Electric Vehicle Aftermarket

Market Overview:

The global electric vehicle aftermarket size reached US$ 67.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 250.3 Million by 2032, exhibiting a growth rate (CAGR) of 21.6% during 2024-2032.

The electric vehicle aftermarket refers to the ecosystem of products, services, and solutions that cater to the needs of electric vehicle (EV) owners beyond the original manufacturer's offerings. As electric vehicles gain prominence in the automotive industry due to their environmentally friendly and cost-efficient nature, the aftermarket has emerged to provide various enhancements and modifications. This encompasses a wide range of components and services, including but not limited to charging solutions, battery upgrades, performance tuning, interior customization, and maintenance services. EV owners often turn to the aftermarket to personalize their vehicles, extend their range, improve charging infrastructure at home, or enhance overall performance. Companies specializing in the electric vehicle aftermarket focus on addressing the unique requirements of EVs, contributing to the growth and innovation of this sector.

The increasing demand for software-oriented aftermarket enterprises specializing in digital solutions is driving the global market. These companies focus on inventive offerings, including intelligent parking services, streamlining parking transactions seamlessly, and innovative road trip support that equips EVs with self-driving travel itineraries. Moreover, a notable market impetus arises from several original equipment manufacturers (OEMs) capitalizing on exclusive access to EV-specific components. This encompasses convenient battery swapping or charging facilitated through exchange stations and on-the-go assistance, effectively spurring market expansion. Also, the rise of sizeable independent aftermarket (IAM) intermediaries has significantly contributed to the escalating demand. These intermediaries invest in dedicated workshops tailored to EV owners, creating a link between them and globally recognized suppliers. The transformation from reactive to proactive and prescriptive maintenance practices is an additional force propelling the global market forward, elevating customer satisfaction and brand loyalty. The widespread adoption of over-the-air digital communication further brightens the market's prospects, offering remote diagnostics and real-time product updates.

Electric Vehicle Aftermarket Trends/Drivers:

Technological Advancements and Customization Opportunities

As EV manufacturers introduce new models and upgrades, aftermarket companies leverage these developments to create innovative products and services that enhance the overall EV ownership experience. This technological evolution allows for customization opportunities that cater to diverse consumer preferences. EV owners seek aftermarket solutions to modify their vehicle’s performance, battery capabilities, and charging options. Also, the increasing availability of advanced battery technologies also drives the aftermarket as companies offer upgraded battery packs that extend range and improve overall battery life. Technological advancements foster a competitive landscape in which aftermarket providers continually strive to offer cutting-edge solutions, thus stimulating the growth of the electric vehicle aftermarket.

Infrastructure Expansion and Charging Solutions

As the adoption of EVs accelerates, the need for convenient and accessible charging stations becomes paramount. Aftermarket companies seize this opportunity by offering innovative charging solutions that address various charging requirements. These solutions range from advanced home charging units to portable chargers and even wireless charging pads. Additionally, the aftermarket offers upgrades to EV charging capabilities, such as faster charging speeds and compatibility with different charging standards. With governments and businesses investing in charging infrastructure development, aftermarket providers align their offerings with these initiatives, creating a symbiotic relationship that fosters EV adoption and aftermarket growth. As more consumers switch to EVs, the demand for versatile and efficient charging solutions drives the electric vehicle aftermarket to devise novel products that alleviate charging concerns.

Enhanced Aesthetics and Comfort Upgrades

EV owners seek to imbue their vehicles with personalized styles and conveniences that align with their preferences and lifestyles. Aftermarket companies cater to these desires by offering a range of products, such as unique body kits, paint wraps, specialized lighting, and interior modifications. These offerings not only allow for individual expression but also promote a sense of exclusivity among EV owners. Moreover, comfort upgrades, including premium seating, sound systems, and advanced infotainment systems elevate the overall in-car experience. As electric vehicles continue to break away from traditional design paradigms, aftermarket providers fill the gap by offering diverse options to enhance both the visual appeal and comfort of EVs.

Electric Vehicle Aftermarket Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global electric vehicle aftermarket report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on 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
   

Tire dominates the market

The report has provided a detailed breakup and analysis of the market based on the replacement parts. This includes tire, battery, brake parts, filters, body parts, lighting and electronic components, wheels, turbochargers, and others. According to the report, tire represents the largest segment.

The weight distribution and increased torque of electric powertrains can lead to higher wear on tires, necessitating replacements more frequently than conventional vehicles. Second, EV manufacturers often prioritize efficiency and range, prompting aftermarket tire manufacturers to develop specialized low-rolling-resistance tires that help maximize an EV's distance on a single charge. These tires contribute to the overall energy efficiency of the vehicle, directly impacting its performance. Moreover, the electric vehicle aftermarket acknowledges the environmental concerns associated with EVs by offering eco-friendly tire options that align with the sustainable ethos of electric mobility. In addition to performance and efficiency, safety remains a paramount consideration, further accentuating the significance of the tire segment within the EV Aftermarket.

Breakup by Propulsion Type:

• Battery Electric Vehicles
• Hybrid Electric Vehicles
• Fuel Cell Electric Vehicles
• Plug-in Hybrid Electric Vehicles
   

The report has provided a detailed breakup and analysis of the market based on the propulsion type. This includes battery electric vehicles, hybrid electric vehicles, fuel cell electric vehicles and plug-in hybrid electric vehicles.

