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