Electric Vehicle Aftermarket Size, Growth Rate (24%), Top Companies, Demand, Forecast 2022-2027

The latest research study "Electric Vehicle Aftermarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global electric vehicle aftermarket is expected to exhibit a CAGR of around 24% during 2022-2027.

An electric vehicle aftermarket refers to a secondary market specializing in the after-sales of electric vehicle (EV) components. It deals with the remanufacturing and reinstalling of a range of mechanical and electrical components, such as tires, battery packs, electric motors, charging ports, and power inverters. It helps increase vehicle efficiency and reduce maintenance costs. As a result, electric vehicle aftermarket services are widely available across several channels, including Do-it-Yourself (DIYs), original equipment sellers, and Do-it-for-Me (DIFMs).

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Electric Vehicle Aftermarket Trends and Drivers:

The global electric vehicle aftermarket is primarily driven by the rising popularity of EVs and the emerging opportunities around remanufacturing electronic systems and vehicle batteries. Additionally, OEMs are using their exclusive access to EV-related components, such as easy battery replacement or charging at exchange stations and roadside assistance, which is positively influencing the market growth. Moreover, the increasing need for software-based aftermarket companies specializing in digital solutions, such as smart parking services that automatically manage parking transactions and road trip support wherein EVs are provided with self-driving travel plans, is another major growth-inducing factor. Besides this, the rising number of independent aftermarket (IAM) intermediaries that make extensive investments in workshops catering specifically to owners of electric cars and connecting them to branded international suppliers has augmented the product demand. Other factors, including the shifting ownership models from buying to renting, surging adoption of over-the-air digital communication, and changing inclination from reactive to proactive and prescriptive maintenance, are also anticipated to drive the market further.

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Electric Vehicle Aftermarket Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
The report has segmented the market on the basis of replacement part, propulsion type, vehicle type, certification and distribution channel.

Breakup by Replacement Part:

• Tire
• Battery
• Brake Parts
• Filters
• Body Parts
• Lighting and Electronic Components
• Wheels
• Turbochargers
• Others

Breakup by Propulsion Type:

• Battery Electric Vehicles
• Hybrid Electric Vehicles
• Fuel Cell Electric Vehicles
• Plug-in Hybrid Electric Vehicles

Breakup by Vehicle Type:

• Passenger Cars
• Commercial Vehicles

Breakup by Certification:

• Genuine Parts
• Certified Parts
• Uncertified Parts

Breakup by Distribution Channel:

• Authorized Service Centers (OEMs)
• Premium Multi-brand Service Centers
• Digital Aggregators
• Others

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

Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.