In part of its virtual education industry insight series, SEMA's Market Research team recently hosted a webinar to further explore its latest report, "Emerging trends: electrification, alternative power, and advanced technology."
The newly-released report takes a look at the current landscape of alternative power and electrification in the U.S. and provides a realistic outlook for electric vehicles in the future, along with noting any potential implications. It also explores other advanced technologies that are being developed for new vehicles today.
To download the report, click here.
The live webinar took place on Sept. 15 and was presented by Gavin Knapp, director of Market Research, and Kyle Cheng, Market Research manager.
Looking at the latest research on the growth of electric vehicles and other vehicle segments, sales for EVs, electrification, challenges and barriers to EV adoption, and the latest advanced safety technology being put in vehicles, key takeaways from the webinar include:
- Alternative power vehicle sales are growing, but challenges remain. Gas/diesel powered vehicles are not going away anytime soon.
- Of the 282.8 million vehicles on the road today, there are 4.1 million alternative power passenger cars and light trucks in the U.S. (vehicles not solely powered by a traditional combustion engine).
- Average age of passenger cars and light trucks in operation today is 12.1 years (up from recent years).
- Challenges to EVs in the U.S. include:
- 74 percent of U.S. drivers still prefer a gas or diesel engine for their next vehicle.
- Most consumers are still concerned about range and charging.
- Cost - average MSRP for entry-level electric is $30,000-$40,000, average non-warranty cost to repair EV battery pack is $12,000-$15,000.
- Safety - risk of fire.
- Current electric infrastructure - charging requires a significant power draw.
- New vehicles are becoming more complex and are becoming known as "computers on wheels".
- All modifications will likely involve software, which brings additional challenges (privacy, security, etc.). Will this affect one's ability to modify, upgrade, or change the vehicle?
