Electric Vehicle Aftermarket Market Growth, Size, Trends, Share, Revenue and Future Outlook
Electric Vehicle Aftermarket Industry Size- By Replacement Part, By Propulsion, By Vehicle Type, By Certification, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Dec-2023 | Report ID: AMIN23193 | Pages: 1 - 235 | Formats*: |
| Category : Automotive & Transportation | |||
Electric Vehicle Aftermarket Industry Introduction and Overview
According to SPER Market Research, the Global Electric Vehicle Aftermarket Market is estimated to reach USD 577.01 billion by 2033 with a CAGR of 21.5%.
The report includes an in-depth analysis of the Global Electric Vehicle Aftermarket Industry, including market size and trends, product mix, applications, and supplier analysis. The electric vehicle aftermarket refers to the ecosystem of products, services, and solutions that go beyond the original manufacturer's offerings to meet the demands of EV owners. As electric vehicles gain popularity in the automotive industry because to their environmental friendliness and low cost, an aftermarket has formed to provide a variety of additions and modifications. This includes a wide range of components and services such as charging solutions, battery upgrades, performance tuning, interior customisation, and maintenance services, among others. EV owners frequently turn to the aftermarket to customise their vehicles, expand their range, improve home charging infrastructure, or increase overall performance.
- August 2023: Daesol Ausys announced its intention to build a manufacturing facility in Georgia (U.S.) in August 2023. The West Point plant will be dedicated to the production of EV components, notably luggage boards and compartment covers. The assurance of using genuine components boosts the credibility of OEM repair centres, increasing their significance in the electric car aftermarket.
- June 2022: The increase of authorised service centres (OEMs) is being driven by expanding spare part manufacturing facilities. OEMs can ensure the availability of genuine and high-quality replacement parts for EVs by increasing production capacity. This availability gives EV owners confidence, encouraging them to choose authorised service centres for maintenance and repairs.
Market Opportunities and Challenges
As EV manufacturers release new models and updates, aftermarket companies capitalise on these advancements to produce novel goods and services that improve the overall EV ownership experience. This technical advancement enables customisation choices that appeal to a wide range of consumer preferences. EV owners seek aftermarket solutions to improve the performance, battery capabilities, and charging options of their vehicles. Furthermore, the rising availability of new battery technology pushes the aftermarket as businesses provide enhanced battery packs that increase range and total battery life. Technological improvements generate a competitive scene in which aftermarket providers aim to offer cutting-edge solutions on a consistent basis, hence supporting the expansion of the electric vehicle aftermarket.
As EV use grows, the requirement for convenient and accessible charging stations becomes critical. Aftermarket companies capitalise on this potential by providing unique charging solutions that address a variety of charging needs. These options include everything from advanced home charging systems to portable chargers and wireless charging mats. Furthermore, the aftermarket provides enhancements to EV charging capabilities, such as quicker charging speeds and compatibility with other charging standards. As governments and businesses invest in charging infrastructure development, aftermarket providers connect their products with these initiatives, fostering EV adoption and aftermarket growth.
Compatibility difficulties can stymie demand for electric car aftermarket parts and accessories by making it difficult to source and install new parts and accessories. The large range of EV models, each with its own set of specifications and components, can make it difficult to locate universally compatible aftermarket solutions. This complexity raises prices and restricts the availability of aftermarket parts and services, possibly irritating consumers and hampering the market's capacity to meet the different needs of EV owners. Despite the increasing popularity of electric vehicles, there is still a lack of awareness and comprehension of EV aftermarket offerings. Many consumers may be unaware of the availability of aftermarket items and services designed specifically for their electric vehicles.
Market Competitive Landscape
Aftermarket firms are constantly creating and innovating products for electric vehicles. This comprises components that improve performance, battery management solutions, charging accessories, and software improvements that improve efficiency and performance. Companies are providing customisation choices to EV users in order to let them personalise their vehicles. This includes cosmetic alterations such as paint wraps, body kits, unique lighting options, and interior upgrades to give each car a distinct look and feel. In addition, firms are working on improved battery packs and management systems to increase the range and lifespan of electric car batteries. The major players in the Global Electric Vehicle Aftermarket Industry market include: 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.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Replacement part, By Propulsion Type, By Vehicle Type, By Certification, By Distribution Channel. |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| Companies Covered | 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. |
COVID-19 Impact on Global Electric Vehicle Aftermarket Industry
The COVID-19 pandemic originally posed issues for the electric car aftermarket business, causing supply chains to be disrupted, customer spending to be restricted, and repair and customisation shops to close temporarily. However, because the pandemic emphasised the significance of sustainability and clean transportation, it hastened the transition to EVs. As a result, the electric vehicle aftermarket industry has recovered, with revived customer interest in EVs and related services, presenting long-term growth potential.
