Electric Vehicle Aftermarket Share 2024 | Industry Size, Sales, Growth, Forecast 2032

The global electric vehicle aftermarket size reached US$ 67.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 250.3 Million by 2032, exhibiting a growth rate (CAGR) of 21.6% during 2024-2032.

The increasing demand for software-oriented aftermarket enterprises specializing in digital solutions is driving the global market. These companies focus on inventive offerings, including intelligent parking services, streamlining parking transactions seamlessly, and innovative road trip support that equips EVs with self-driving travel itineraries.

Request For Sample Copy of Report: https://www.imarcgroup.com/electric-vehicle-aftermarket/requestsample

Factors Affecting the Growth of the Electric Vehicle Aftermarket Industry:

• Increasing Electric Vehicle (EV) Adoption:

The increasing adoption of EVs worldwide represents one of the key factors driving market growth. This is driven by heightened environmental awareness, supportive government policies, and advancements in EV technology. There is an expanding base of vehicles requiring post-purchase services and parts. This growth in EV ownership necessitates a parallel expansion in aftermarket services, such as battery maintenance and replacement, powertrain components, and specialized repair services. Furthermore, the evolution of EV-specific components like advanced battery systems and electric motor technologies is continuously creating new aftermarket opportunities.

• Focus on Sustainability and Circular Economy:

There is a rise in the demand for sustainable practices in the automotive industry due to the increasing environmental awareness. This trend is significantly impacting the EV aftermarket, particularly in areas like battery recycling and remanufacturing. Recycling EV batteries not only addresses the environmental concerns associated with battery disposal but also provides a source of valuable materials like lithium and cobalt. Moreover, the circular economy approach is leading to innovations in refurbishing and reusing EV parts, contributing to resource conservation and waste reduction. This sustainability drive is encouraging the development of green aftermarket services and products, creating new business models and opportunities in the sector.

• Technological Advancements:

Advancements in battery technology, such as solid-state batteries offering longer life and faster charging, necessitate specialized maintenance and replacement services. Moreover, improvements in power electronics, electric motors, and regenerative braking systems also create new opportunities for upgrades and replacements. The integration of smart technology and the internet of things (IoT) in EVs further drives the aftermarket demand, as these vehicles require software updates, cybersecurity solutions, and connectivity enhancements. Additionally, the rise of autonomous driving technology in EVs will likely introduce unique aftermarket needs, such as specialized sensors and software maintenance.

Electric Vehicle Aftermarket Market Report Segmentation:

By Replacement Part:

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

Tires dominate the market as they are subject to regular wear and tear regardless, making them a universally frequent and necessary replacement item for all EV owners.

By Propulsion Type:

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

On the basis of the propulsion type, the market has been segregated into battery, hybrid, fuel cell, and plug-in electric vehicles.

By Vehicle Type:

• Passenger Cars
• Commercial Vehicles

Passenger cars account for the majority of the global share due to their widespread adoption and higher sales volumes, driven by increasing preference for eco-friendly personal transportation options.

By Certification:

• Genuine Parts
• Certified Parts
• Uncertified Parts

Genuine parts are the most popular segment as they assure compatibility, maintain manufacturer warranties, and often offer higher reliability and performance standards.

By Distribution Channel:

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

Original equipment manufacturers (OEMs) hold the largest market share as they offer genuine parts and authorized services, ensuring compatibility and reliability, which is highly valued by buyers for maintaining vehicle performance and warranty.

Regional Insights:

• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

North America's dominance in the market is attributed to its advanced charging infrastructure, strong government incentives, and high consumer adoption rates of electric vehicles.

Global Electric Vehicle Aftermarket Market Trends:

The integration of autonomous and connected vehicle technologies in EVs is a significant driver for the aftermarket market. As electric vehicles become more equipped with advanced driver-assistance systems (ADAS) and connected car features, there is a growing demand for aftermarket products and services related to these technologies. This includes software updates, sensor and camera upgrades, and enhancements in connectivity modules.

There is a rise in the demand for support services, including fleet management software, specialized maintenance, and bulk part replacements, as more businesses and municipalities adopt electric vehicles for their fleets. Moreover, the shift towards electrification in fleets is often accompanied by the need for customized charging solutions and infrastructure.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

Contact US

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.