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:
Lighting and Electronic Components
Breakup by Propulsion Type:
Battery Electric Vehicles
Hybrid Electric Vehicles
Fuel Cell Electric Vehicles
Plug-in Hybrid Electric Vehicles
Breakup by Vehicle Type:
Breakup by Certification:
Breakup by Distribution Channel:
Authorized Service Centers (OEMs)
Premium Multi-brand Service Centers
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being.
Base Year of the Analysis
Replacement Part, Propulsion Type, Vehicle Type, Certification, Distribution Channel, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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Key Questions Answered in This Report
We expect the global electric vehicle aftermarket market to exhibit a CAGR of 23.2% during 2023-2028.
The rising adoption of electric vehicle aftermarket by original equipment sellers, as this service aids in reducing maintenance costs and improving vehicular efficiency, is primarily driving the global electric vehicle aftermarket market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for vehicles, thereby negatively impacting the global market for electric vehicle aftermarket.
Based on the replacement part, the global electric vehicle aftermarket market has been divided into tire, battery, brake parts, filters, body parts, lighting and electronic components, wheels, turbochargers, and others. Among these, tire currently exhibits a clear dominance in the market.
Based on the vehicle type, the global electric vehicle aftermarket market can be categorized into passenger cars and commercial vehicles. Currently, passenger cars account for the majority of the global market share.
Based on the certification, the global electric vehicle aftermarket market has been segregated into genuine parts, certified parts, and uncertified parts. Among these, genuine parts currently exhibit a clear dominance in the market.
Based on the distribution channel, the global electric vehicle aftermarket market can be bifurcated into Authorized Service Centers (OEMs), premium multi-brand service centers, digital aggregators, and others. Currently, Authorized Service Centers (OEMs) hold the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
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