Electric Vehicle Maintenance Market Report 2024

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 observed in the historic period can be attributed to several factors, government incentives and regulations supporting electric vehicles, increasing environmental awareness, innovations in charging infrastructure, technological advancements, considerations of total cost of ownership, and transformations within the automotive industry.

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%. In the forecast period, growth can be attributed to several factors, the rising adoption of electric vehicles (EVs), growing awareness of their benefits, increased partnerships and collaborations across the EV ecosystem, advancements in battery lifecycle management, and enhanced consumer awareness and education. Major trends anticipated during this period include the expanded adoption of predictive maintenance technologies, the proliferation of specialized EV service centers, the development of software and apps for efficient maintenance management, increased collaboration between automakers and service providers, and a focus on cost-effective maintenance solutions tailored for EVs.

The increasing adoption of electric vehicles (EVs) is set to drive growth in the electric vehicle maintenance market moving forward. Electric vehicles rely on electric motors and batteries instead of traditional internal combustion engines, fueled by growing environmental consciousness, government incentives, and advancements in EV technology. Electric vehicle maintenance plays a crucial role in ensuring the optimal performance and longevity of EV components such as battery management systems, electric motors, and charging infrastructure, essential for sustainable transportation. For example, the International Energy Agency reported in July 2023 that global sales of electric cars surged by 25% in the first quarter of 2023 compared to the same period in 2022, with projections indicating sales reaching 14 million by the end of 2023, marking a 35% year-on-year increase, driven by accelerating growth in the latter half of the year. Therefore, the expanding sales of electric vehicles are propelling growth in the electric vehicle maintenance market.

Leading companies in the electric vehicle maintenance market are concentrating on developing innovative service solutions, such as EV charging maintenance services, aimed at enhancing the efficiency and reliability of EV infrastructure. These services encompass the inspection, maintenance, and repair of EV charging systems to ensure consistent operation and peak performance. For instance, in March 2024, Qmerit, a US-based provider of EV charging services, introduced new warranty support and maintenance services for EV chargers to address concerns over the reliability of public charging networks, a critical factor influencing broader EV adoption. The comprehensive service offerings include on-demand repairs, warranty support, preventive and predictive maintenance, and full parts coverage, leveraging Qmerit's national network of certified technicians and seamless integration with existing customer management systems.

In December 2023, GoMechanic, an automotive service provider based in India, partnered with MoEVing to launch specialized electric vehicle services tailored for major fleet operators in the EV sector. This collaboration combines GoMechanic's extensive service network with MoEVing's expertise in electric mobility technology, ensuring enhanced service delivery and operational efficiency for customers. MoEVing is an Indian technology platform focused on electric mobility solutions.

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.

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.

The countries covered in the electric vehicle maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric vehicle (EV) maintenance encompasses the servicing and repair of vehicles powered by electricity, focusing on specific components such as batteries, electric motors, and electronic systems. Tasks include battery health assessments, software updates, and brake system checks. Compared to traditional vehicles, EVs generally require less frequent maintenance due to fewer moving parts and no need for oil changes.

The primary types of electric vehicles in maintenance are battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV). A battery electric vehicle (BEV) relies solely on an electric battery for propulsion, emitting zero tailpipe emissions without an internal combustion engine. These vehicles utilize various components, including mechanical and electrical systems, and are employed across different vehicle categories such as passenger cars and commercial vehicles.

The electric vehicle maintenance market research report is one of a series of new reports that provides electric vehicle maintenance market statistics, including electric vehicle maintenance industry global market size, regional shares, competitors with a electric vehicle maintenance market share, detailed electric vehicle maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle maintenance industry. This electric vehicle maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric vehicle maintenance market includes revenues earned by entities by providing services such as routine inspections, battery services, brake services, tire services, and software and system updates. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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