Electric Vehicle Aftermarket Industry, By Vehicle Type, By Propulsion Type, By Distribution Channel, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Electric Vehicle Aftermarket Industry size was valued at USD 66,102.22 Million in 2022, expanding at a CAGR of 20.68% from 2023 to 2030.
Electric Vehicle Aftermarket Industry is gaining traction with the growing electric vehicle (EV) aftermarket along with rapidly adoption of EVs. The EV aftermarket encompasses a range of products, services and technological advancement.
Electric Vehicle Aftermarket Industry - Market Dynamics
Increasing demand for electric vehicles, the need for battery replacements to propel market demand
The market growth driven by the rising trend of converting conventional vehicles to electric vehicles, the influence of government policies and incentives, the growing adoption of electric vehicles, the need for battery upgrades and replacements, creative charging solutions, customization demands, and specialized maintenance and repair services. The aftermarket sector will be vital in satisfying the needs and preferences of EV owners as the market for electric vehicles develops and grows. One of the main factors propelling the aftermarket's expansion is the continuous transition to electric vehicles.
Furthermore, as more people and companies convert to electric vehicles, there will be a greater need for aftermarket goods and services. For instance, electric models from firms like Tesla Inc., Nissan Motor Co. Ltd., and Chevrolet have had strong sales, and as these cars get older, there will be a greater demand for maintenance and replacement parts. For example, the Paris-based International Energy Agency reports that sales of electric cars have been rising rapidly globally, reaching two million in the first quarter of 2022. Electric car batteries are becoming more durable and effective due to advancements in battery technology. Batteries will eventually need to be replaced or refurbished, even with these developments, which presents potential for the aftermarket.
Electric Vehicle Aftermarket Industry - Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 20.68% over the forecast period (2023-2030)
Based on Vehicle Type segmentation, passenger cars segment was predicted to show maximum market share in the year 2022, owing to high demand for electric passenger cars.
Based on Propulsion Type segmentation, battery electric vehicles (BEVs) segment was the leading segment in 2022, mainly due to high efficiency offered by battery vehicles.
Based on Distribution Channel segmentation, retailers' segment was the leading segment in 2022, mainly due to increasing demand for EV aftermarket products.
On the basis of region, Europe was the leading revenue generator in 2022, owing to presence of top automobile companies.
Electric Vehicle Aftermarket Industry Market- Segmentation Analysis:
The Global Electric Vehicle Aftermarket Industry Market is segmented on the basis of Vehicle Type, Propulsion Type, Distribution Channel, and Region.
The market is divided into two categories based on Vehicle Type: passenger cars and commercial vehicles. The passenger cars segment dominates the market. Technological advancement, and improved connectivity in EVs is expected to boost the passenger cars demand.
The market is divided into four categories based on Propulsion Type: BEVs, HEV, PHEV, and FCEV. The BEV segment dominates the market and is likely to maintain its dominance during the forecast period. The growing demand for battery replacement, aftermarket services are likely to boost market growth.
The market is divided into four categories based on Distribution Channel: retailers and wholesalers & distributors. The retailers segment dominates the market and is likely to maintain its dominance during the forecast period. The growing number automotive stores, specialty stores are expected to fuel the segment growth.
Electric Vehicle Aftermarket Industry - Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Electric Vehicle Aftermarket Industry - Competitive Landscape:
The market is characterized by fierce competition, with a few numbers of prominent global participants controlling a sizable portion of the industry. The main priorities are working together among the important stakeholders and creating new items. To improve their market share and strengthen their position in the cutthroat sector, the companies have employed a variety of strategies, including forceful advertising campaigns, tactical alliances, and ongoing R&D initiatives.
Recent Developments:
In May 2023, Bridgestone introduced EV replacement tire for North America market in premium segment vehicles.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ELECTRIC VEHICLE AFTERMARKET INDUSTRY KEY PLAYERS
3M
ABB Ltd.
EVBox Group
ChargePoint Inc.
Webasto SE
Siemens AG
Bosch Automotive Sevrice Solution Inc.
Delphi Technologies
Schneider Electric SE
ClipperCreek, Inc
AeroVironment, Inc
Continental AG
Denso Corporation
Robert Bosch GmbH.
Others
GLOBAL ELECTRIC VEHICLE AFTERMARKET INDUSTRY, BY VEHICLE TYPE
Passenger Cars
Commercial Vehicles
GLOBAL ELECTRIC VEHICLE AFTERMARKET INDUSTRY MARKET, BY PROPULSION TYPE
BEV
HEV
PHEV
FCEV
GLOBAL ELECTRIC VEHICLE AFTERMARKET INDUSTRY, BY DISTRIBUTION CHANNEL
Retailers
Wholesalers & distributors
GLOBAL ELECTRIC VEHICLE AFTERMARKET INDUSTRY, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Electric Vehicle Aftermarket Industry Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Electric Vehicle Aftermarket Industry Snippet by Vehicle Type
2.1.2. Electric Vehicle Aftermarket Industry Snippet by Propulsion Type
2.1.3. Electric Vehicle Aftermarket Industry Snippet by Distribution Channel
2.1.4. Electric Vehicle Aftermarket Industry Snippet by Country
2.1.5. Electric Vehicle Aftermarket Industry Snippet by Region
2.2. Competitive Insights
3. Electric Vehicle Aftermarket Industry Key Market Trends
3.1. Electric Vehicle Aftermarket Industry Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Electric Vehicle Aftermarket Industry Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Electric Vehicle Aftermarket Industry Opportunities
3.4. Electric Vehicle Aftermarket Industry Future Trends
4. Electric Vehicle Aftermarket Industry Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Electric Vehicle Aftermarket Industry: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Electric Vehicle Aftermarket Industry Landscape
6.1. Electric Vehicle Aftermarket Industry Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Electric Vehicle Aftermarket Industry - By Vehicle Type