Electric Vehicle Aftermarket Size, Industry Trends, Growth Rate (23.2%), Business Opportunity, Overview 2023-2028

The latest research study "Electric Vehicle Aftermarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global electric vehicle aftermarket is expected to exhibit a CAGR of 23.2% during 2023-2028.

An electric vehicle aftermarket represents a secondary market that generally deals with after-sales of electric vehicle components. The service offers the scope of reinstallation or remanufacturing of mechanical and electrical parts, including battery packs, tires, electric motors, charging ports, power inverters, etc. In line with this, an electric vehicle aftermarket helps in minimizing maintenance costs and improving vehicular efficiency. Consequently, it is commonly available across numerous channels, including do-it-yourself (DIYs), original equipment sellers, do-it-for-me (DIFMs), etc. An electric vehicle aftermarket does not emit tailpipe emissions, reduces the dependency on oil, is more economical to operate than traditionally used automobiles, etc.

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Electric Vehicle Aftermarket Trends and Drivers:

The inflating popularity of EVs and the introduction of electronic systems are primarily driving the electric vehicle aftermarket. Additionally, the growing consumer inclination from reactive towards proactive and prescriptive maintenance that provides enhanced customer satisfaction and brand loyalty is further catalyzing the market growth. Besides this, the escalating demand for software-based aftermarket companies specializing in digital solutions, including smart parking service that automatically handles parking transactions and road trip support where EVs are provided with self-driving travel plans, is acting as another significant growth-inducing factor. Moreover, various OEMs are leveraging exclusive access to EV-related components, such as charging batteries or convenient swapping via exchange stations and roadside assistance, which is positively influencing the global market. Apart from this, the development of large independent aftermarket (IAM) intermediaries that invest in workshops is also bolstering the market growth. Furthermore, the rising utilization of over-the-air digital communication, which offers product updates and remote diagnostics, is anticipated to fuel the electric vehicle aftermarket over the forecasted period.

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Electric Vehicle Aftermarket Market 2023-2028 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

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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 (2017-2022)
• Market Outlook (2023- 2028)
• 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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