Electric Vehicle Aftermarket Industry Size, Forecast Report 2032

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.

 

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.

 

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.

 

COVID-19 Impact

The COVID-19 pandemic initially posed challenges for the electric vehicle aftermarket market, leading to disrupted supply chains, reduced consumer spending, and temporary closures of repair & customization shops. However, as the pandemic highlighted the importance of sustainability and clean transportation, it accelerated the shift toward EVs. Consequently, the electric vehicle aftermarket industry has rebounded with renewed consumer interest in EVs and related services, presenting opportunities for growth in the long term.

 

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.

 

Electric Vehicle Aftermarket Market Analysis

Electric Vehicle Aftermarket Size, By Vehicle Type, 2021-2032, (USD Billion)

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.

 

Electric Vehicle Aftermarket Share, By Distribution Channel, 2022

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.

 

 U.S. Electric Vehicle Aftermarket Size, 2021-2032 ( USD Billion)

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.

 

Electric Vehicle Aftermarket Market Share

Major companies operating in the electric vehicle aftermarket market are

  • Robert Bosch GmbH
  • Aptiv PLC
  • GMB North America Inc.
  • Bridgestone
  • MICHELIN
  • ZF Friedrichshafen AG
  • Akebono Brake Corporation

     

Electric Vehicle Aftermarket Industry News

  • In July 2023, Vitesco Technologies, a prominent global developer & producer of advanced drive systems for sustainable transportation, initiated the direct sale of Original Equipment (OE)-manufactured spare parts in the Independent Aftermarket (IAM). The company’s objective is to provide a comprehensive range of spare parts and services for electric vehicles, spanning passenger cars to commercial vehicles, all from a unified source.

     

This electric vehicle aftermarket market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Vehicle Type

  • Passenger cars
  • Commercial vehicle

Market, By Product

  • Replacement Parts

    • Tire
    • Battery
    • Brake parts
    • Filters
    • Lighting & electric component
    • Others

  • Accessories

    • Vehicle exterior
    • Vehicle interior

Market, By Propulsion Type

  • All-electric vehicle
  • Hybrid electric vehicle

Market, By Distribution Channel

  • Authorized Service Center (OEMs)
  • Premium multi-brand service center
  • Digital aggregators
  • Others

The above information has been provided for the following regions and countries:

  • North America
  • Europe

    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Nordics
    • Russia

  • Asia Pacific

    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Southeast Asia 

  • Latin America
  • MEA

    • UAE
    • South Africa
    • Saudi Arabia

 

link