Electric Vehicle Maintenance Market: Current Analysis and Forecast (2024-2032)

Report Description

Electric Vehicle Maintenance Market Size & Forecast

The Electric Vehicle Maintenance market was valued at approximately USD 17 Billion in 2023 and is expected to grow at a robust CAGR of around 12.2% during the forecast period (2024-2032) owing to the increasing adoption of electric vehicles and government initiatives to reduce emissions.

Electric Vehicle Maintenance Market Analysis

The process of maintaining electric vehicles is relatively quite different from that of internal combustion engine vehicles in several aspects. EVs have fewer components to move, compared to internal combustion engine vehicles, and therefore do not need most of the regular maintenance like changing the oil, replacing spark plugs, or checking the emission system. However, maintenance in electric vehicles mainly concerns the battery pack, which is crucial to the car’s functioning. Charging habits have to be regular to maintain the battery properly, and temperature should also be kept under control. Nevertheless, EVs have other components that need to be maintained but not as often as conventional cars, such as brakes, tires, and suspension, among other parts.

The electric vehicle (EV) maintenance market is experiencing rapid growth driven by several key factors. One of the primary drivers is the increasing adoption of EVs worldwide, fueled by government incentives, environmental concerns, and technological advancements. For instance, the share of electric cars in total sales has increased from around 4% in 2020 to 18% in 2023. EV sales are expected to continue strongly through 2024. As more EVs hit the roads, the demand for maintenance services for these vehicles is rising. EVs have fewer moving parts than traditional internal combustion engine vehicles, but they require specialized maintenance due to the complexity of their electric drivetrains and battery systems. This complexity creates a niche market for EV maintenance services, including battery health checks, software updates, and electric component maintenance. Additionally, the development of charging infrastructure and advancements in EV technology are further propelling the growth of the EV maintenance market as consumers seek convenient and reliable maintenance solutions for their electric vehicles.

Electric Vehicle Maintenance Market Trends

This section discusses the key market trends influencing the electric vehicle maintenance market segments as identified by our research experts.

Propulsion Type Transforming Industry

The battery-electric vehicle is expected to grow with a significant CAGR in the forecast period (2024-2032). Currently, the main reason for increasing sales of BEVs is their environmental benefits since they can barely emit greenhouse gases that cause climate change at all. This is because as more and more consumers and businesses turn to BEVs, more bespoke maintenance services are required to ensure the efficacy of these vehicles. WEVs have relatively smaller components than conventional internal combustion engines; however, batteries used in BEVs are distinct systems that need specific care and attention for their efficient running and durability. This includes checking the health of the battery, charging it in the appropriate manner, and sometimes replacing the battery. This factor also involves the growth and innovation in the technology field of diagnosis and maintenance of BEVs, which presents the market for maintenance of EVs with an opportunity for growth.

North America is Expected to Grow with Significant CAGR During Forecast Period

North America holds the largest share of this market. Rising global usage rates of green vehicles, with consumer trends favoring sustainable modes of transport, is the main reason. This is also fueled by government incentives and regulations that encourage low emissions of greenhouse gases using EVs, which in turn propels the demand for adequate maintenance solutions for electric cars. Increased charging infrastructure simplifies the use of an EV, which means more are sold, and consequently, they will need service and repair. Technological changes as an aspect of optima client always arise, requiring continuous tweaking and specific service delivery in maintaining high-usage EVs since the electrification of all commercial vehicles presents a higher job requirement for maintenance. Also, an emphasis on aftermarket services’ development helps preserve manufacturing competitiveness and maintain the market’s growth due to more accessible and cheap service offers.

 Electric Vehicle Maintenance Industry Overview

The electric vehicle maintenance market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Robert Bosch GmbH, Hyundai Motor Company, The Hybrid Shop, HEVRA Europe OÜ, YCC Service Center, RAD AIR COMPLETE CAR CARE, SK Innovation Co. Ltd, LKQ Corporation, Axalta Refinish, and GM Certified Service

Electric Vehicle Maintenance Market News

• In July 2022, Hyundai held the ‘EV Tech Lab,’ a workshop for electric vehicle maintenance in Seoul.
• In March 2023, Earthling Automotive announced the incorporation of electric vehicle maintenance services into their portfolio for the San Francisco Bay Area.
• In March 2024, Meineke Car Care Center announced its first-ever electric vehicle service center, which aims to meet growing demand in the Carolinas, in Indian Land, South Carolina.

Electric Vehicle Maintenance Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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Research Methodology

Research Methodology for the Electric Vehicle Maintenance Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Electric Vehicle Maintenance market were the three major steps undertaken to create and analyze the adoption of Electric Vehicle Maintenance in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Electric Vehicle Maintenance market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Electric Vehicle Maintenance market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric vehicle maintenance market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as propulsion type, component type, vehicle type, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Electric Vehicle Maintenance market. Further, we conducted factor analysis using dependent and independent variables such as propulsion type, component type, vehicle type, and electric vehicle maintenance market regions. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Electric Vehicle Maintenance market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Electric Vehicle Maintenance market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric vehicle maintenance market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global electric vehicle maintenance market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric vehicle maintenance market. Data was split into several segments and sub-segments after studying various parameters and trends in the propulsion type, component type, vehicle type, and regions of the global Electric Vehicle Maintenance market.

The main objective of the Global Electric Vehicle Maintenance Market Study

The current & future market trends of the global electric vehicle maintenance market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Electric Vehicle Maintenance market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of propulsion type, component type, vehicle type, and regions.
• Define and analyze the regulatory framework for the Electric Vehicle Maintenance
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Electric Vehicle Maintenance market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profile of the electric vehicle maintenance market and the growth strategies adopted by the market players to sustain the fast-growing market.
• Deep dive regional level analysis of the industry