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Electric Vehicle Aftermarket Market Trends

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

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Electric Vehicle Aftermarket Market Trends

Technological advancements in electric motors are propelling growth in the electric vehicle aftermarket industry. Enhanced motor technologies offer improved performance, efficiency, and reliability, making them attractive to EV owners seeking upgrades & customization. For instance, in August 2023, Mahle introduced an innovative technology kit for electric motors, merging the benefits of its superior continuous torque and magnet-less contactless transmitter electric motor technologies. This "ideal motor" features consistently high peak power, wear-free & contactless power transmission, the absence of rare earth materials, and optimal efficiency. As electric motor technology continues to evolve, the aftermarket benefits from increased demand for motor-related enhancements, contributing to market expansion.

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.