The total revenue generated by the global electric commercial vehicle MRO market is estimated to reach USD 638.7 Million in the present fiscal year 2023. According to newly published estimates, the demand for electric commercial vehicles MRO services is expected to grow impressively during the forecast years at a rate of 23.8%. Additionally, according to this electric commercial vehicle market analysis report, the net worth of the market is expected to reach USD 5,401.6 Million by 2033.
EV maintenance and its component life extension have become important for EV manufacturers to provide a satisfying experience to their customers. Now that maintenance is an issue on all fronts, some significant MRO service-providing partners of EV manufacturers have gained sufficient importance.
With improvements in battery energy storage and driving range, EV sales have increased and account for around 10% of total commercial vehicles. The MRO service sector, which maintains electric commercial vehicle dependability and road safety, is vital to the global movement for electric mobility.
Given rapidly advancing technology, it's difficult for automakers to stay updated and provide for all-electric commercial vehicle upkeep timely. Even OEMs frequently experience delays in the supply of maintenance components, which increases delivery times and decreases the operational readiness of commercial EVs. That is why fixing outdated components in some electric commercial vehicle fleets also generates sufficient opportunities for MRO to satisfy redelivery obligations.
In addition to regular maintenance, the market players have demonstrated engineering effective solutions for an EV's body and interior components as well. This equates to a requirement for an ample number of maintenance checks every year creating a huge opportunity for recently established electric commercial vehicle MRO companies.
| Attributes | Details |
|---|---|
| Electric Commercial Vehicle MRO Market Share (2022) | USD 513.9 Million |
| Electric Commercial Vehicle MRO Market Size Value (2023) | USD 638.7 Million |
| Electric Commercial Vehicle MRO Market Size Value (2033) | USD 5,401.6 Million |
| Electric Commercial Vehicle MRO Market Growth Rate (2023 to 2033) | 23.8% |
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The need for MRO services for electric commercial vehicles has surged in the last few years as the demand for them grew at a rate of 19.3% during the time period from 2018 to 2023. As per the reports that were previously published the net worth of the overall market was about USD 253.7 Million back in 2018.
With growing gasoline expenses, large fleet owners are shifting more towards electric and hybrid vehicles of transport and logistics around the world. Several government initiatives to favor the adoption of such commercial EVs have also indirectly favored the growth of the MRO market immensely.
Severe weather conditions and the requirement to shorten the intervals between scheduled MRO callings would remain the main restraints for the market's growth. Furthermore, many international and national policies to encourage electric mobility are also anticipated to play a crucial role in market key trends.
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Like any other EV market sector, the electric commercial vehicle MRO market is still dominated by the battery electric commercial vehicle (BEV) type. The other segments such as hybrid electric commercial vehicles (HEV) OR plug-in electric commercial vehicles (PEV) have not yet captured the EV market. So the BEV segment is anticipated to remain the most lucrative segment for electric commercial vehicle MRO service providers for time being.
Electric buses generate the most request for MRO services among all the types of electric commercial vehicles that are in use today. According to figures from the survey reports for electric commercial vehicles requiring MRO services, this category accounts for an incredible 78.6% of the total market. In the previous year 2022, it contributed a revenue share of around USD 404 million and is continuing to be the leading segment.
Lately, three-wheeler passenger commercial vehicles are noticed to have garnered a growth rate in demand for MRO services higher than any other. Due to the bulk procurement of such electric vehicles by the metropolitan and municipality authorities, this segment is anticipated to retain this trend.
On the other hand, all the other types of electric commercial vehicles are less in count in comparison to the public transport sector. So, the other segments are anticipated to gain prominence in the later part of the forecasted years.
Like MRO services for most other sectors, the electric commercial vehicle MRO services in the USA contribute higher revenue than any other country. Owing to its advanced service sector coupled with a higher number of electric vehicles on the road, the USA is projected to remain the leading market for some more years.
Based on the number obtained from the electric commercial vehicle MRO market survey report, it contributed USD 94.5 Million in the year 2022. It holds a revenue share of around 18.4% and is projected to reach USD 928 Million by the end of this forecast period.
According to industry sources, European nations have the world's significant market for sales of electric vehicles at present times. The electric commercial vehicle MRO market's development in the European region would then be powered mostly by a booming EV industry.
