto Care Association and MEMA Aftermarket Suppliers members receive complimentary access to this report as a membership benefit. This report may be purchased by non-members for $1,500 and can be accessed instantly on the Auto Care Digital Hub at digital.autocare.org or the MEMA Aftermarket Suppliers website at mema.org.

You May Also Like

UL Solutions to Construct Advanced EV Battery Testing Center

The new testing center in Pyeongtaek, Gyeonggi-do, Korea, will expand current UL Solutions’ battery testing capacity in the region and add EV charger testing capabilities.

UL Solutions Inc., global provider of applied safety science, announced plans to construct a new Advanced Automotive and Battery Testing Center in Pyeongtaek, Gyeonggi-do, Korea, expanding current UL Solutions battery testing capacity in the region and adding electric vehicle (EV) charger testing and other capabilities.

To serve customers across the Asia Pacific region, the center, expected to open in the second half of 2025, will help strengthen Korea’s EV industry, respond to increased demand from new and existing customers, and provide faster access to safety and performance testing and other services, according to UL Solutions.

Blink Charging Achieves ‘In Process’ FedRAMP Status

Once fully accredited, Blink’s EV charging network will be available to government agencies.

Volvo Cars Starts Production of Fully Electric EX90 SUV

The EX90 is based on its next-gen EV technology base, with a fully electric range of up to 372 miles.

Hitachi Astemo Developing Steer-by-Wire Technologies for EVs

The company is also creating a 360-degree-camera that provides LiDAR-like results for autonomous vehicles.

ABB E-mobility Releases the A400 All-in-One Charger

ABB E-mobility said it designed the A400 with the aim of achieving a 10-year product lifetime.

Other Posts
EVgo Names First Chief People Officer

Keith Hutchison brings over two decades of experience working in human resources within the energy and EV sectors.

NFPA Considers Standard to Mitigate Battery Hazards

The National Fire Protection Association is gauging whether support exists for the development of standards to address known hazards associated with batteries.

Zapp EV to Appoint Manufacturing Partner in India

Bounce Electric 1 Private Limited will be Zapp’s contract manufacturing partner for sales of the i300 in India.

Gravity Releases Universal EV Charging ‘Trees’

The ‘trees’ require no utility upgrades and are capable of providing 200 miles of range in either 13 minutes (200kW) or 5 minutes (500kW).