Electric Vehicle Aftermarket Market Share, Trends, Revenue, Growth Drivers, Key Players, Challenges and Future Investment Strategies Till 2033: SPER Market Research

Published: Dec-2023

Author: SPER Analysis Team

TABLE OF CONTENT

RESEARCH METHODOLOGY

Electric Vehicle Aftermarket Market Share, Trends, Revenue, Growth Drivers, Key Players, Challenges and Future Investment Strategies Till 2033: SPER Market Research

Electric Vehicle Aftermarket Industry is projected to be worth USD 577.01 billion by 2033 and is anticipated to surge at a CAGR of 21.5%.

The term "electric vehicle aftermarket" refers to the market for products, services, and solutions that meet the demands of electric car owners after they have purchased their vehicle. It includes, but is not limited to, charging infrastructure, replacement parts, accessories, maintenance and software upgrades, and performance advancements. Electric vehicles (EVs) are a critical technology in the effort to decarbonise the road transport sector, which accounts for around one-sixth of worldwide emissions. The continuation of ambitious policies is critical for supporting growth in the global electric vehicle markets.

Global Electric Vehicle Aftermarket Industry Driving Factors and Challenges

The electric vehicle business is a vibrant sector within the clean energy area that has experienced tremendous expansion in recent years. Improvements in driving range, model variety, and performance standards have all contributed to a spectacular increase in sales. The growing appetite for interior customisation among EV owners is a major factor driving the electric vehicle aftermarket sector forward. As buyers strive to personalise their EVs, aftermarket companies provide a variety of interior customisation choices, ranging from distinctive upholstery and lighting to advanced infotainment systems. This trend improves the EV ownership experience while also stimulating aftermarket demand, hence growing the ecosystem of products and services tailored to individual preferences.

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Due to the difficulty of locating and installing new parts and accessories, compatibility issues might stifle demand for aftermarket parts and accessories for electric cars. Because there are so many different EV models, each with its unique set of specifications and components, it might be difficult to find universally suitable aftermarket solutions. This complication raises prices and limits the availability of aftermarket parts and services, thereby annoying consumers and limiting the market's ability to accommodate the diverse needs of EV owners. Even though electric cars are becoming more and more popular, not everyone is aware of or understands what is available for EV aftermarket parts. Many people may be unaware that aftermarket equipment and services built expressly for electric vehicles are available.

Impact of COVID-19 on Global Electric Vehicle Aftermarket Industry

The Covid-19 pandemic had a tremendous influence on the global automotive sector, especially the aftermarket for electric vehicles. The aftermarket sector was impacted by supply chain disruptions, industrial slowdowns, and decreased consumer spending. The pandemic, on the other hand, highlighted the significance of sustainable transportation, leading to a greater emphasis on electric vehicles and related aftermarket solutions.

Global Electric Vehicle Aftermarket Industry Key Players:

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 3M, ABB Ltd, Aero Virement Inc., Bosch Automotive Service Solution Inc., Charge Point Inc., Clipper Creek Inc., Continental AG., Delphi Technologies, Denso Corporation, EV Box Group, Robert Bosch Gmbh, Siemens AG, Others.

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Global Electric Vehicle Aftermarket Industry Segmentation:

By Replacement Part: Based on the Replacement Part, Global Electric Vehicle Aftermarket Industry is segmented as; Battery, Body Parts, Brake Parts, Filters, Lighting and Electronic Components, Tire, Turbochargers, Wheels, Others.

By Propulsion Type: Based on the Propulsion Type, Global Electric Vehicle Aftermarket Industry is segmented as; Battery Electric Vehicles, Fuel Cell Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles.

By Vehicle Type: Based on the Vehicle Type, Global Electric Vehicle Aftermarket Industry is segmented as; Commercial Vehicles, Passenger Cars.

By Certification: Based on the Certification, Global Electric Vehicle Aftermarket Industry is segmented as; Certified Parts, Genuine Parts, Uncertified Parts.

By Distribution Channel: Based on the Distribution Channel, Global Electric Vehicle Aftermarket Industry is segmented as; Authorized Service Centres (OEMs), Digital Aggregators, Premium Multi-brand Service Centres, Others.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.