Asia-Pacific and China Propel Global Electric Vehicle Aftermarket Surge to 2032
Wednesday, September 13, 2023
DUBLIN, Sept. 5, 2023 /PRNewswire/ -- The "Electric Vehicle Aftermarket - A Global and Regional Market Analysis: Focus on Vehicle Type, Propulsion Type, Sales Outlet, Mode of Sales, Part, and Country-Level Analysis - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
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The global electric vehicle (EV) aftermarket is set to experience an astronomical surge, projected to reach an impressive $286.26 billion by 2032 from $44.52 billion in 2022.
This phenomenal growth, with a Compound Annual Growth Rate (CAGR) of 20.73% during the forecast period of 2023-2032, is attributed to the escalating adoption of electric vehicles, surging consumer demand for electric vehicle customization, and the flourishing popularity of electric vehicle second-life applications.
Electric vehicles play a pivotal role in decarbonizing the road transportation sector, contributing to approximately one-sixth of global emissions. The evolution of ambitious policies remains essential to drive growth in the global electric vehicle markets.
The electric car industry stands out as a dynamic sector within the clean energy domain, showcasing significant growth in recent years. Enhancements in driving range, model variety, and performance standards have fueled a remarkable surge in sales. The International Energy Agency (IEA) predicts that nearly 20% of new car sales in 2023 will be electric vehicles.
The potential impact is significant, with the possibility of steering vehicular carbon dioxide emissions towards a trajectory aligned with the Net Zero Emission (NZE) Scenario 2050, provided current robust growth continues. However, global-scale adoption of electric vehicles remains a goal yet to be fully realized, particularly in developing and emerging economies due to higher upfront costs and limited charging infrastructure.
The electrification of lightweight vehicles introduces multifaceted challenges, as aftermarket entities must cater to both electric vehicles and internal combustion engine (ICE) vehicles. Battery-electric vehicles (BEVs) demand around 30% fewer traditional aftermarket components than ICE vehicles, creating manifold challenges for the aftermarket sector.
Market Segmentation
-- Vehicle Type Segment: Passenger Vehicles, Commercial Vehicles
-- Passenger vehicles are projected to dominate the market by 2032,
fueled by growing adoption in both developed and developing
economies. Stringent emission regulations and governmental
initiatives contribute to increased demand for passenger EVs.
-- Propulsion Type Segment: Battery Electric Vehicles (BEVs), Plug-In
Hybrid Electric Vehicles (PHEVs), Hybrid Electric Vehicles (HEVs)
-- BEVs, HEVs, and PHEVs form the propulsion types served by the global
electric vehicle aftermarket. As HEVs gain traction due to lower
emissions and initial costs, aftermarket participants must address
the growing demand for HEV spare parts.
-- Sales Outlet Segment: Authorized Service Centers, Premium Multi-brand
Service Centers, Others
-- Authorized service centers (OEMs) hold the largest market share in
2022, offering expert knowledge in electric vehicle technology.
-- Mode of Sales Segment: Offline Sales, Online Sales
-- Offline sales are expected to dominate the market during the
forecast period 2023-2032.
-- Part Segment: Batteries, Tires and Wheels, Brakes and Suspensions, Body
Parts, Others
-- Tires and wheels are projected to generate the majority of revenue,
driven by the increased weight of electric vehicles leading to
higher wear rates.
-- Region Segment: North America, Europe, U.K., China, Asia-Pacific and
Japan, Rest-of-the-World
-- Asia-Pacific and Japan led the electric vehicle aftermarket in 2022,
with China expected to register the fastest growth due to evolving
consumer preferences, environmental awareness, economic growth, and
a thriving domestic electric vehicle ecosystem.
Recent Developments
Recent advancements highlight the momentum within the electric vehicle aftermarket:
-- Robert Bosch GmbH launched the "Ultra White bulb range," offering
increased luminosity for enhanced driving visibility.
-- Schaeffler AG introduced a new electric axle for e-mobility, focusing on
performance and thermal management.
Demand - Drivers and Limitations
The following are the demand drivers for the electric vehicle aftermarket:
-- Rising Popularity of Electric Vehicles
-- Proliferating Consumer Demand for Electric Vehicle Customization
-- Increasing Popularity of Electric Vehicle Second-Life Applications
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
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing companies' coverage, product portfolio, and regional presence.
Key Companies Profiled:
-- 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.
For more information about this report visit https://www.researchandmarkets.com/r/ifvkqf
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