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Electric Vehicle Aftermarket Market Size

Report ID: GMI6745
Published Date: Sep 2023
Report Format: PDF

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Electric Vehicle Aftermarket Market Size

Electric Vehicle (EV) Aftermarket Market size was valued at USD 66.1 billion in 2022 and is anticipated to register a CAGR of 20.7% between 2023 and 2032. The increasing adoption of battery electric vehicle is propelling the market growth by expanding the customer base for maintenance, repairs, and customization. As more EVs hit the road, the demand for aftermarket services rises. EV owners require specialized support including battery upgrades, charging infrastructure, and software enhancements. The growing popularity of EVs is fueling innovation and investment in the aftermarket sector, creating opportunities for businesses to cater to the unique needs of this expanding sector.

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The increasing preference for interior customization among EV owners is a significant factor boosting the electric vehicle aftermarket market. As consumers seek to personalize their EVs, businesses in the aftermarket sector are providing a range of interior customization options, from unique upholstery and lighting to advanced infotainment systems. This trend enhances the EV ownership experience and stimulates aftermarket demand, further expanding the ecosystem of products and services tailored to individual preferences.

Electric Vehicle Aftermarket Report Attributes
Report Attribute	Details
Base Year:	2022
Electric Vehicle Aftermarket Size in 2022:	USD 66.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	20.7%
2032 Value Projection:	USD 394.4 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	351
Segments covered:	Vehicle Type, Product, Propulsion Type, Distribution Channel
Growth Drivers:	Rising adoption of electric vehicles Rising electric vehicle aftermarket startups in North America Growing preference for interior customization Increasing investments in the EV aftermarket
Pitfalls & Challenges:	High replacement costs Lack of standardization in EV parts

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Compatibility issues can hinder the electric vehicle aftermarket market demand by creating obstacles in sourcing and fitting replacement parts & accessories. The wide variety of EV models with different specifications and components can lead to difficulties in finding universally compatible aftermarket solutions. This complexity increases costs and limits the availability of aftermarket products & services, potentially frustrating consumers and impeding the market's ability to cater to the diverse needs of EV owners.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of electric vehicle aftermarket reached USD 66.1 billion in 2022 and is set to record 20.7% CAGR from 2023 to 2032, due to the increasing adoption of battery electric vehicles and the rapid expansion of customer base for maintenance, repairs, and customization worldwide.

The passenger cars type segment recorded over 65% of the market share in 2022, on account of the introduction of standardized replacement tires for passenger cars.

North America market held over 35% of the revenue share in 2022, owing to the presence of robust automotive sector with well-established aftermarket product dealerships in the region.

Robert Bosch GmbH, Aptiv PLC, GMB North America Inc., Bridgestone, MICHELIN, ZF Friedrichshafen AG, and Akebono Brake Corporation. are some of the major companies worldwide.