Selbyville, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) --
The electric vehicle aftermarket market valuation is expected to cross USD 394.4 billion by 2032, as reported in a research study by Global Market Insights Inc.
As per the report, the electric vehicle aftermarket industry is poised for substantial growth, primarily due to the continuous advancements in EV technology. Notably, improved batteries and charging infrastructure are catalysts for this expansion. Enhanced battery technology extends the lifecycle of EVs, necessitating maintenance and replacement services. Furthermore, a more robust charging infrastructure spurs the demand for aftermarket solutions, making the electric vehicle aftermarket industry a promising sector for sustained growth. For instance, in 2023, Bridgestone partnered with Tata Power for the installation of electric vehicle (EV) chargers. In this partnership, Tata Power will deploy 25/30 kWh DC fast chargers capable of charging a four-wheeler within one hour, enabling up to 20–24 vehicles to be charged daily.
The electric vehicle aftermarket market from the Commercial vehicle segment is poised to capture a notable share by 2032, attributed to the surging adoption of electric commercial vehicles across the globe. As more businesses transition to electric fleets for cost-efficiency and environmental benefits, there's a rising demand for maintenance, repair, and accessory services specific to these EVs. This includes battery maintenance, charging infrastructure installation, and specialized vehicle components. The commercial sector's commitment to electric vehicles can be a driving force in fostering a robust aftermarket ecosystem tailored to the unique needs of electric commercial vehicles.
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Hybrid Electric Vehicle aftermarket market will amass noteworthy revenue between 2023 and 2032, primarily driven by the expanding global adoption of hybrid vehicles. As more HEVs hit the road, there is an increasing need for maintenance, repair, and retrofitting services specific to hybrid technology. This includes battery replacement, specialized diagnostic and repair tools, and aftermarket components for hybrid systems. The growing commitment to eco-friendly transportation and government incentives for HEV adoption further propel the growth of this aftermarket sector.
Europe EV aftermarket market will exhibit a modest growth rate from 2023 to 2032, propelled by the continent's strong commitment to environmental sustainability. Government incentives, strict emissions regulations, and the expansion of charging infrastructure have spurred the widespread adoption of EVs. As the EV market matures, there is a growing need for repair and maintenance services, as well as aftermarket components tailored to electric vehicles. This demand is fostering a burgeoning aftermarket industry, providing support for the ever-increasing EV fleet across Europe.
Some of the leading companies operating in the Electric Vehicle aftermarket market are Bridgestone, Robert Bosch GmbH, MICHELIN, ZF Friedrichshafen AG, GMB North America Inc., Akebono Brake Corporation and Aptiv PLC
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Companies operating in this market are actively exploring opportunities for expanding their product and service offerings, strengthening collaborations with OEMs and suppliers, and leveraging technological advancements to provide innovative solutions. Moreover, a strong focus on customer-centric strategies and responsiveness to evolving market trends will enable them to thrive and increase their market presence in this dynamic industry. For instance, in 2021, Michelin, a French tire manufacturer, introduced two tailor-made tire solutions designed specifically for electric vehicles in China. This move aligns with the prevailing automotive industry's shift towards electrification.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Electric vehicle aftermarket 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Vehicle type trends
2.5 Product trends
2.6 Propulsion type trends
2.7 Distribution channel trends
Chapter 3 Electric Vehicle Aftermarket Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising adoption of electric vehicles
3.10.1.2 Rising electric vehicle aftermarket startups in North America
3.10.1.3 Growing preference for interior customization
3.10.1.4 Increasing investments in the EV aftermarket
3.10.2 Industry pitfalls & challenges
3.10.2.1 High replacement costs
3.10.2.2 Lack of standardization in EV parts
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
