By Kyle Cheng
Electric and hybrid powertrains are slowly gaining popularity. By 2035, SEMA Market Research projects that alternative power (electric, hybrid, fuel cell, etc.) will account for 45% of all new light vehicles sold. However, significant challenges remain to more mainstream adoption of this technology.
By and large, American consumers still prefer traditional engines, with 74% saying they want a gas or diesel engine for their next vehicle. Concerns around charging, range, cost and safety as well as infrastructure needs are limiting factors. Currently, alternative power only represents 1% of all vehicles in operation. Even as these vehicles grow, given that the average vehicle stays in operation for just over 12 years, it will take a while for old vehicles to cycle out—so traditional engines aren’t going away anytime soon.
Want to learn more about the future of alternative power and its potential impact on the specialty-equipment industry? Download the new SEMA “Emerging Trends: Electrification, Alternative Power and Advanced Technology” report today at www.sema.org/research.