What is the present valuation and projected CAGR of the electric vehicle maintenance market?
The electric vehicle maintenance market size has grown rapidly in recent years. It will grow from $13.41 billion in 2024 to $15.29 billion in 2025 at a compound annual growth rate (CAGR) of 14.0%. 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 $25.5 billion in 2029 at a compound annual growth rate (CAGR) of 13.6%. 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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Which industry factors have accelerated the electric vehicle maintenance market’s expansion?
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.
What are the primary segments of the electric vehicle maintenance market?
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
Subsegments:
1) By Battery Electric Vehicle (BEV): Battery Maintenance And Repair, Electric Motor Maintenance, Power Electronics Servicing (Inverters, Controllers), Charging System Maintenance, Thermal Management Systems (Cooling/Heating Systems)
2) By Hybrid Electric Vehicles (HEV): Hybrid Battery Maintenance (Both Electric And Internal Combustion Systems), Internal Combustion Engine (ICE) Servicing, Electric Motor And Powertrain Repair, Regenerative Braking System Maintenance, Transmission System Servicing
3) By Plug-In Hybrid Electric Vehicle (PHEV): Battery Maintenance (Charging, Capacity Check), Maintenance Of Dual Powertrains (Electric And ICE), Power Electronics And Electrical System Servicing, Hybrid System Diagnostics, Charging Port And Cable Maintenance
4) By Fuel Cell Electric Vehicles (FCEV): Fuel Cell Stack Maintenance, Hydrogen Tank Inspection And Repair, Electric Motor And Drivetrain Maintenance, Battery Servicing (If Used As A Secondary Power Source), Power Control Unit And Fuel Cell Management System Diagnostics
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Which firms are leading the electric vehicle maintenance market?
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
Which market trends are set to define the future of the electric vehicle maintenance market?
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.
Which geographic trends are shaping the electric vehicle maintenance market, and which region has the highest market share?
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.
What Does The Electric Vehicle Maintenance Market Report 2025 Offer?
The electric vehicle maintenance market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Electric vehicle (EV) maintenance involves servicing and repairing electric-powered vehicles, focusing on their unique components such as batteries, electric motors, and electronic systems. This includes tasks such as battery health checks, software updates, and brake system inspections. Unlike conventional vehicles, EVs typically require less frequent maintenance due to fewer moving parts and no need for oil changes.
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