Electric Vehicle Aftermarket Expected to Reach $286.26 Billion by 2032: BIS Research

Nov 22, 2023 1:00 PM ET

The electric vehicle aftermarket is the ecosystem of products, solutions, and services that cater to the needs of electric vehicle (EV) owners beyond the original manufacturer’s offerings. The electric vehicle aftermarket is expected to grow rapidly due to the increasing popularity of electric vehicles.

The global electric vehicle aftermarket is projected to reach $286.26 billion by 2032 from $44.52 billion in 2022, growing at a CAGR of 20.73% during the forecast period 2023-2032.

Market Analysis: Trends, Data, and Growth Projections

The rising popularity of electric vehicles, proliferating consumer demand for electric vehicle customization, and increasing popularity of electric vehicle second-life applications are some of the key factors augmenting the electric vehicle aftermarket demand.

BIS Research, a leading market research firm, has released a report titled Electric Vehicle Aftermarket – A Global and Regional Market Analysis, which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the electric vehicle aftermarket. The detailed study is a compilation of 147 market data tables and 53 figures spread across 263 pages.

The electric vehicle aftermarket report focuses on delivering a clear and concise idea of the current and future outlooks of the electric vehicle aftermarket, primarily focusing on the parts and accessories used in the EV industry.

Key Players and Market Shares

The Asia-Pacific region, including Japan, led the electric vehicle (EV) aftermarket in 2022 due to the high number of hybrid electric vehicles (HEVs) in Japan. The region is expected to continue to grow significantly in the coming years, driven by the increasing adoption of EVs in other Asian countries.

China is expected to register the fastest growth in the EV aftermarket during the forecast period (2023-2032) due to factors such as evolving consumer preferences favoring EVs, rising environmental awareness, access to essential raw materials, robust economic growth, and a cost-effective labor force.

Some major companies operating in the global electric vehicle aftermarket are:

Robert Bosch GmbH
Continental AG
ZF Friedrichshafen AG
Schaeffler AG
NTN Corporation
BorgWarner Inc.
Tenneco Inc.
Michelin
AISIN Corporation
DENSO Corporation
GUD Holdings Limited
HELLA GmbH & Co. KGaA
Kavo B.V.
Marelli Holdings Co., Ltd.
T Sportline, Inc.
Bridgestone Corporation
The Yokohama Rubber Co., Ltd.
Akebono Brake Industry Co., Ltd.

Market Drivers, Challenges, and Opportunities

The electric vehicle (EV) aftermarket is expected to grow significantly in the coming years, driven by several factors, including:

Increasing demand for EVs
Government policies, subsidies, and investment
Automakers shifting their focus to decarbonization

This growth is expected to be fueled by the need for aftermarket solutions to support the growing fleet of EVs, including maintenance and repair services, accessories, and upgrades.

The following are the limitations of the electric vehicle aftermarket:

Lack of electric vehicle aftermarket infrastructure and awareness
Cost and availability issues of electric vehicle spare parts

These factors collectively drive the growth of the electric vehicle (EV) ecosystem, creating a thriving aftermarket demand in the coming years.

Report Focus and Methodology

The electric vehicle aftermarket report provides a credible global and regional market analysis. The report profiles existing and upcoming products, types, applications, end users, and key players in the market.

BIS Research follows an effective market intelligence methodology comprising a crucial 15-step process. Data is captured from reliable, intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.

BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product within the syndicated and custom research projects.

M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.

A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.

P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.

Conclusion

The electric vehicle aftermarket is growing considerably and is expected to grow relatively faster over the coming years during the forecast period. Electric vehicle aftermarket solution providers are investing heavily in R&D to develop advanced electric vehicle aftermarket solutions capable of meeting the growing user demands for augmenting the EV’s life and performance.

About BIS Research

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.