Global Electric Vehicle Aftermarket Statistics: USD 250.3 Million Value by 2032
Summary:
- The globalelectric vehicle aftermarket sizereached USD 67.3 Million in 2023.
- The market is expected to reach USD 250.3 Million by 2032, exhibiting a growth rate (CAGR) of 21.6% during 2024-2032.
- North America leads the market, accounting for the largest electric vehicle aftermarket share.
- Tire accounts for the majority of the market share in the replacement part segment, as electric vehicles (EVs) often have unique tire specifications to accommodate their weight and performance characteristics.
- Based on the propulsion type, the market has been categorized into battery electric vehicles, hybrid electric vehicles, fuel cell electric vehicles and plug-in hybrid electric vehicles.
- Passenger cars remain a dominant segment in the market driven by consumer preference for environmentally friendly options and government incentives.
- Genuine parts represent the leading application segment.
- Authorized service centers (OEMs) exhibit a clear dominance in the market.
- The rising adoption of electric vehicles (EV) is a primary driver of the electric vehicle aftermarket market.
- Technological advancements and increased vehicle lifespan are reshaping the electric vehicle aftermarket market.
Industry Trends and Drivers:
- Growing EV adoption:
Since more consumers buy EVs the stock of vehicles in circulation goes up. As a result, there is increasing need for for a broad range of services and products in the automobile aftermarket industry, hence, electric vehicles maintenance, parts, and other accessories. Due to capacity degradation of EV batteries, the replacement or refurbishment parts necessitate a healthy growth segment in the battery supply and service industry. Residential and commercial charging stations are essential as more persons turn to the purchase of EVs; therefore there is demand for installation services and products. People who are interested in obtaining better driving properties of their electric vehicles thus stimulate the demand for electric vehicles with modifications, including the recoding of the car’s software and the installation of high-performance spare parts. With further development of the EVs, several cars might need a software upgrade, and that is common through the aftermarket.
- Increased vehicle lifespan:
Even though the battery of an electric vehicle can slow the car down without actually wearing the brakes, brake components will indeed wear out at some point and that will guarantee the existence of an aftermarket. There will always be a need for owners to seek services such as; update, maintenance, and repair services for their software, which will create constant market for all aftermarket solutions. Owners may require other enhancements down the road to enhance performance, gain more functions, thereby boosting demand for EVs. Consumers are likely to look for aftermarket products from brands connected with EV manufacturer or that have great reliability which in turn is likely to boost the market for more reliable aftermarket elements and accessories.
- Technological advancements:
Since batteries degrade over time, the replacement market becomes huge and that opens up a nice channel for aftermarket battery suppliers. Old battery recycling techniques as well as the practical use of batteries following their first usage contribute to the sustainable aftermarket. With growth of the electric car ecosystem, demand has been created for home charging solutions and consumers are paying for installation and maintenance of these solutions. The fastest and ultra-fast charging stations give opportunities for creating aftermarket products for the fast charging devices and systems, connections and adaptors. Increasing numbers of EVs now offer their owners the possibility of over-the-air software updates, opening opportunities for software solution and services that refine vehicle dynamics and capabilities. Availability and application of enhanced technologies in diagnosing car problems enable aftermarket participants to provide accurate repair and maintenance, leading to enhanced service delivery quality.
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Electric Vehicle Aftermarket Market Report Segmentation:
Breakup By Replacement Part:
- Tire
- Battery
- Brake Parts
- Filters
- Body Parts
- Lighting and Electronic Components
- Wheels
- Turbochargers
- Others
Tire represents the largest segment, as tires are a critical component of electric vehicles (EVs), and their regular replacement is necessary for optimal performance and safety.
Breakup By Propulsion Type:
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Fuel Cell Electric Vehicles
- Plug-in Hybrid Electric Vehicles
Based on the propulsion type, the market has been categorized into battery electric vehicles, hybrid electric vehicles, fuel cell electric vehicles and plug-in hybrid electric vehicles.
Breakup By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Passenger cars account for the majority of the market share, leading to a corresponding increase in demand for aftermarket parts and services specifically designed for these vehicles.
Breakup By Certification:
- Genuine Parts
- Certified Parts
- Uncertified Parts
Genuine parts exhibit a clear dominance in the market due to their quality assurance and compatibility with their vehicles, which drives the dominance of certified parts in the aftermarket.
Breakup By Distribution Channel:
- Authorized Service Centers (OEMs)
- Premium Multi-brand Service Centers
- Digital Aggregators
- Others
Authorized service centers (OEMs) hold the biggest market share as they offer OEM parts and services, ensuring quality and reliability, which encourages EV owners to utilize these facilities for their aftermarket needs.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the electric vehicle aftermarket market on account of the significant EV adoption and investments in charging infrastructure, positioning it as a leader in the electric vehicle aftermarket.
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