PARTS DEPARTMENT BY MIKE RICH 2024 AUTOMOTIVE PREDICTIONS 2024 Automotive Predictions for the Parts Department A s we kick off the new year and dive into 2024, the automotive industry faces new challenges and opportunities. For the parts department, the end of the year means strategizing to make the most of these changes and leveraging them to grow their parts business. These changes will significantly influence the average parts department's availability and demand for auto parts. This raises questions for dealers on adapting and thriving in a market driven by technological advancements, changes to OEM policies, and shifting consumer preferences. Preparing for upcoming industry shifts is necessary so your business isn't left behind. Here are a few automotive trends that your parts department could expect in 2024. INCREASED DEMAND FOR ELECTRIC VEHICLE COMPONENTS It should come as no surprise that the demand for Electric Vehicles (EVs) is rising. A report by the International Energy Agency highlighted that 14% of new vehicles sold globally and 8% of all new cars sold in the United States were electric in 2022, an increase from previous years. This trend is expected to continue throughout the upcoming years as EVs are perceived 52