Europe Electric Vehicle Aftermarket: Analysis and Forecast, 2023-2032
Introduction to Europe Electric Vehicle Aftermarket
The Europe electric vehicle aftermarket (excluding U.K) is projected to reach $50.66 billion by 2032 from $8.87 billion in 2023, growing at a CAGR of 21.36% during the forecast period 2023-2032. The growth of the electric vehicle aftermarket is anticipated to be fueled by the increasing preference for electric vehicles, growing consumer interest in customizing electric vehicles, and the rising trend of utilizing electric vehicles for secondary purposes.
Market IntroductionThe electric vehicle (EV) aftermarket in Europe is experiencing significant growth, propelled by several key factors. The rising popularity of electric vehicles across the continent is a primary driver, with more consumers opting for EVs due to environmental concerns and government incentives. Additionally, there is a growing demand for customization options among EV owners, driving the expansion of aftermarket products and services tailored to electric vehicles. Moreover, the emergence of second-life applications for electric vehicle components, such as batteries, is contributing to the growth of the aftermarket sector. As Europe continues to prioritize sustainability and clean energy initiatives, the EV aftermarket is poised for further expansion, offering a wide range of opportunities for businesses and consumers alike to enhance and adapt electric vehicles to meet their specific needs and preferences.
Market Segmentation:
Segmentation 1: by Vehicle TypePassenger Vehicles
Commercial Vehicles
Segmentation 2: by Propulsion TypeBattery Electric Vehicles (BEVs)
Plug-In Hybrid Electric Vehicles (PHEVs)
Hybrid Electric Vehicles (HEVs)
Segmentation 3: by Sales OutletAuthorized Service Centers
Premium Multi-brand Service Centers
Others
Segmentation 4: by Mode of SalesOffline sales
Online sales
Segmentation 5: by PartBatteries
Tires and Wheels
Brakes and Suspensions
Body Parts
Others
Segmentation 6: by CountryGermany
France
Spain
Netherlands
Rest-of-Europe
How can this report add value to an organization?
Product/Innovation Strategy: The product strategy helps the readers understand the different aftermarket solutions provided by the industry participants.
Growth/Marketing Strategy: The electric vehicle aftermarket is growing at a significant pace and holds enormous opportunities for market players. Some of the strategies covered in this segment are product launches, partnerships, collaborations, business expansions, and investments. The companies' preferred strategy has been product launches, partnerships, and collaborations to strengthen their positions in the Europe electric vehicle aftermarket.
Competitive Strategy: The key players in the Europe electric vehicle aftermarket analyzed and profiled in the study include electric vehicle aftermarket solution providers that develop parts and accessories for EVs. Moreover, a detailed competitive benchmarking of the players operating in the electric vehicle aftermarket has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition SynopsisThe companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Some of the prominent names established in this market are:Robert Bosch GmbH
Continental AG
ZF Friedrichshafen AG
Schaeffler AG
HELLA GmbH & Co. KGaA
Marelli Holdings Co., Ltd.
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