As Germany is the leading automotive manufacturing market in the region, it has eventually been the key region for the adoption of electric commercial vehicle MRO services as well. In the present year of 2023, the total valuation of the MRO services for electric commercial vehicles is USD 62 Million. This amount is approximately 9.7% of the total revenue generated by the market globally making Germany the second in line following the USA.
Contrastingly, the United Kingdom is also gaining prominence in the adoption of electric commercial vehicle MRO services recently. As per the market estimates, it would experience remarkable progress during the forecast years and register a CAGR of 28% through these years.
By virtue of having a strong base in both the electronics and automotive industry, China has turned out to be the leading market.
Following the sales of all types of electric vehicles in the country, the other associated markets have also witnessed an exponential growth rate in the last few years. Furthermore, it is expected to rank as the key electric automotive market by 2026, implying huge development opportunities for MRO facilities.
As per this market report on the adoption of electric commercial vehicle MRO services, China is predicted to register a CAGR of 21.1% through 2033. Japan is a strong competitor in the China electric commercial vehicle MRO market with some of its companies competing at the global level. By the conclusion of this forecast period, the market in japan would reach nearly USD 37.8 Million by the year 2033.
Likewise, Australia is another emerging country having promising growth rates in the demand for electric commercial vehicles MRO services. As per this market analysis report, this market in Australia would reach a total valuation of USD 25.2 Million by the end of the year 2033.
The indigenous electric commercial vehicle MRO business in India is in its inception, yet it has enormous development potential. Currently, imports provide around 90% of India's MRO service requirements. The proportion of overseas MRO services is expected to persist till the local MRO business meets up to its international equivalents in terms of scale and certified range of services offered.
However, the overall capacity of the electric commercial vehicle MRO business in India is predicted to rise at an annual rate of 25.2%, compared to a global average of 23.8%. With constant government effort, the nation is on track to emerge as a major electric vehicle market, after only the USA and China.
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Unlike, the other MRO services, the electric vehicle MRO market differs in the respect that service providers have to reach any location within time. So the establishment of sufficient centers for quick dissemination of MRO services for vehicles at any location would be key to the success of this market.
Though electric vehicles are eco-friendly they offer a dilemma for institutional-type charging facilities with a substantial time of on-site, long-term parking. Any unfortunate event of drained batteries in the middle of the road can jeopardize the business of the electric commercial vehicle owner. So many Start-ups in this sector have integrated the replacement and charging of discharged batteries as their strategy to penetrate the market.
In order to improve their operational readiness and reliability market key players are now using digital technology to build a worldwide service network. For reducing lead times and expense some electric commercial vehicle MRO market players are assigning certain routes for achieving a round trip. Meanwhile establishing good enough trust with end-user partners by offering vehicle maintenance strategy and timeline.
The global electric commercial vehicle MRO market is to grow at 23.8% during the forecast period.
The global electric commercial vehicle MRO market is predicted to be valued at USD 5,401.6 million by 2033.
The global electric commercial vehicle MRO market was valued at USD 513.9 million in 2022.
The United States accounts for 18.4% share of the global electric commercial vehicle MRO market.
The United Kingdom is predicted to register a 28% CAGR in the electric commercial vehicle MRO market.
The market is valued at USD 638.7 million in 2023.
The key market players are Robert Bosch GmbH, LKC Corporation, and the Hybrid Shop.
The market is forecast to experience a CAGR of 23.8% through 2033.
The market is predicted to grow at USD 5,401.6 million by 2033.
The market held a CAGR of 19.3% from 2018 to 2022.
1. Executive Summary | Electric Commercial Vehicle MRO Market 2. Market Overview 3. Market Background 4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Cleaning 5.2. General Repair 5.3. Overhaul 6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 6.1. North America 6.2. Latin America 6.3. Europe 6.4. Asia Pacific 6.5. Middle East and Africa 7. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Asia Pacific Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Middle East and Africa Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Key Countries Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. Dynatrade 14.2. Allison Transmission 14.3. Schaeffler Technologies 14.4. Continental AG 14.5. ZF Friedrichshafen AG 14.6. Fraunhofer Gesellschaft Lista 14.7. ICRON TECHNOLOGIES 14.8. Lee Myles Autocare & Transmission 14.9. Cottman Transmission and Total Auto Care 14.10. Borgwarner 15. Assumptions & Acronyms Used 16. Research Methodology
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Electric Commercial Vehicle MRO Market
