The global electric vehicle maintenance market is estimated to be worth USD 17,150 million in 2024. Displaying a CAGR of 15.4% through 2034, the electric vehicle maintenance market will be worth USD 71,640 million by the end of the forecast period.
The thriving sales of electric vehicles bring with them the need for maintenance. As the number of electric vehicles on the street climbs, there is greater opportunity for vendors in the industry. Initiatives by the government and environmental awareness are some of the reasons electric vehicle adoption is soaring.
Electric vehicles are known to suffer from more maintenance issues than standard gas-powered cars. It is claimed that electric vehicles suffer 79% more maintenance issues than gas-powered vehicles. Thus, players in the industry have the opportunity to capitalize on the significant number of vehicles in need of attention.
Consumers’ experience with electric vehicles is new as compared to gas-powered vehicles. Vehicle owners are thus more inclined to seek out professional maintenance services than trust their intuition or seek amateur help. These professional maintenance services are further drawing in customers by prominently displaying their capabilities.
Electric vehicles use lithium-ion batteries for their operation. Though efforts are being undertaken to make them safer, they still contain elements of risks. For example, some batteries are prone to re-ignite without the heating has long lapsed. Thus, to properly deal with and ensure the continuous working of lithium-ion batteries, electric vehicle maintenance is being sought at a rapid rate.
Though sales of electric cars are increasing at a rapid rate, the cost of the vehicles also sees economically underprivileged people cut off from the consumer base. The high price of the maintenance services themselves also makes customers hesitate to engage them.
The outlook for electric vehicle maintenance market seems positive during the forecast period. While the demand is rising steadily, it will be important to see the advent of artificial intelligence in the industry.
| Attributes | Details |
|---|---|
| Established Value for 2024 | USD 17,150 million |
| Projected Value for 2034 | USD 71,640 million |
| Value-based CAGR from 2024 to 2034 | 15.4% |
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Electric Three-Wheeler Sales Picking Up Speed Helping the Electric Vehicle Maintenance Market Thrive
It is estimated that near about 50% of all three-wheeler vehicles on the road are electric. This proportion exceeds the proportion of two-wheeler and four-wheeler electric vehicles handily. Thus, maintenance providers have a substantial demand for three-wheelers. The wide variety of three-wheelers of electric orientation also creates a notable need for their maintenance.
These varieties include tricycles, rickshaws, trucks, and more. These electric three-wheelers also have commercial appeal and with businesses requiring their vehicles to be road-ready at all times, maintenance services are called upon more frequently.
Government Initiatives to Help Electric Vehicles Become More Common
One of the prominent drivers in the growth of electrical vehicle adoption has been the schemes introduced by the government. With the target of drastically reducing the environmental impact caused by oil-powered vehicles, governments are enacting laws in support of electric vehicles.
These laws make entry into the market easier for manufacturers, by reducing taxes, waving off levies, etc. Thus, the road is also cleared for electric vehicle maintenance sector players.
Entry of New Players into the Electric Vehicle Sector Leading to Industry Expansion
Several manufacturers of standard vehicles are making their way into the electrical vehicle sector. The likes of Suzuki, Hyundai, and other giants entering the industry signal a positive future. The fast introduction of new cars also sees the demand for their maintenance develop strongly.
The electric vehicle maintenance market advanced at a rate of 12.4% for the period between 2019 to 2023. This allowed the value to climb from USD 9,652.1 million in 2019 to USD 15,432.1 million by 2023.
The pandemic did serve to halt the progress of the electric vehicle maintenance market somewhat. With the closure of manufacturing plants, there was a general slowing down in sales. However, these conditions did not last long. After the immediate effects of the pandemic subsided, the sale of electric vehicles was back on the right track.
The industry is set to advance at an even speedier rate in the forecast period as compared to the historical period. With the number of electric vehicles populating the roads not slowing down, the sector is set to accelerate rapidly.
As battery technology gets more advanced, there is a greater need for maintenance services relating to them. While these advances serve to make the batteries safer, they also serve to make them complicated. Thus, consumers are inclined to let maintenance professionals do their work instead of experimenting with themselves.
With the diversity in electric vehicles increasing, ranging from the likes of garbage vans, trucks, and golf carts, the need for their maintenance is developing rapidly too. Thus, the industry is set to speed ahead in the projected period.
Principal Consultant
Battery electric vehicles (BEVs) are the vehicles brought in most often for maintenance. Meanwhile, mechanical components are the ones majorly in need of maintenance.
BEVs are estimated to take up 56.3% of the market share in 2024.
As hybrid vehicles contain standard equipment as well, their maintenance does not always fall under electric vehicle maintenance. In addition, fully battery electric vehicles are turning out to be more popular for sustainability-inclined consumers as opposed to hybrid vehicles. Thus, electric vehicle maintenance is mainly concentrated on BEVs.
| Attributes | Details |
|---|---|
| Top Electric Vehicle Type | BEV |
| Industry Share (2024) | 56.3% |
Mechanical components are expected to hold 52.2% of the market share in 2024.
