Sales of alternative power 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 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:
To learn more about SEMA’s outlook on electric vehicles and emerging trends and technology, download the new “Emerging Trends: Electrification, Alternative Power and Advanced Technology” report today at www.sema.org/research.