Key Target Audience:
- EV Owners
- Automotive Workshops and Service Centre
- Software Providers
- Environmental Organization
- Investors and Financial Institution
- Charging Infrastructure Providers
- Auto Parts Manufacturer and Suppliers
Our in-depth analysis of the Electric Vehicle Aftermarket Market includes the following segments:
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| By Propulsion Type: |
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| By Vehicle Type: |
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- Global Electric Vehicle Aftermarket Industry Size (FY’2023-FY’2033)
- Overview of Global Electric Vehicle Aftermarket Industry
- Segmentation of Global Electric Vehicle Aftermarket Industry By Replacement part (Battery, Body Parts, Brake Parts, Filters, Lighting and Electronic Components, Tire, Turbochargers, Wheels, Others)
- Segmentation of Global Electric Vehicle Aftermarket Industry By Propulsion Type (Battery Electric Vehicles, Fuel Cell Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles)
- Segmentation of Global Electric Vehicle Aftermarket Industry By Vehicle Type (Commercial Vehicles, Passenger Cars)
- Segmentation of Global Electric Vehicle Aftermarket Industry By Certification (Certified Parts, Genuine Parts, Uncertified Parts)
- Segmentation of Global Electric Vehicle Aftermarket Industry By Distribution Channel (Authorized Service Centres, Digital Aggregators, Premium Multi-brand Service Centres, Others)
- Statistical Snap of Global Electric Vehicle Aftermarket Industry
- Expansion Analysis of Global Electric Vehicle Aftermarket Industry
- Problems and Obstacles in Global Electric Vehicle Aftermarket Industry
- Competitive Landscape in the Global Electric Vehicle Aftermarket Industry
- Impact of COVID-19 and Demonetization on Global Electric Vehicle Aftermarket Industry
- Details on Current Investment in Global Electric Vehicle Aftermarket Industry
- Competitive Analysis of Global Electric Vehicle Aftermarket Industry
- Prominent Players in the Global Electric Vehicle Aftermarket Industry
- SWOT Analysis of Global Electric Vehicle Aftermarket Industry
- Global Electric Vehicle Aftermarket Industry Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Electric Vehicle Aftermarket Industry
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Electric Vehicle Aftermarket Industry Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Electric Vehicle Aftermarket Industry
7. Global Electric Vehicle Aftermarket Industry , By Replacement Part (USD Million)
7.1. Global Electric Vehicle Aftermarket Industry Value Share and Forecast, By Replacement Part, 2023-20337.2. Battery7.3. Body Parts7.4. Brake Parts7.5. Filters7.6. Lighting and Electronic Components7.7. Tire7.8. Turbochargers7.9. Wheels7.10. Others
8. Global Electric Vehicle Aftermarket Industry , By Propulsion Type (USD Million)
8.1. Global Electric Vehicle Aftermarket Industry Value Share and Forecast, By Propulsion Type, 2023-20338.2. Battery Electric Vehicles8.3. Fuel Cell Electric Vehicles8.4. Hybrid Electric Vehicles8.5. Plug-in Hybrid Electric Vehicles
9. Global Electric Vehicle Aftermarket Industry , By Vehicle Type (USD Million)
9.1. Global Electric Vehicle Aftermarket Industry Value Share and Forecast, By Vehicle Type, 2023-20339.2. Commercial Vehicles9.3. Passenger Cars
10. Global Electric Vehicle Aftermarket Industry , By Certification (USD Million)
10.1. Global Electric Vehicle Aftermarket Industry Value Share and Forecast, By Certification, 2023-203310.2. Certified Parts10.3. Genuine Parts10.4. Uncertified Parts
11. Global Electric Vehicle Aftermarket Industry , By Distribution Channel (USD Million)
11.1. Global Electric Vehicle Aftermarket Industry Value Share and Forecast, By Certification, 2023-203311.2. Authorized Service Centres (OEMs)11.3. Digital Aggregators11.4. Premium Multi-brand Service Centres11.5. Others
12. Global Electric Vehicle Aftermarket Industry Forecast, 2019-2033 (USD Million)
12.1. Global Electric Vehicle Aftermarket Industry Size and Market Share
13. Global Electric Vehicle Aftermarket Industry , By Replacement Part, 2019-2033 (USD Million)
13.1. Global Electric Vehicle Aftermarket Industry Size and Market Share By Replacement Part (2019-2026)13.2. Global Electric Vehicle Aftermarket Industry Size and Market Share By Replacement Part (2027-2033)
14. Global Electric Vehicle Aftermarket Industry , By Propulsion Type, 2019-2033 (USD Million)
