PUBLISHER: BIS Research | PRODUCT CODE: 1393903
PUBLISHER: BIS Research | PRODUCT CODE: 1393903
“The Asia-Pacific Electric Vehicle Aftermarket (excluding China) Expected to Reach $76.23 Billion by 2032.”
The Asia-Pacific electric vehicle aftermarket (excluding China) is projected to reach $76.23 billion by 2032 from $14.93 billion in 2022, growing at a CAGR of 17.95% during the forecast period 2023-2032. Rising customer demand for electric vehicle customization, growing acceptance of electric vehicle second-life applications, and growing popularity of electric vehicles are anticipated to fuel the expansion of the aftermarket for electric vehicles.
KEY MARKET STATISTICS | |
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Forecast Period | 2023 - 2032 |
2023 Evaluation | $17.25 Billion |
2032 Forecast | $76.23 Billion |
CAGR | 17.95% |
A number of factors, including the rapid uptake of electric vehicles, the expanding trend of repurposing electric vehicles for second-life applications, and the growing consumer interest in personalizing electric vehicles, are driving the electric vehicle aftermarket.
Through large investments in research and development (R&D) and collaborations with other important players in the electric vehicle ecosystem, suppliers and vendors of aftermarket solutions for electric vehicles are striving to provide cutting-edge aftermarket solutions for electric vehicles. The demand for electric vehicle aftermarket solutions is expected to rise significantly during the review period due to a number of factors, including the rapidly rising demand for electric vehicles, the governing bodies' increasing emphasis on policies, subsidies, and investment, and the automakers' shifting focus towards decarbonization.
Product/Innovation Strategy: The product strategy helps the readers understand the different aftermarket solutions provided by the industry participants.
Growth/Marketing Strategy: The electric vehicle aftermarket is growing at a significant pace and holds enormous opportunities for market players. Some of the strategies covered in this segment are product launches, partnerships, collaborations, business expansions, and investments. The companies' preferred strategy has been product launches, partnerships, and collaborations to strengthen their positions in the global electric vehicle aftermarket.
Competitive Strategy: The key players in the Asia-Pacific electric vehicle aftermarket analyzed and profiled in the study include electric vehicle aftermarket solution providers that develop parts and accessories for EVs. Moreover, a detailed competitive benchmarking of the players operating in the electric vehicle aftermarket has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and regional presence.
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