Companion analysis states that e-commerce sales have continued to grow post-pandemic as inflation pressures push consumers toward online channels
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.
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’s report has shared conservative short-term forecasts for EV penetration, and the 2024 Joint EV Trends and Outlook Forecast findings validate that caution.
“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.”
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.
Unveiled at AAPEX, the report offers in-depth analysis and forecasts to support the industry adaptation to the continuing shift toward electrification. 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.
2024 Joint E-commerce Trends and Outlook Forecast Report
The Auto Care Association and MEMA Aftermarket Suppliers have also released the 2024 Joint E-commerce Trends and Outlook Forecast report at AAPEX, providing insights into consumer purchase of automotive parts and accessories through the online channel.
The report states that e-commerce sales have continued to grow post-pandemic as inflation pressures push consumers toward online channels while seeking lower costs. When third-party marketplaces are excluded, e-commerce sales grew 4.3% versus 2024 and at a compounded annual growth rate (CAGR) of 6.7% through 2027. When complete sales for Amazon, eBay Motors and Walmart are included, total channel sales are projected to grow at a 6.7% annualized growth between 2020 to 2027.
Most automotive focused e-commerce platforms have tools for consumers to ensure that the parts they order are compatible with a specific year, make, model, and trim — many even guarantee part fitment, reducing the risk for consumers purchasing online.
The report provides data and insights for online sales of selected parts categories. Some categories have seen sizable growth in 2024, while many peaked during COVID and have fallen back near pre-pandemic levels of internet channel share.
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.
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