PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419085
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419085
Electric Vehicle Aftermarket Industry size was valued at USD 66,102.22 Million in 2022, expanding at a CAGR of 20.68% from 2023 to 2030.
Electric Vehicle Aftermarket Industry is gaining traction with the growing electric vehicle (EV) aftermarket along with rapidly adoption of EVs. The EV aftermarket encompasses a range of products, services and technological advancement.
The market growth driven by the rising trend of converting conventional vehicles to electric vehicles, the influence of government policies and incentives, the growing adoption of electric vehicles, the need for battery upgrades and replacements, creative charging solutions, customization demands, and specialized maintenance and repair services. The aftermarket sector will be vital in satisfying the needs and preferences of EV owners as the market for electric vehicles develops and grows. One of the main factors propelling the aftermarket's expansion is the continuous transition to electric vehicles.
Furthermore, as more people and companies convert to electric vehicles, there will be a greater need for aftermarket goods and services. For instance, electric models from firms like Tesla Inc., Nissan Motor Co. Ltd., and Chevrolet have had strong sales, and as these cars get older, there will be a greater demand for maintenance and replacement parts. For example, the Paris-based International Energy Agency reports that sales of electric cars have been rising rapidly globally, reaching two million in the first quarter of 2022. Electric car batteries are becoming more durable and effective due to advancements in battery technology. Batteries will eventually need to be replaced or refurbished, even with these developments, which presents potential for the aftermarket.
The Global Electric Vehicle Aftermarket Industry Market is segmented on the basis of Vehicle Type, Propulsion Type, Distribution Channel, and Region.
The market is divided into two categories based on Vehicle Type: passenger cars and commercial vehicles. The passenger cars segment dominates the market. Technological advancement, and improved connectivity in EVs is expected to boost the passenger cars demand.
The market is divided into four categories based on Propulsion Type: BEVs, HEV, PHEV, and FCEV. The BEV segment dominates the market and is likely to maintain its dominance during the forecast period. The growing demand for battery replacement, aftermarket services are likely to boost market growth.
The market is divided into four categories based on Distribution Channel: retailers and wholesalers & distributors. The retailers segment dominates the market and is likely to maintain its dominance during the forecast period. The growing number automotive stores, specialty stores are expected to fuel the segment growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market is characterized by fierce competition, with a few numbers of prominent global participants controlling a sizable portion of the industry. The main priorities are working together among the important stakeholders and creating new items. To improve their market share and strengthen their position in the cutthroat sector, the companies have employed a variety of strategies, including forceful advertising campaigns, tactical alliances, and ongoing R&D initiatives.
In May 2023, Bridgestone introduced EV replacement tire for North America market in premium segment vehicles.
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ELECTRIC VEHICLE AFTERMARKET INDUSTRY KEY PLAYERS
3M
ABB Ltd.
EVBox Group
ChargePoint Inc.
Webasto SE
Siemens AG
Bosch Automotive Sevrice Solution Inc.
Delphi Technologies
Schneider Electric SE
ClipperCreek, Inc
AeroVironment, Inc
Continental AG
Denso Corporation
Robert Bosch GmbH.
Others
GLOBAL ELECTRIC VEHICLE AFTERMARKET INDUSTRY, BY VEHICLE TYPE
Passenger Cars
Commercial Vehicles