Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Electric Vehicle Maintenance Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle maintenance market is experiencing a significant surge, expanding to a value of $13.41 billion in 2024, representing a compound annual growth rate of 13.6% from $11.81 billion in the previous year. This notable growth is attributed to favorable government incentives and stringent regulations that endorse electric vehicle adoption, an increased awareness of environmental issues, and technological progressions within the sector. Furthermore, stakeholders are leveraging the decreasing total cost of ownership and ongoing transformation in the automotive industry to fuel market progression.
Analysts predict a robust growth trajectory for the electric vehicle maintenance market, with projections indicating an ascent to $22.45 billion by 2028, at a steady compound annual growth rate of 13.7%. This forecast period will witness accelerated adoption of electric vehicles, amplified by consumer education, technological advancements in battery life cycle management, and strategic partnerships across the electric vehicle industry ecosystem. Anticipated market trends include the widespread implementation of predictive maintenance technologies, the establishment of specialized EV service centers, and the continuous development of maintenance management software and applications.
A primary catalyst for the burgeoning electric vehicle maintenance market is the accelerating adoption of electric vehicles, powered by a collective shift towards sustainability, favorable government policies, and advancements in electric vehicle technology. The vital role of maintenance in safeguarding peak performance of EV components like battery management systems, electric motors, and charging setups is more pertinent than ever, highlighted by substantial growth in electric cars sales as reported by the International Energy Agency.
Leading enterprises within the electric vehicle maintenance market are formulating groundbreaking service solutions, particularly for charging station maintenance, to enhance the dependability and efficiency of the EV charging infrastructure. Noteworthy service offerings have been introduced by companies such as Qmerit and GoMechanic, significantly strengthening service reliability and operational efficacy throughout the EV service network.
The Asia-Pacific region remained at the forefront of the electric vehicle maintenance market in 2023, with Europe predicted as the fastest-growing region in the upcoming forecast period. Major market participants, including Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, and Mercedes-Benz, are having a substantial impact on the industry's competitive landscape, offering a diversified range of maintenance services catering to various electric vehicle types.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $13.41 Billion |
| Forecasted Market Value (USD) by 2028 | $22.45 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
Companies Featured
- 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
For more information about this report visit https://www.researchandmarkets.com/r/ke50fi
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