EVs, hybrids to be 45% of U.S. light vehicle sales in 2035

EVs, hybrids to be 45% of U.S. light vehicle sales in 2035

Eighteen of the top 20 global automakers plan to scale up their production of electric vehicles in the near future.

Sales of alternative power vehicles like EVs, while currently representing just 5% of all U.S. light vehicle sales today, are expected to reach 45% by 2035, according to new SEMA market research focused on the landscape of alternative power and electrification in the U.S.

Eighteen of the top 20 global automakers, which together represent around 90% of new car registrations worldwide in 2020, plan to widen their portfolio of alternative power models and scale up their production of electric vehicles. However, three-quarters of Americans still prefer gas or diesel and have concerns about charging infrastructure, driving range and price. Also, alternative power vehicles remain a niche market for the specialty-equipment industry, accounting for just 1% of specialty-equipment retail sales in 2020.

Filled with an in-depth outlook on the landscape of alternative power and electrification in the United States, the “Emerging Trends: Electrification, Alternative Power and Advanced Technology” report helps companies understand potential implications for the specialty-equipment industry and how advanced technologies are becoming part of the new vehicle ecosystem.

Key findings from the report include:

  • There are currently 4.1 million alternative power vehicles on U.S. roads today. This represents 1% of light vehicles in operation.
  • While sales are starting to grow, significant hurdles remain – around range, charging, and electrical power generation – in the shift toward more electrified vehicles.
  • As sales of electric and other alternative energy vehicles increase in coming years, it will take a while for current vehicles to cycle out of operation. The average age of a vehicle today is just over 12 years.
  • Alternative power currently represents a very small share of the specialty-aftermarket sales but will be more important as their presence grows. In 2020, alternative power accounted for only 1% of specialty-equipment retail sales at $0.42 billion.
  • Automakers continue to integrate vehicles with advanced technology to increase safety and comfort on the road. This opens potential growth opportunities for the aftermarket industry in older vehicles.
  • While 58% of drivers want more safety features, 86% say they are afraid of fully autonomous vehicles. They cite safety and liability as their biggest concerns.

The full report can be downloaded here.

You May Also Like

Lime, Hight Logistics and Forum Mobility strike deal for zero-emissions EV shipping

Lime anticipates the agreement will shift more than 300 port-to-hub shipments to electric, zero-emission trucks annually.

Forum_Mobility_lime_hight

Lime, Hight Logistics and Forum Mobility revealed a new deal for zero-emissions port-to-hub shipping for all Lime freight arriving in North America through the Ports of Los Angeles and Long Beach. Forum Mobility is providing electric trucks and charging to Hight Logistics, a family-owned drayage provider in Long Beach, CA. In 2023, nearly 50% of all of Lime's new vehicles and parts globally arrived through Los Angeles ports now covered under the agreement. Lime anticipates the agreement will shift more than 300 port-to-hub shipments to electric, zero-emission trucks annually.

EV tire satisfaction gap widens as wear rates increase, J.D. Power finds

The study shows that EV owners have similar expectations for tire wear as owners of gas-powered vehicles do.

Tesla-Cheapest-EV-to-Run-Model-3-1400
Canoo’s Oklahoma City manufacturing facility approved as a Foreign Trade Zone

The company said the approval will accelerate its made-in-America EV manufacturing strategy, improve unit profitability and enable a faster path to break even.

Canoo-OKC-Factory-1400
Unico releases the BAT300 Series, an EV battery testing solution

Unico said the BAT300 Series is based on the Unico IDAC power platform and offers performance, efficiency and versatility at a reduced cost.

idac-combo
Hexagon Agility expands CNG fuel system manufacturing plant

The company says a green future for trucking is close, and what’s coming next could put fears over a lack of CNG power to bed.

Hexagon-combo

Other Posts

ABI Research finds that global EV sales expected to increase by 21% in 2024

This represents a significant decline from growth rates of 31% in 2023 and 60% in 2022, ABI Research said.

Tesla-Model-Y-1400
Kia’s electrified model sales grew 9% compared to March 2023

The company also delivered its second-highest first-quarter sales total in company history, capped by March sales of 69,472 units.

kia_EV9_2024
Volvo Cars report a 24% increase in March EV sales Y/Y

Volvo Cars said its new fully electric SUV, the EX30, contributed to the sales growth, as well as a strong sales performance in the US.

Volvo-EX30-charging-top-1400
Research finds that caffeine boosts platinum electrode performance

This discovery has the potential to reduce platinum requirements, making fuel cells more affordable and efficient, the researchers said.

Caffeine-stock