Electric vehicles contain fewer mechanical parts as compared to standard vehicles. However, the parts still require diligent attention to ensure the smooth running of the vehicle. Thus, mechanical components are the parts most required of maintenance.
| Attributes | Details |
|---|---|
| Top Component Type | Mechanical |
| Industry Share (2024) | 52.2% |
The advanced infrastructure suitable for electric vehicles in Europe helps the industry’s prospects in the region. The drive towards sustainability in North America bolsters the EV sector in the region. Government initiatives to make the entry of electrical vehicle producers smoother aids the industry in the region.
| Countries | CAGR (2024 to 2034) |
|---|---|
| Japan | 15.7% |
| China | 16.9% |
| United States | 17.2% |
| South Korea | 16.3% |
| United Kingdom | 17.7% |
| Canada | 16.2% |
| Germany | 17.0% |
| Italy | 16.4% |
| Spain | 14.2% |
| France | 15.2% |
| India | 17.9% |
| Australia | 14.3% |
The industry is penned in to progress at a CAGR of 17.2% in the United States. Government bodies are taking concrete steps to better the infrastructure in the United States when it comes to electric vehicles. For example, the United States Transportation Department announced in January 2024, a grant of nearly USD 50 million to repair or replace EV charging stations. Thus, the industry is lined up for progress in the country.
South Korea is set to be a lucrative country when it comes to growth potential in Asia. The industry is predicted to book a CAGR of 16.3% in South Korea. Several major automobile manufacturers are present in South Korea, which makes electric vehicle maintenance demand in the country flourish.
These prominent car manufacturers are also making efforts to increase knowledge about electric vehicle maintenance. For example, in July 2022, Hyundai held the ‘EV Tech Lab’, a workshop for electric vehicle maintenance in Seoul.
The United Kingdom is set to see market growth happen at a CAGR of 17.7% over the coming decade.
The sector faces some shortcomings in the United Kingdom-namely, the lack of specialists, which has the potential to slow down growth. However, the increasing importance given to sustainability by consumers in the country is set to ensure the sector’s progress over the ensuing decade.
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The electric vehicle maintenance market’s dynamics are controlled by a few dominant players. Although new enterprises are cropping up at a fast rate, the big hitters remain at the top.
Robert Bosch GmbH relies on its technological superiority to have an upper hand over its rivals. Its in-house technological services, like the cloud-based EV battery management service, help it gain the upper hand. Another prominent company, Hyundai Motor Company, is training its maintenance regulars to become experts in electric vehicle maintenance too.
Recent Developments in the Electric Vehicle Maintenance Market
Key companies in the industry include Robert Bosch GmbH, Hyundai Motor Company, LKQ Corporation, The Hybrid Shop, Certified Service, HEVRA Europe OU, YCC Service Center, RAD AIR COMPLETE CAR CARE, SK Innovation Co. Ltd., and Axalta Refinish.
Based on electric vehicle type, the electric vehicle maintenance market can be segmented into the following segments: BEV, PHEV, HEV, and FCEV.
Based on the component type, the electric vehicle maintenance market can be segmented into the following segments: mechanical, electrical, and others.
Based on the vehicle type, the electric vehicle maintenance market can be segmented into the following segments: passenger cars and commercial vehicles.
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.
The size of the electric vehicle maintenance sector is estimated to be USD 17,150 million in 2024.
The industry is expected to increase at a CAGR of 15.4% over the forecast period.
Sales are expected to register a CAGR of 17.9% in India over the period from 2024 to 2034.
The electric vehicle maintenance sector is forecasted to reach a size of USD 71,640 million by 2034.
Growing number of electric vehicles on the street and the increasing use of lithium-ion batteries are two of the trends in the industry.
Robert Bosch GmbH, Hyundai Motor Company, LKQ Corporation, and The Hybrid Shop are some of the prominent companies in the industry.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 5.1. Electric Vehicle Type 5.2. Component Type 5.3. Vehicle Type 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Electric Vehicle Type 6.1. Battery Electric Vehicle 6.2. Plug-in Hybrid Electric Vehicle 6.3. Hybrid Electric Vehicle 6.4. Fuel Cell Electric Vehicle 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component Type 7.1. Mechanical 7.2. Electrical 7.3. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Vehicle Type 8.1. Passenger Car 8.2. Commercial Vehicle 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. South Asia 9.5. East Asia 9.6. Eastern Europe 9.7. Middle East & Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Electric Vehicle Type, Component Type, and Vehicle Type for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Robert Bosch GmbH 19.2. Hyundai Motor Company 19.3. The Hybrid Shop 19.4. HEVRA Europe OU 19.5. YCC Service Center 19.6. RAD AIR COMPLETE CAR CARE 19.7. SK Innovation Co. Ltd 19.8. LKQ Corporation 19.9. Axalta Refinish
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Electric Vehicle Maintenance Market
