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Electric Vehicle Maintenance Market to Record 12% CAGR Growth Through 2029 | Global Analysis Report
Electric Vehicle Maintenance
Electric Vehicle Maintenance Market Outlook: How is the Market Expected to Grow by 2025?
The market size for maintenance of electric vehicles has seen substantial expansion in the past few years. Predictions indicate an increase from $13.41 billion in 2024 to $15.14 billion in 2025, showcasing a compound annual growth rate (CAGR) of 12.9%. Factors such as government regulations and incentives, increased environmental consciousness, advances in charging infrastructure, implementation of new technologies, ownership costs, and shifts in the auto industry are credited for the significant growth during the historic period.
Electric Vehicle Maintenance Market Forecast: What Size Will It Reach By 2029?
A surge in growth is anticipated for the electric vehicle maintenance market size in the coming years, with an expected increase to $23.79 billion by 2029 at a compound annual growth rate (CAGR) of 12.0%. The growth during the projected period can be traced back to the rising number of electric vehicles, deeper understanding of EV benefits, strategic partnerships, battery lifecycle management, and consumer enlightenment. Future trends projected for the market consist of a rise in predictive maintenance adoption, an upswing in exclusive EV service centers, development in maintenance management apps and software, more collaboration between automobile makers and service providers, and a focus towards cost-effective maintenance solutions.
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What Are the Strategic Drivers Boosting Electric Vehicle Maintenance Market Performance?
The electric vehicle maintenance market is projected to expand due to the growing sales of electric vehicles. Dependent fully or partially on electricity, electric vehicles (EVs) use electric motors and batteries either as a substitute or in conjunction with standard internal combustion engines. As environmental consciousness heightens, governmental incentives are introduced, and EV technology progresses, electric vehicle sales are on the rise. To ensure the best performance and lifespan for EV components, including battery administration, electric motors, and charging systems, electric vehicle maintenance is essential mirroring the move towards eco-friendly transport. For instance, the Internal Energy Agency, based in France, reported that over 2.3 million electric cars were sold in the first quarter of 2023 in July 2023, showing a 25% increase as compared to the same time frame in 2022. By late 2023, sales are predicted to hit 14 million, indicating a 35% yearly increase, with a rapid surge anticipated in the year's latter half. As a result, the electric vehicle maintenance market is experiencing growth due to the rising sales of electric vehicles.
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What Are the High-Growth Segments in the Electric Vehicle Maintenance Market?
The electric vehicle maintenance market covered in this report is segmented -
1) By Electric Vehicle Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicles (FCEV)
2) By Component Type: Mechanical, Electrical, Other Components
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
Subsegments:
1) By Battery Electric Vehicle (BEV): Battery Maintenance And Repair, Electric Motor Maintenance, Power Electronics Servicing (Inverters, Controllers), Charging System Maintenance, Thermal Management Systems (Cooling/Heating Systems)
2) By Hybrid Electric Vehicles (HEV): Hybrid Battery Maintenance (Both Electric And Internal Combustion Systems), Internal Combustion Engine (ICE) Servicing, Electric Motor And Powertrain Repair, Regenerative Braking System Maintenance, Transmission System Servicing
3) By Plug-In Hybrid Electric Vehicle (PHEV): Battery Maintenance (Charging, Capacity Check), Maintenance Of Dual Powertrains (Electric And ICE), Power Electronics And Electrical System Servicing, Hybrid System Diagnostics, Charging Port And Cable Maintenance
4) By Fuel Cell Electric Vehicles (FCEV): Fuel Cell Stack Maintenance, Hydrogen Tank Inspection And Repair, Electric Motor And Drivetrain Maintenance, Battery Servicing (If Used As A Secondary Power Source), Power Control Unit And Fuel Cell Management System Diagnostics
Which Global Trends Are Driving Electric Vehicle Maintenance Market Expansion?
Key players in the electric vehicle maintenance market, such as Qmerit, are shifting their focus towards innovative service offerings, particularly in the realm of EV charging maintenance services, with the aim of improving efficiency and dependability of EV facilities. Services in this area cover a wide range of tasks including inspections, general maintenance, and repairs for the EV charging infrastructure, promoting reliable functionality and peak performance. Qmerit launched new EV charging support and maintenance services in March 2024, in an effort to tackle issues regarding the dependability of public charging infrastructure, a significant obstacle to broader acceptance of EVs. This new offering comprises on-demand repair work, warranty assistance, preventive and predictive upkeep, and all-inclusive coverage, with the company assuming accountability for all hardware components. Existing customer or work order management systems can be integrated with Qmerit's tech platform, which allows access to a national pool of seasoned, qualified electricians and technicians.
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Who Are the Fastest-Growing Companies in the Electric Vehicle Maintenance Industry?
Major companies operating in the electric vehicle maintenance market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz, BMW Group, Honda Motor Co. Ltd., Tesla Inc., Nissan Motor Corporation, BYD Auto Co. Ltd., The Volvo Group, Jaguar Land Rover, Nio Inc., XPeng Motors, Polestar Automotive Holding UK PLC, Lucid Motors Service Centers, Proterra Inc., Workhorse Group Incorporated, Rivian Service Centers, Faraday Future Inc., Fisker Inc, Lordstown Motors
What Is the Regional Outlook for the Electric Vehicle Maintenance Market by 2029?
Asia-Pacific was the largest region in the electric vehicle maintenance market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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