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Electric Vehicle Repair Service Market Size
- Report ID: GMI11717
- Published Date: Oct 2024
- Report Format: PDF
Electric Vehicle Repair Service Market Size
The global electric vehicle repair service market size was valued at USD 35 billion in 2023 and is expected to grow at a CAGR of over 13.5% between 2024 and 2032. The market is significantly propelled by the increasing adoption of electric vehicles (EVs). In a bid to combat climate change and curb greenhouse gas emissions, governments globally are enacting stringent regulations, resulting in a notable uptick in EV adoption. Policies advocating for zero-emission vehicles (ZEVs) and enhanced fuel efficiency have led automotive manufacturers to shift their focus from traditional internal combustion engine (ICE) cars to electric vehicles.
For instance, the EU has set a bold target to slash CO2 emissions from cars by 37.5% by 2030, compelling automakers to pivot towards electric vehicle production. In California, state regulations on zero-emission vehicles aim to reduce smog-causing pollution from light-duty vehicles by 25% by 2037. These regulations stipulate that 35% of new car sales must be plugged in hybrid electric (PHEV), EVs, or hydrogen fuel cells by 2026, escalating to 68% by 2030 and reaching a full 100% by 2035.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Electric Vehicle Repair Service Market Size in 2023: | USD 35 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 13.5% |
| 2032 Value Projection: | USD 107.8 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 170 |
| Tables, Charts & Figures: | 280 |
| Segments covered: | Propulsion, Component, Service provider, Vehicle |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Advancements in technology, particularly in battery life and software systems, have rendered EVs more cost-effective and efficient, bolstering their appeal. With automakers channeling substantial investments into EV production, there's been a marked increase in the number of electric vehicles on the roads, notably including commercial EVs utilized by logistics firms.
This burgeoning adoption of EVs is spurring a demand for specialized repair services — from battery maintenance and powertrain repairs to diagnostic services. Consequently, there's a pressing need for both OEM-authorized service centers and independent repair shops to expand. As the market sees an influx of EVs, the repair service sector is evolving to meet the distinct requirements of these vehicles, fueling robust market growth.
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Electric Vehicle Repair Service Market Scope
