With so few battery electric vehicles on roads in Canada and the United States, the runway for the automotive aftermarket to continue working on internal combustion engine vehicles will be a long one.
In Canada, electric vehicles make up about 1 per cent of all vehicles. That number is smaller in the U.S.
“This underscores the significant time lag between the new sales share of EVs and their aftermarket impact,” said a recent Aftermarket iReport from Lang Marketing.
And the number of BEVs that have replaced ICE vehicle is so small in the four years and older age category.
“Lang Marketing estimates that BEVs eliminated only about 0.3% of ICE aftermarket volume last year,” it said in the report, ICE Vehicles Will Long Dominate Aftermarket.
The agency figures less than 5 per cent of ICE vehicle product volume — not including tires and certain accessories — will be eliminated by BEVs by 2030, if electrics were not introduced. Furthermore, Lang believes ICE vehicles will record substantial aftermarket growth between 2022 and 2030.
“In fact, the annual rate of ICE aftermarket product growth between 2022 and 2030 will greatly outpace the ‘loss’ of ICE volume due to BEVs during these eight years,” Lang said.