The electric vehicle maintenance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electric Vehicle Maintenance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electric vehicle maintenance market size has grown rapidly in recent years. It will grow from $11.81 billion in 2023 to $13.41 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to government incentives and regulations, environmental awareness, innovation in charging infrastructure, technological integration, cost of ownership, and automotive industry shifts.
The electric vehicle maintenance market size is expected to see rapid growth in the next few years. It will grow to $22.45 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to increasing the number of electric vehicles, increasing awareness of the benefits of EVs, partnerships and collaborations, battery lifecycle and management, and consumer awareness and education. Major trends in the forecast period include increased adoption of predictive maintenance, growth in specialized EV service centers, growth in software and apps for maintenance management, increased interaction between automakers and service providers, and a focus on cost-effective maintenance solutions.
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Scope Of Electric Vehicle Maintenance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Vehicle Maintenance Market Overview
Market Drivers –
Increasing sales of electric vehicles are expected to propel the growth of the electric vehicle maintenance market going forward. An electric vehicle (EV) is a type of vehicle-powered entirely or partially by electricity, using electric motors and batteries instead of or alongside traditional internal combustion engines. Sales of electric vehicles are growing due to increasing environmental awareness, government incentives, and advancements in EV technology. Electric vehicle maintenance ensures optimal performance and longevity of EV components, including battery management, electric motors, and charging systems, crucial for sustainable transportation. For instance, in July 2023, according to the Internal Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of 2023, a 25% increase from the same period in 2022. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. Therefore, increasing sales of electric vehicles are driving the growth of the electric vehicle maintenance market.
Market Trends –
Major companies operating in the electric vehicle maintenance market are focusing on developing innovative service offerings, such as EV charging maintenance services, to enhance the efficiency and reliability of EV infrastructure. EV charging maintenance services encompass the inspection, upkeep, and repair of electric vehicle (EV) charging infrastructure, ensuring reliable operation and optimal performance. For instance, in March 2024, Qmerit, a US-based EV charging service provider, launched new EV charging warranty support and maintenance services to address concerns about the reliability of public charging infrastructure, which has been a barrier to wider EV adoption. The new services include on-demand repairs, warranty support, preventive and predictive maintenance, and comprehensive coverage, with Qmerit taking responsibility for all equipment parts. The company’s technology platform integrates into existing customer or work order management systems and provides access to its national network of certified electricians and technicians.
The electric vehicle maintenance market covered in this report is segmented –
1) By Electric Vehicle Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicles (FCEV)
2) By Component Type: Mechanical, Electrical, Other Components
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
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Regional Insights –
Asia-Pacific was the largest region in the electric vehicle maintenance market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the electric vehicle maintenance market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz, BMW Group, Honda Motor Co. Ltd., Tesla Inc., Nissan Motor Corporation, BYD Auto Co. Ltd., The Volvo Group, Jaguar Land Rover, Nio Inc., XPeng Motors, Polestar Automotive Holding UK PLC, Lucid Motors Service Centers, Proterra Inc., Workhorse Group Incorporated, Rivian Service Centers, Faraday Future Inc., Fisker Inc, Lordstown Motors
Table of Contents
1. Executive Summary
2. Electric Vehicle Maintenance Market Report Structure
3. Electric Vehicle Maintenance Market Trends And Strategies
4. Electric Vehicle Maintenance Market – Macro Economic Scenario
5. Global Electric Vehicle Maintenance Market Size and Growth
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32. Global Electric Vehicle Maintenance Market Competitive Benchmarking
33. Global Electric Vehicle Maintenance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Vehicle Maintenance Market
35. Electric Vehicle Maintenance Market Future Outlook and Potential Analysis
36. Appendix
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