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Tuesday, 07 September 2021 22:27

Alternative Power Vehicles Estimated to Account for 45% of U.S. Light Vehicle Sales by 2035

Written by Ashley Reyes, SEMA

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Sales of alternative powered vehicles, 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.

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 U.S., 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 towards 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...

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