Electric Vehicle Aftermarket Market Analysis

The passenger cars segment held over 65% of electric vehicle aftermarket market share in 2022. The introduction of standardized replacement tires for passenger cars is propelling the market by addressing a critical need of EV owners. These tires are specifically designed for EVs, offering features such as low rolling resistance and extended tread life.

For instance, in May 2023, Bridgestone unveiled its inaugural EV replacement tire, specifically crafted for North America's leading premium EV models including all Tesla variants and the Ford Mustang Mach-E. The Turanza EV tire introduced Bridgestone's ENLITEN technology, engineered to enhance year-round performance, extend tire longevity, and facilitate the integration of sustainable & eco-friendly materials into tire production.

The authorized service center (OEMs) segment recorded over 49% of electric vehicle aftermarket market share in 2022. Expanding spare part manufacturing facilities are driving the growth of authorized service centers (OEMs). With increased production capacity, OEMs can ensure the availability of genuine & high-quality replacement parts for EVs. This availability instills confidence in EV owners, encouraging them to choose authorized service centers for maintenance and repairs.

For instance, in August 2023, Daesol Ausys revealed its intention to construct a USD 72 million manufacturing facility in Georgia (U.S.). The facility, located in West Point, will be dedicated to producing EV components, specifically luggage boards and compartment covers. The assurance of using authentic components enhances the reputation of OEM service centers, propelling their prominence in the aftermarket for electric vehicles.

North America electric vehicle aftermarket market accounted for 35% of revenue share in 2022, propelled by the presence of a robust automotive industry with well-established aftermarket product dealerships. Established dealerships have the infrastructure, expertise, and customer trust built over years of serving traditional vehicles. As EVs gain popularity, these dealerships leverage their existing networks to offer a wide range of aftermarket products and services customized for EVs. This seamless transition into the market bolsters industry growth and meets the evolving needs of EV owners in North America.