14.1. Global Electric Vehicle Aftermarket Industry Size and Market Share By Propulsion Type (2019-2026)14.2. Global Electric Vehicle Aftermarket Industry Size and Market Share By Propulsion Type (2027-2033)
15. Global Electric Vehicle Aftermarket Industry , By Vehicle Type, 2019-2033 (USD Million)
15.1. Global Electric Vehicle Aftermarket Industry Size and Market Share By Vehicle Type (2019-2026)15.2. Global Electric Vehicle Aftermarket Industry Size and Market Share By Vehicle Type (2027-2033)
16. Global Electric Vehicle Aftermarket Industry , By Certification, 2019-2033 (USD Million)
16.1. Global Electric Vehicle Aftermarket Industry Size and Market Share By Certification (2019-2026)16.2. Global Electric Vehicle Aftermarket Industry Size and Market Share By Certification (2027-2033)
17. Global Electric Vehicle Aftermarket Industry , By Distribution Channel, 2019-2033 (USD Million)
17.1. Global Electric Vehicle Aftermarket Industry Size and Market Share By Distribution Channel (2019-2026)17.2. Global Electric Vehicle Aftermarket Industry Size and Market Share By Distribution Channel (2027-2033)
18. Global Electric Vehicle Aftermarket Industry , By Region, 2019-2033 (USD Million)
18.1. Global Electric Vehicle Aftermarket Industry Size and Market Share By Region (2019-2026)18.2. Global Electric Vehicle Aftermarket Industry Size and Market Share By Region (2027-2033)18.3. Asia-Pacific
18.3.1. Australia18.3.2. China18.3.3. India18.3.4. Japan18.3.5. South Korea18.3.6. Rest of Asia-Pacific
18.4. Europe
18.4.1. France18.4.2. Germany18.4.3. Italy18.4.4. Spain18.4.5. United Kingdom18.4.6. Rest of Europe
18.5. Middle East and Africa
18.5.1. Kingdom of Saudi Arabia18.5.2. United Arab Emirates18.5.3. Rest of Middle East & Africa
18.6. North America
18.6.1. Canada18.6.2. Mexico18.6.3. United States
18.7. Latin America
18.7.1. Argentina18.7.2. Brazil
18.7.3. Rest of Latin America
19. Company Profile
19.1. 3M
19.1.1. Company details19.1.2. Financial outlook19.1.3. Product summary19.1.4. Recent developments
19.2. ABB Ltd.
19.2.1. Company details19.2.2. Financial outlook19.2.3. Product summary19.2.4. Recent developments
19.3. Aero Virement Inc.
19.3.1. Company details19.3.2. Financial outlook19.3.3. Product summary19.3.4. Recent developments
19.4. Bosch Automotive Service Solution Inc.
19.4.1. Company details19.4.2. Financial outlook19.4.3. Product summary19.4.4. Recent developments
19.5. Charge Point Inc.
19.5.1. Company details19.5.2. Financial outlook19.5.3. Product summary19.5.4. Recent developments
19.6. Clipper Creek Inc
19.6.1. Company details19.6.2. Financial outlook19.6.3. Product summary19.6.4. Recent developments
19.7. Continental AG
19.7.1. Company details19.7.2. Financial outlook19.7.3. Product summary19.7.4. Recent developments
19.8. Delphi Technologies
19.8.1. Company details19.8.2. Financial outlook19.8.3. Product summary19.8.4. Recent developments
19.9. Denso Corporation
19.9.1. Company details19.9.2. Financial outlook19.9.3. Product summary19.9.4. Recent developments
19.10. EV Box Group
19.10.1. Company details19.10.2. Financial outlook19.10.3. Product summary19.10.4. Recent developments
19.11. Robert Bosch Gmbh
19.11.1. Company details19.11.2. Financial outlook19.11.3. Product summary19.11.4. Recent developments
19.12. Siemens AG
19.12.1. Company details19.12.2. Financial outlook19.12.3. Product summary19.12.4. Recent developments
19.13. Others
20. List of Abbreviations
21. Reference Links
22. Conclusion
23. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Electric Vehicle Aftermarket Industry is projected to reach USD 577.01 billion by 2033, growing at a CAGR 21.5% during the forecast period.
Electric Vehicle Aftermarket Industry from 2022. The Market is expected to reach USD 577.01 billion by 2033, at a CAGR of 21.5% during the forecast period.
Electric Vehicle Aftermarket Industry CAGR of 21.5% during the forecast period.
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Electric Vehicle Aftermarket Industry size is USD 577.01 billion from 2023 to 2033.
Electric Vehicle Aftermarket Industry is Segment covered By Replacement part, By Propulsion Type, By Vehicle Type, By Certification, By Distribution Channel.
The North America is anticipated to have the highest market share in the Electric Vehicle Aftermarket Industry.
The key players in the market include Companies Covered 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.
The electric vehicle aftermarket refers to the ecosystem of products, services, and solutions that go beyond the original manufacturer's offerings to meet the demands of EV owners.
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