Electric Vehicle Aftermarket

Market Overview:

The global electric vehicle aftermarket is expected to exhibit a growth rate (CAGR) of 23.2% during 2023-2028.

An electric vehicle aftermarket is a secondary market that primarily deals with after-sales of electric vehicle components. This aftermarket service offer the scope of remanufacturing or reinstallation of mechanical and electrical components, including tires, battery packs, electric motors, charging ports, power inverters, etc. Additionally, electric vehicle aftermarket aid in reducing maintenance costs and improving vehicular efficiency. Owing to these benefits, this service is widely available across several channels, including original equipment sellers, Do-it-Yourself (DIYs) and Do-it-for-Me (DIFMs), etc.

Electric Vehicle Aftermarket Trends:

The escalating popularity of EVs along with the emergence of new opportunities, particularly around the remanufacturing of vehicle batteries and electronic systems, is primarily driving the global electric vehicle aftermarket. In addition to this, the increasing demand for software-based aftermarket companies specializing in digital solutions, including smart parking service that automatically handles parking transactions and road trip support wherein EVs are provided with self-driving travel plans, is acting as a significant growth-inducing factor. Furthermore, several OEMs are leveraging exclusive access to EV-related components, such as convenient swapping or charging batteries via exchange stations and roadside assistance, thereby stimulating the market growth. Apart from this, the emergence of large independent aftermarket (IAM) intermediaries that invest in workshops catering specifically to EV car owners and connecting them to branded global suppliers is also bolstering the product demand. Additionally, the changing inclination from reactive to proactive and prescriptive maintenance, which has resulted in enhanced customer satisfaction and brand loyalty, is further catalyzing the global market. Besides this, the widespread adoption of over-the-air digital communication, which offers remote diagnostics and product updates, is creating a positive outlook for the market growth. Numerous other factors, including the shifting ownership models from buying to renting for a specific period of time and consumer readiness to convert conventional ICEs to hybrid/EV variants through do-it-yourself (DIY) and do-it-for-me (DIFM) modes, are expected to drive the global electric vehicle aftermarket in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global electric vehicle aftermarket report, along with forecasts at the global, regional and country level from 2023-2028. 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
   

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
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being.

Report Coverage: