Electric Vehicle AfterMarket Market Growth Potential & Forecast, 2032

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Electric Vehicle AfterMarket Market 2023-2032
Growth Forecast Industry Share Report
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• Industry Insights

• Electric Vehicle AfterMarket Market is projected
  to cross USD 394.4 Bn by 2032. As per the report,
  the electric vehicle aftermarket market is poised
  for substantial growth, primarily due to the
  continuous advancements in EV technology.
  Notably, improved batteries and charging
  infrastructure are catalysts for this expansion.
  Enhanced battery technology extends the lifecycle
  of EVs, necessitating maintenance and replacement
  services. Furthermore, a more robust charging
  infrastructure spurs the demand for aftermarket
  solutions, making the electric vehicle
  aftermarket industry a promising sector for
  sustained growth.
• Hybrid Electric Vehicle (HEV) aftermarket
  industry will amass noteworthy revenue between
  2023 and 2032, primarily driven by the expanding
  global adoption of hybrid vehicles. As more HEVs
  hit the road, there is an increasing need for
  maintenance, repair, and retrofitting services
  specific to hybrid technology.

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• Commercial vehicle segment is poised to capture a
  notable electric vehicle aftermarket industry
  share by 2032, attributed to the surging adoption
  of electric commercial vehicles across the globe.
  As more businesses transition to electric fleets
  for cost-efficiency and environmental benefits,
  there's a rising demand for maintenance, repair,
  and accessory services specific to these EVs.
• This includes battery maintenance, charging
  infrastructure installation, and specialized
  vehicle components. The commercial sector's
  commitment to electric vehicles can be a driving
  force in fostering a robust aftermarket ecosystem
  tailored to the unique needs of electric
  commercial vehicles.

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• Regional Analysis

• Europe EV aftermarket industry will exhibit a
  modest growth rate from 2023 to 2032, driven by
  the continent's strong commitment to
  environmental sustainability. Government
  incentives, strict emissions regulations, and the
  expansion of charging infrastructure have spurred
  the widespread adoption of EVs. As the EV market
  matures, there is a growing need for repair and
  maintenance services, as well as aftermarket
  components tailored to electric vehicles.

• Competitive Analysis

• Bridgestone, Robert Bosch GmbH, MICHELIN, ZF
  Friedrichshafen AG, GMB North America Inc.,
  Akebono Brake Corporation, and Aptiv PLC

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