Electric Vehicle Aftermarket Market Report 2024 | Growth, Size, Trends and Forecast by 2032 from stanley huds's blog

Global Electric Vehicle Aftermarket Market Statistics: USD 250.3 Million Value by 2032

Summary:

• The global electric vehicle aftermarket market size reached USD 67.3 Million in 2023.
• The market is expected to reach USD 250.3 Million by 2032, exhibiting a growth rate (CAGR) of 21.6% during 2024-2032.
• North America leads the market, accounting for the largest electric vehicle aftermarket market share.
• Tire accounts for the majority of the market share in the replacement part segment as it maintains weight distribution. 
• On the basis of propulsion type, the market has been divided into battery electric vehicles, hybrid electric vehicles, fuel cell electric vehicles, and plug-in hybrid electric vehicles.
• Passenger cars hold the largest share in the electric vehicle aftermarket industry.
• Genuine remain a dominant segment in the market on account of the increasing need to maintain the vehicle's integrity and uphold safety standards.
• Authorized service centers (OEMs) represent the leading distribution channel segment.
• The rising adoption of electric vehicles (EVs) is a primary driver of the electric vehicle aftermarket market.
• Battery replacement and recycling and technological advancements in EV parts are reshaping the electric vehicle aftermarket market.

Industry Trends and Drivers:

• Growing Adoption of Electric Vehicles (EVs): 

The increasing adoption of electric vehicles (EVs) among the masses across the globe is the primary driver of the EV aftermarket. Governing agencies of various countries are encouraging cleaner transportation through incentives and policies, which is impelling the market growth. This is creating a demand for aftermarket services and products tailored to these vehicles. The aftermarket is evolving to cater to this new vehicle category, ranging from specialized maintenance tools to replacement parts like batteries and tires designed for EV efficiency. Traditional internal combustion engine (ICE) components are no longer relevant in the EV space, making it necessary for aftermarket suppliers to adapt. This shift is fostering innovation in areas like EV diagnostics, repair tools, and accessories, which helps businesses meet the specific needs of electric car owners.    

• Battery Replacement and Recycling:

EV batteries, one of the most expensive and essential components, degrade over time, necessitating replacement after several years of use. This is creating a significant aftermarket opportunity, as vehicle owners seek cost-effective solutions for battery replacement. Moreover, the aftermarket is witnessing an expansion in battery recycling services, driven by the need to recover precious materials, such as lithium, cobalt, and nickel from spent batteries. Recycling not only addresses environmental concerns but also helps mitigate the rising demand for raw materials in battery manufacturing. Companies specializing in battery refurbishing, recycling, and second-life applications for used EV batteries are capitalizing on this trend, making it one of the key drivers behind the aftermarket's evolution in the electric vehicle industry.  

• Technological Advancements in EV Parts:

Innovations are reshaping the aftermarket for electric vehicles, particularly in areas, such as replacement parts and upgrades. EV-specific components, including advanced power electronics, regenerative braking systems, and charging solutions, are becoming integral to the aftermarket landscape. Additionally, software upgrades, autonomous driving enhancements, and energy management systems tailored for electric vehicles are driving significant growth in aftermarket services. As EV technology continues to evolve, aftermarket businesses are developing more sophisticated tools and products that allow vehicle owners to optimize performance, extend battery life, and enhance overall vehicle safety. This trend is especially prominent in markets where consumers prioritize vehicle customization and improvement.

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Electric Vehicle Aftermarket Market Report Segmentation:

Breakup By Replacement Part:

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

Tire accounts for the majority of shares as it maintains weight distribution.

Breakup By Propulsion Type:

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

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

Breakup By Vehicle Type:

• Passenger Cars
• Commercial Vehicles

Passenger cars represent the majority of shares due to the rising focus on enhanced performance, aesthetics, and convenience.

Breakup By Certification:

• Genuine Parts
• Certified Parts
• Uncertified Parts

Genuine hold the majority of shares on account of the increasing need to maintain the vehicle's integrity and uphold safety standards.

Breakup By Distribution Channel:

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

Authorized service centers (OEMs) exhibit a clear dominance, which can be attributed to their ability to maintain the integrity of the vehicles.    

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

North America enjoys the leading position owing to a large market for electric vehicle aftermarket driven by the presence of developed automotive infrastructure, including a well-established network of dealerships, service centers, and charging stations.   

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