Dublin, June 28, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle Aftermarket Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The 'electric vehicle aftermarket market' is poised for significant expansion and is expected to grow at a CAGR of 22% during the forecast period of 2024 to 2032, fueled by the rising popularity of electric vehicles, technological advancements, and environmental sustainability initiatives.
Despite challenges related to standardization, the aftermarket is evolving to meet the diverse needs of EV owners. As the industry continues to grow, regions like Asia-Pacific present substantial opportunities. The competitive landscape, led by industry giants, underscores the importance of innovation and sustainability in shaping the future of the electric vehicle aftermarket.
Rising Popularity of Electric Vehicles
The increasing adoption of electric vehicles (EVs) has been a primary driver for the aftermarket industry. In 2023, companies like Tesla, Nissan, and Chevrolet witnessed a surge in EV sales, contributing to a growing aftermarket demand for replacement parts and accessories. The proliferation of charging infrastructure and government incentives further fueled the transition to electric mobility, boosting aftermarket opportunities for components such as batteries, tires, and electronic components.
Technological Advancements and Customization
Technological innovations in electric vehicles, coupled with consumer preferences for customization, have driven aftermarket growth. Companies like Rivian, Lucid Motors, and NIO have introduced EV models with advanced features, creating a demand for aftermarket upgrades and personalized accessories. The integration of smart and connected technologies, evidenced by the introduction of over-the-air updates and advanced infotainment systems, has fueled the aftermarket sector's expansion.
Environmental Sustainability and Recycling Initiatives
The growing emphasis on environmental sustainability and recycling initiatives has propelled the electric vehicle aftermarket. Companies such as BMW, Volvo, and Ford have prioritized eco-friendly practices, encouraging the development of sustainable replacement parts and recycling programs for EV components. In 2023, the aftermarket witnessed an uptick in recycled and remanufactured EV parts, aligning with the broader industry's commitment to reducing environmental impact.
Restraint
Despite the positive momentum, a significant restraint in the electric vehicle aftermarket is the challenge of standardization and compatibility. In 2023, diverse EV models from different manufacturers led to variations in specifications and component sizes. This lack of standardization posed challenges for aftermarket manufacturers and retailers, impacting the availability and compatibility of replacement parts, as evidenced by customer complaints and industry reports.
Market Segmentation by Replacement Parts: Battery Segment Dominates the Market
The electric vehicle aftermarket can be segmented based on replacement parts, including tires, batteries, brake parts, filters, body parts, lighting and electronic components, wheels, and others. In 2023, the highest revenue was generated by the battery segment, reflecting the critical role of batteries in EV performance. However, during the forecast period of 2024 to 2032, the highest Compound Annual Growth Rate (CAGR) is expected in the lighting and electronic components segment, indicating increased demand for advanced technologies and safety features.
Market Segmentation by Propulsion Type: Battery Electric Vehicles Dominate the Market
Segmenting the market by propulsion type includes battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), fuel cell electric vehicles (FCEVs), and plug-in hybrid electric vehicles (PHEVs). In 2023, BEVs led both in revenue and CAGR, driven by a growing market share of pure electric vehicles. However, during the forecast period of 2024 to 2032, the highest CAGR is anticipated in the hybrid electric vehicles segment, showcasing a continued demand for diversified propulsion technologies.
North America Remains the Global Leader
Geographically, the electric vehicle aftermarket displayed varying trends. In 2023, North America dominated in both revenue and CAGR, with robust EV adoption and a well-established aftermarket ecosystem. However, the Asia-Pacific region is expected to exhibit the highest CAGR during the forecast period, driven by increasing EV sales, government incentives, and a burgeoning aftermarket landscape.
Market Competition to Intensify during the Forecast Period
Top players in the electric vehicle aftermarket include Tesla, Rivian, Nissan, Lucid Motors, Chevrolet, BMW, Volvo, and Ford. These companies deploy diverse strategies, such as innovation, partnerships, and sustainability initiatives, to maintain their competitive edge. In 2023, their revenues reflected market leadership, with expectations of sustained growth during the forecast period.
Key Questions Answered
- What are the key micro and macro environmental factors that are impacting the growth of Electric Vehicle Aftermarket market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Electric Vehicle Aftermarket market?
- Which is the largest regional market for Electric Vehicle Aftermarket market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Electric Vehicle Aftermarket market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Vehicle Aftermarket market worldwide?
Company Profiles
- Tesla
- Rivian
- Nissan
- Lucid Motors
- Chevrolet
- BMW
- Volvo
- Ford
Market Segmentation
Replacement Parts
- Tire
- Battery
- Brake Parts
- Filters
- Body Parts
- Lighting and Electronic Components
- Wheels
- Others
Propulsion Type
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Fuel Cell Electric Vehicles
- Plug-in Hybrid Electric Vehicles
Vehicle Type
- Passenger Cars
- Commercial Vehicles
Distribution Channel
- Retailers
- Wholesalers & Distributors
For more information about this report visit https://www.researchandmarkets.com/r/strxr0
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