BEVs are entirely reliant on electric propulsion, utilizing only electric power stored in their onboard batteries for operation. This inherent reliance on battery technology drives a robust aftermarket ecosystem around battery-related products and services. Aftermarket companies offer solutions to enhance battery performance, longevity, and charging capabilities.

On the contrary, HEVs combine both internal combustion engines and electric powertrains, creating a distinct aftermarket landscape that caters to their hybrid nature. Aftermarket solutions for HEVs encompass performance enhancements, such as tuning to optimize the coordination between the engine and electric components for improved fuel efficiency. Furthermore, the aftermarket addresses the maintenance and repair needs of the internal combustion engine component, ensuring its seamless integration with the electric drivetrain.

Breakup by Vehicle Type:

• Passenger Cars
• Commercial Vehicles
   

Passenger cars dominate the market

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes passenger cars and commercial vehicles. According to the report, passenger cars represented the largest segment.

Passenger cars hold a unique place within the electric vehicle aftermarket due to their versatility and widespread adoption. Aftermarket companies cater to the preferences of EV owners who seek to personalize and optimize their passenger cars for enhanced performance, aesthetics, and convenience. Customization options range from exterior modifications, such as body kits and paint wraps to interior upgrades such as premium seating and advanced infotainment systems. Additionally, aftermarket solutions address the need for improved battery management, charging efficiency, and range extension, aligning with the priorities of both environmentally conscious consumers and those seeking high-performance electric vehicles. As passenger car manufacturers continue to introduce new models and technologies, the aftermarket adapts and evolves to provide compatible products and services.

Breakup by Certification:

• Genuine Parts
• Certified Parts
• Uncertified Parts
   

Genuine parts dominate the market

The report has provided a detailed breakup and analysis of the market based on the certification. This includes genuine parts, certified parts, and uncertified parts. According to the report, genuine parts represented the largest segment.

Genuine parts are components that are produced by the same manufacturer that built the vehicle. This certification segment holds significant importance due to the critical role it plays in ensuring quality, compatibility, and performance. Electric vehicles are equipped with advanced and intricate systems that require precision engineering, and using genuine parts helps maintain the vehicle's integrity and uphold safety standards. The preference for genuine parts within the electric vehicle aftermarket arises from the fact that they are designed to seamlessly integrate with the specific EV model they are intended for. Electric vehicles often involve complex interactions between various components, such as battery management systems, regenerative braking systems, and electric drivetrains. Genuine parts are engineered to work in harmony with these intricate systems, reducing the risk of compatibility issues or malfunctions.

Breakup by Distribution Channel:

• Authorized Service Centers (OEMs)
• Premium Multi-brand Service Centers
• Digital Aggregators
• Others
   

Authorized service centers (OEMs) dominate the market

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes authorized service centers (OEMs), premium multi-brand service centers, digital aggregators, and others. According to the report, authorized service centers (OEMs) represented the largest segment.

Authorized service centers offer a range of benefits that set them apart within the electric vehicle aftermarket. Their direct affiliation with the manufacturers ensures access to genuine parts, technical expertise, and up-to-date knowledge about the specific EV models they service. This direct connection helps maintain the integrity of the vehicles, ensuring that repairs and replacements are carried out with components that meet the manufacturer's rigorous quality standards. Furthermore, the expertise of technicians at authorized centers ensures that repairs are conducted with precision, reducing the risk of potential issues arising from improper servicing. Moreover, authorized service centers often have access to the latest software updates and diagnostic tools, ensuring that electric vehicles remain equipped with the most current technologies and optimizations.

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
   

North America exhibits a clear dominance, accounting for the largest electric vehicle aftermarket share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America boasts a developed automotive infrastructure, including a well-established network of dealerships, service centers, and charging stations. This infrastructure provides a solid foundation for the electric vehicle aftermarket to thrive, offering a wide array of solutions ranging from performance enhancements and battery upgrades to maintenance services and aesthetic modifications. Furthermore, the region is home to several major EV manufacturers and tech companies that are at the forefront of innovation in the electric mobility sector. This concentration of industry leaders facilitates collaboration and the exchange of ideas, leading to the development of cutting-edge aftermarket offerings that cater to the evolving needs of North American EV owners.

Competitive Landscape:

Aftermarket companies are continually developing and innovating products specifically tailored to electric vehicles. This includes performance-enhancing components, battery management solutions, charging accessories, and software upgrades to optimize efficiency and performance. Companies are offering customization options to help EV owners personalize their vehicles. This includes aesthetic modifications such as paint wraps, body kits, unique lighting options, and interior upgrades to create a distinct look and feel for each vehicle. Also, companies are developing upgraded battery packs and management systems that can extend the range and lifespan of electric vehicle batteries. They also offer diagnostic tools and maintenance services to keep EV batteries operating optimally. Companies offer aftermarket safety solutions such as advanced driver assistance systems (ADAS), collision avoidance technology, and security enhancements to protect EVs and their occupants.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.

Electric Vehicle Aftermarket Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the electric vehicle aftermarket from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global electric vehicle aftermarket.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the electric vehicle aftermarket industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.