Electric Vehicle Repair Service Market, By Electric Vehicle Type, By Component, By Service Provider, By Vehicle Type, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
Electric Vehicle Repair Service Market size was valued at USD 34,044.53 Million in 2023, expanding at a CAGR of 13.92% from 2024 to 2032.
Electric Vehicle Repair Service encompasses the specialized maintenance and repair offerings tailored specifically for electric vehicles (EVs). These services are essential for maintaining the longevity, performance, and safety of EVs. Emphasizing sustainability, EV repair services often incorporate eco-friendly practices, including the responsible disposal of batteries and the recycling of materials.
Electric Vehicle Repair Service Market- Market Dynamics
The increasing adoption of electric vehicles is anticipated to propel market growth. The global transition towards sustainable transportation has resulted in a significant rise in electric vehicle sales. As the number of electric vehicles on the roads increases, the demand for specialized repair services is expected to grow correspondingly. According to the International Energy Agency, nearly 14 million new electric cars were registered worldwide in 2023, bringing the total to approximately 40 million, aligning closely with the sales projections outlined in the 2023 edition of the Global EV Outlook (GEVO-2023).
Moreover, advancements in diagnostic tools and repair technologies present potential opportunities for market expansion. Nevertheless, the high initial investment required may pose a challenge to market growth.
Electric Vehicle Repair Service Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.92% over the forecast period (2024-2032)
Based on Component segmentation, Mechanical was the leading type in 2023
Based on Electric Vehicle Type segmentation, Battery Electric Vehicles (BEVs) were predicted to show maximum market share in the year 2023
Based on Service Provider segmentation, OEM Authorized Service Centers were the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
Electric Vehicle Repair Service Market- Segmentation Analysis:
The Global Electric Vehicle Repair Service Market is segmented based on Electric Vehicle Type, Component, Service Provider, Vehicle Type, and Region.
The market is segmented into three categories according to the type of electric vehicle: Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles. Battery Electric Vehicles (BEVs) hold a dominant position in the market. BEVs operate exclusively on electric power and necessitate specialized repair services for their components, including batteries, electric motors, and electronic systems, which differ from those required for conventional internal combustion engine (ICE) vehicles.
The market is classified into two segments based on components: Mechanical, Exterior, Structural, and Other. The Mechanical segment is the primary driver of market growth. The Electric Vehicle Repair Service Market, with a particular emphasis on mechanical services, is poised for expansion as the electric vehicle market continues to develop.
The market is categorized into two segments according to the type of Service Provider: Franchise General Repairs, OEM Authorized Service Centers, and Others. Each of these service providers fulfills a unique function in meeting the increasing demand for electric vehicle repair services, which encompass maintenance, mechanical repairs, and software diagnostics.
The market is classified into two distinct categories according to Vehicle Type: Passenger Cars and Commercial Vehicles. Each segment possesses specific characteristics, maintenance requirements, and market dynamics, influenced by the varying applications and operational demands associated with these types of vehicles.
Electric Vehicle Repair Service Market- Geographical Insights
The Electric Vehicle (EV) Repair Service market is significantly shaped by various geographical elements, especially in areas where the adoption of electric vehicles is experiencing rapid growth. The Asia-Pacific region leads the market, driven by a rising demand for repair services and the expansion of charging infrastructure. As the availability of charging stations increases, so does the number of electric vehicles on the roads, resulting in a heightened need for specialized repair services. As of February 27, 2024, the United States boasts over 61,000 publicly accessible electric vehicle charging stations equipped with Level 2 or DC Fast chargers, representing more than a twofold increase from approximately 29,000 stations in 2020. In comparison, there are an estimated 145,000 gasoline fueling stations across the country. Europe and North America represent the second largest regions for market growth, attributed to the development of specialized repair facilities.
Electric Vehicle Repair Service Market- Competitive Landscape:
The Electric Vehicle (EV) Repair Service Market is witnessing heightened competition due to the global rise in electric vehicle adoption. Industry players are allocating resources towards advanced diagnostic equipment and comprehensive training programs for technicians to adapt to the swiftly changing landscape of EV technology. Firms with a proven track record of quality and dependability are expected to excel over newer market entrants. Competitors are prioritizing investments in cutting-edge diagnostic tools and technician education to remain aligned with the fast-paced developments in EV technology.
