Electric Vehicle Aftermarket Industry Size, Share & Trends Analysis Report By Replacement Parts, By Propulsion Type, By Vehicle Type, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Electric Vehicle Aftermarket Industry Growth & Trends

The global electric vehicle aftermarket industry size is anticipated to reach USD 308.41 billion by 2030, registering a CAGR of 21.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market has been experiencing significant growth in recent years due to automakers' increasing investment and production of electric models. As the number of electric vehicles (EV)s on the road increases, there will be a higher demand for replacement parts, charging infrastructure, and specialized accessories tailored to electric vehicles.

With the unique components and technology in electric vehicles, specialized service centers and repair shops focusing on EVs will likely emerge. These centers will cater to the specific needs of electric vehicle owners, such as battery maintenance and repair. For instance, Tesla Inc., an automotive company based in the U.S., has opened Tesla service centers to provide specialized facilities specifically for Tesla electric vehicles. As more electric vehicle models enter the market, we can expect to see other automakers or third-party service centers specializing in electric vehicle maintenance and repairs.

As electric vehicle adoption increases, battery-related services like reconditioning, refurbishment, or recycling may become more prevalent in the aftermarket. Moreover, aftermarket companies may have opportunities to develop innovative charging solutions, including portable chargers and enhanced charging stations. For example, companies like ChargePoint, Inc., a U.S.-based electric vehicle charging network operator that provides charging solutions for electric vehicle owners, are likely to experience growth by expanding their charging station networks and offering innovative charging solutions.

Electric vehicle owners, like conventional vehicle owners, may seek customization options for their vehicles, leading to the development of aftermarket cosmetic accessories and modifications. For instance, Unplugged Performance is a U.S.-based company that specializes in providing performance upgrades and customization options for Tesla electric vehicles. As electric vehicle technology advances, there may be more opportunities for aftermarket companies to offer performance-enhancing modifications or customization options for various electric vehicle models.

The North America electric vehicles aftermarket industry has been steadily growing, driven by the differences in government policies, infrastructure development, consumer preferences, and automaker presence. For instance, EVgo Services LLC. is a prominent electric vehicle charging network operator in the United States. They have been expanding their charging infrastructure to meet the growing demand for charging stations nationwide.

Electric Vehicle Aftermarket Industry Report Highlights

• By replacement parts, the other segment dominated the market with a share of 43.5% in 2022. With the growing number of electric vehicles on the road, there was an increasing demand for specialized maintenance and repair services tailored to EVs
• By propulsion type, the battery electric vehicles segment dominated with a revenue share of 37.2% in 2022. The aftermarket companies offer various accessories and components specific to BEVs, such as charging solutions, battery management systems, and performance upgrades, which can be attributed to the growth of the segment
• By vehicle type, the passenger cars segment dominates the market with a revenue share of 71.0% in 2022, due to growing awareness of environmental concerns, government incentives, and improvements in charging infrastructure
• By distribution channel, the retailer segment dominates the market with a revenue share of 55.5% in 2022, The factor attributed to the segment growth is that the retailers are expanding their offerings to include electric vehicle accessories, charging solutions, and maintenance services specific to electric vehicles
• Europe dominated the market with a revenue share of 30.3% in 2022. Europe was actively investing in expanding its electric vehicle charging infrastructure

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