We're not pessimistic about electric vehicles; but the aftermarket for engines still holds promise.

We're not pessimistic about electric vehicles; rather, the aftermarket for engines still holds promise.

TSP, along with our global customers, is watching the market trends closely. Here are our observations:

There's reason to doubt the growth of the consumer end of electric vehicle transformation—challenges with timing, key technology, and infrastructure. More and more states in the US are enacting regulations that restrict the registration of new zero-emission or low-emission vehicles, and similar trends are emerging in Europe. This has added additional factors influencing why we've seen customers, in recent years, attempt to adopt electric vehicles in response to signals from the government.

However, recent surveys indicate that consumer acceptance remains muted. By 2021, 81% of respondents would consider purchasing a battery electric vehicle (BEV); however, by 2023, only 42% held this view. The reasons for this shift seem to be skepticism about electric vehicle technology, pricing, charging infrastructure, and battery technology.

While the overall trend towards carbon neutrality is unstoppable, with many countries abandoning or slowing down their plans for electric vehicle transformation (such as the UK's five-year delay in banning sales of petrol vehicles and the cancellation of electric vehicle subsidies), we must acknowledge that, given the objective facts of economic development and technology, internal combustion engines still dominate this market and are unlikely to change in the short term. This gives a sweet signal to the aftermarket for engine parts—

the roar of the internal combustion engine may last longer than we imagined.