Electric Vehicle Aftermarket To Expand at a CAGR of 23.2% during 2023-2028 | Driven by The Inflating Popularity of EVs

The global electric vehicle aftermarket is expected to exhibit a CAGR of 23.2% during 2023-2028.

SHERIDAN, WYOMING, UNITED STATES, February 27, 2023 /EINPresswire.com/ -- 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 the after-sales of electric vehicle components. This service provides the scope of remanufacturing or reinstallation of mechanical and electrical components, including tires, battery packs, electric motors, charging ports, power inverters, etc. Electric vehicle aftermarket helps in reducing maintenance costs and improving vehicular efficiency. As such, it is extensively available across numerous channels, such as original equipment sellers, Do-it-Yourself (DIYs), Do-it-for-Me (DIFMs), etc.

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Electric Vehicle Aftermarket Trends and Drivers:

The inflating popularity of EVs is among the key factors stimulating the electric vehicle aftermarket. Moreover, the introduction of new opportunities, particularly in the remanufacturing of vehicle batteries and electronic systems, is further catalyzing the market growth. Apart from 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. Additionally, several OEMs are leveraging exclusive access to EV-related components, such as convenient swapping or charging batteries via exchange stations and roadside assistance, which is positively influencing the global market. In line with this, the development of large independent aftermarket (IAM) intermediaries that invest in workshops catering specifically to electric vehicle car owners and connecting them to branded suppliers is propelling the market growth. Furthermore, the shifting consumer preferences from reactive towards proactive and prescriptive maintenance, resulting in enhanced satisfaction, are also augmenting the global market. Besides this, the widespread adoption of over-the-air digital communication, which offers remote diagnostics and product updates, 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

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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