Recent Developments:
On May 8, 2024, Crash Champions, a rapidly expanding operator of high-quality collision repair centers in the United States, announced the launch of Crash Champions Luxe | EV Certified. This premium service line is dedicated to providing specialized repairs for electric vehicles (EVs) and luxury original equipment manufacturer (OEM) certified vehicles.
Bosch enhances the longevity of electric vehicle batteries. The company is creating innovative cloud services that complement the battery management systems of individual vehicles. Dr. Markus Heyn, a member of the board of management at Robert Bosch GmbH, states, "Bosch is integrating electric vehicle batteries with cloud technology. Data-driven services allow them to significantly enhance battery performance and prolong their operational lifespan.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ELECTRIC VEHICLE REPAIR SERVICE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Robert Bosch GmbH
Hyundai Motor Company
LKQ Corporation
The Hybrid Shop
Certified Service
HEVRA Europe OU
YCC Service Center
RAD AIR COMPLETE CAR CARE
SK Innovation Co. Ltd
Axalta Refinish
Others
GLOBAL ELECTRIC VEHICLE REPAIR SERVICE MARKET, BY ELECTRIC VEHICLE TYPE- MARKET ANALYSIS, 2019 - 2032
Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Hybrid Electric Vehicle
Fuel Cell Electric Vehicle
GLOBAL ELECTRIC VEHICLE REPAIR SERVICE MARKET, BY COMPONENT- MARKET ANALYSIS, 2019 - 2032
Mechanical
Exterior
Structural
Other
GLOBAL ELECTRIC VEHICLE REPAIR SERVICE MARKET, BY SERVICE PROVIDER- MARKET ANALYSIS, 2019 - 2032
Franchise General Repairs
OEM Authorized Service Centers
Other
GLOBAL ELECTRIC VEHICLE REPAIR SERVICE MARKET, BY VEHICLE TYPE- MARKET ANALYSIS, 2019 - 2032
Passenger Car
Commercial Vehicle
GLOBAL ELECTRIC VEHICLE REPAIR SERVICE MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
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 Repair Service Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Electric Vehicle Repair Service Market Snippet by Electric Vehicle Type
2.1.2. Electric Vehicle Repair Service Market Snippet by Component
2.1.3. Electric Vehicle Repair Service Market Snippet by Service Provider
2.1.4. Electric Vehicle Repair Service Market Snippet by Vehicle Type
2.1.5. Electric Vehicle Repair Service Market Snippet by Country
2.1.6. Electric Vehicle Repair Service Market Snippet by Region
2.2. Competitive Insights
3. Electric Vehicle Repair Service Key Market Trends
3.1. Electric Vehicle Repair Service Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Electric Vehicle Repair Service Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Electric Vehicle Repair Service Market Opportunities
3.4. Electric Vehicle Repair Service Market Future Trends
4. Electric Vehicle Repair Service 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 Repair Service Market: 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 Repair Service Market Landscape
6.1. Electric Vehicle Repair Service Market Share Analysis, 2023
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Electric Vehicle Repair Service Market - By Electric Vehicle Type
7.1. Overview
7.1.1. Segment Share Analysis, By Electric Vehicle Type, 2023 & 2032 (%)
7.1.2. Battery Electric Vehicle
7.1.3. Plug-in Hybrid Electric Vehicle
7.1.4. Hybrid Electric Vehicle
7.1.5. Fuel Cell Electric Vehicle
8. Electric Vehicle Repair Service Market - By Component
8.1. Overview
8.1.1. Segment Share Analysis, By Component, 2023 & 2032 (%)
8.1.2. Mechanical
8.1.3. Exterior
8.1.4. Structural
8.1.5. Other
9. Electric Vehicle Repair Service Market - By Service Provider
9.1. Overview
9.1.1. Segment Share Analysis, By Service Provider, 2023 & 2032 (%)
9.1.2. Franchise General Repairs
9.1.3. OEM Authorized Service Centers
9.1.4. Other
10. Electric Vehicle Repair Service Market - By Vehicle Type