How big is the Electric Vehicle Aftermarket?
IMARC Group, a leading market research company, has recently releases report titled “Electric Vehicle Aftermarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the global electric vehicle aftermarket is expected to exhibit a CAGR of 23.2% during 2023-2028.
What are electric vehicle aftermarket?
An electric vehicle aftermarket refers to a secondary market that mainly deals with the after-sales of electric vehicle components. The service offers the scope of remanufacturing or reinstalling mechanical and electrical parts, including tires, battery packs, motors, charging ports, power inverters, etc. Additionally, electric vehicle aftermarket aid in minimizing maintenance costs and improving vehicular efficiency. As a result, this service is widely available across numerous channels, such as original equipment sellers, Do-it-Yourself (DIYs), and Do-it-for-Me (DIFMs).
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What are the growth prospects and trends in the Electric Vehicle Aftermarket Industry:
The growing popularity of EVs and the introduction of new opportunities, particularly around the remanufacturing of automobile batteries and electronic systems, are among the key factors stimulating the electric vehicle aftermarket. Moreover, the escalating demand for software-based aftermarket companies specializing in digital solutions, including smart parking service that automatically handles parking transactions and road trip support where EVs are provided with self-driving travel plans, is positively influencing the market growth. Besides this, the development of large independent aftermarket (IAM) intermediaries that invest in workshops catering specifically to electric vehicle car owners and connecting them to branded suppliers is also propelling the global market.
Furthermore, the shifting preferences from reactive to proactive and prescriptive maintenance that offers enhanced customer satisfaction and brand loyalty is acting as another significant growth-inducing factor. Apart from this, the widespread adoption of over-the-air digital communication, which gives remote diagnostics and product updates, is further fueling the market growth. Additionally, the shifting ownership models from buying to renting for a specific time and consumer readiness to convert conventional internal combustion engines (ICEs) to hybrid/EV variants through do-it-yourself (DIY) and do-it-for-me (DIFM) modes are anticipated to fuel the electric vehicle aftermarket over the forecasted period.
Who are the key players operating in the industry?
The report has segmented the market on the basis of replacement part, propulsion type, vehicle type, certification and distribution channel.
Breakup by Replacement Part:
- Tire
- Battery
- Brake Parts
- Filters
- Body Parts
- Lighting and Electronic Components
- Wheels
- Turbochargers
- Others
Breakup by Propulsion Type:
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Fuel Cell Electric Vehicles
- Plug-in Hybrid Electric Vehicles
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Certification:
- Genuine Parts
- Certified Parts
- Uncertified Parts
Breakup by Distribution Channel:
- Authorized Service Centers (OEMs)
- Premium Multi-brand Service Centers
- Digital Aggregators
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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