Global Electric Vehicle Aftermarket to Grow at 23.2% During 2023-2028, Propelled by Rising Demand for Electric Vehicles

May 25, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Electric Vehicle Aftermarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global electric vehicle aftermarket is projected to grow at a CAGR of 23.2% during 2023-2028. The electric vehicle (EV) aftermarket refers to a range of products, services, and solutions required for the maintenance, repair, customization, and enhancement of electric vehicles. It includes maintenance and repair services for EV components such as tires, batteries, electric motors, power electronics, power inverters, and charging systems. Besides this, it includes aftermarket accessories, such as interior and exterior enhancements, upgraded charging systems, performance modifications, and software updates. The EV aftermarket helps reduce maintenance costs and improve vehicular efficiency. Moreover, it is essential for ensuring electric vehicles' longevity, performance, and customization, supporting the overall growth and adoption of electric mobility.

Global Electric Vehicle Aftermarket Trends:

The increasing popularity of EVs and the emerging trends of remanufacturing vehicle batteries and electronic systems represent the prime factor driving the market growth. Besides this, the rise of software-based aftermarket companies specializing in digital solutions, such as smart parking services that automate parking transactions and road trip support wherein EVs are provided with self-driving travel plans, is positively impacting the market growth. Moreover, numerous original equipment manufacturers (OEMs) are offering exclusive access to EV-related components and services, including battery swapping, charging stations, and roadside assistance, which, in turn, is presenting remunerative growth opportunities for the market. In line with this, extensive investments by large independent aftermarket (IAM) intermediaries in workshops catering specifically to EV owners, connecting them to global suppliers, are aiding in market expansion. In addition to this, the shifting preference for proactive and prescriptive maintenance practices, resulting in enhanced customer satisfaction and brand loyalty, and the rising popularity of over-the-air digital communication that allows remote diagnostics and product updates are propelling the market forward. Furthermore, the increasing consumer inclination towards converting conventional internal combustion engines to hybrid/EV variants through do-it-yourself (DIY) and do-it-for-me (DIFM) modes is acting as a significant growth-inducing factor.

Market Summary:

Based on the replacement part, the market is categorized into tire, battery, brake parts, filters, body parts, lighting and electronic components, wheels, turbochargers, and others. Among these, tire dominates the market, holding the largest share.
On the basis of the propulsion type, the market has been segregated into battery, hybrid, fuel cell, and plug-in electric vehicles.
Based on the vehicle type, the market is bifurcated into passenger cars and commercial vehicles. Between these, passenger cars account for the majority of the global share.
On the basis of the certification, the market has been divided into genuine, certified, and uncertified parts. At present, genuine parts represent the most popular segment.
Based on the distribution channel, the market is classified 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 basis, the market has been segmented into 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 Middle East and Africa. Presently, North America enjoys the leading position in the market.
The competitive landscape of the industry has also been examined, covering the competitive structure and key player profiles.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Million
Segment Coverage	Replacement Part, Propulsion Type, Vehicle Type, Certification, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Electric Vehicle Aftermarket to Grow at 23.2% During 2023-2028, Propelled by Rising Demand for Electric Vehicles

Purchase options

Single User License $2499
Five User License $3499
Corporate User License $4499

Inquire Before Buying

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.