NEWARK, Del: The electric vehicle maintenance market is expected to be valued at USD 17,150 million in 2024. The primary reason for the market’s uninterrupted progress is the increasing number of electric vehicles populating streets. As the need for sustainability makes a greater impression in consumers’ minds, electric vehicle sales is marching on ahead at a rapid pace.    

The market is set to register a CAGR of 15.4% over the period from 2024 to 2034. Maintenance issues are more likely to flare up in electric vehicles than in standard ones. Thus, the market has a bright future.

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By 2034, the market is set to acquire a valuation of US$ 71,640 million. Electric vehicles are still a relatively new type of instrument for consumers to handle. Thus, consumers are likelier to trust professionals, in the form of maintenance service personnel, to take care of their vehicles.

Lithium-ion batteries are receiving preference from EV manufacturers, with several of them having already moved on from lead-acid batteries. These lithium-ion batteries, though generally safe, necessitate proper upkeep.

The market also has certain drawbacks. The costly nature of maintenance services, as well as of the electric vehicles themselves, means the market’s consumer base has a limit.

“With the number of electric vehicles on the road only increasing, the scope of the market is increasing as well. Government initiatives to make transport more electric are only helping the market. Thus, there are significant growth opportunities for investors,”. - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Key Takeaways from the Electric Vehicle Maintenance Market

·        The electric vehicle maintenance market is projected to be valued at US$ 17,150 million in 2024.

·        BEV is the top electric vehicle type. BEV is expected to account for 56.3% of the market share in 2024.  

·Mechanical tops the component type segment. For 2024, mechanical components are anticipated to account for 52.2% of the market share.

·        India is a promising country for the market. For the forecast period, the CAGR for India is estimated to be 17.9%.

·        China and Italy are pegged to be lucrative countries for the market. The CAGR for China and Italy over the forecast period is predicted to be 16.9% and 16.4% respectively.

·        The market is expected to register a CAGR of 17.7% in the United Kingdom over the forecast period.

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Competition Analysis of the Electric Vehicle Maintenance Market

A few industry giants have a significant hold on the market. Though entry is not prohibited to smaller players, these few players control a considerable portion of the market. Some of the prominent companies in the market include Robert Bosch GmbH, Hyundai Motor Company, LKQ Corporation, and The Hybrid Shop.

Recent Developments in the Electric Vehicle Maintenance Market

·        In February 2024, two electric truck maintenance training programs were unveiled by Logistics UK, in partnership with Stephenson, Brooksby and Melton (SMB) College and Bristol College. 

·        In March 2023, Earthling Automotive made available their electric vehicle maintenance capabilities in the San Francisco Bay Area.  

Key Segments of the Electric Vehicle Maintenance Market

By Electric Vehicle Type:

Based on electric vehicle type, the electric vehicle maintenance market can be segmented into the following segments: BEV, PHEV, HEV, and FCEV.

By Component Type:

Based on the component type, the electric vehicle maintenance market can be segmented into the following segments: mechanical, electrical, and others.

By Vehicle Type:

Based on the vehicle type, the electric vehicle maintenance market can be segmented into the following segments: passenger cars and commercial vehicles.

By Region:

The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Ongoing Coverage in Automotive Domain

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Plug-in Hybrid Electric Vehicle (PHEV) Market Outlook is on the path to attaining a healthy CAGR of 17.9% through 2034.

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