By the end of the year 2022, the overall size of the global Non OEM EV MRO Market reached US$ 372 million. The report predicts that the market would register a CAGR of 10.2% during the time period between 2023 and 2033. In the present year 2023, the non OEM EV MRO market is anticipated to generate US$ 411.8 million as per the analysis of FMI. With the acceptance of more and more non OEM components, the market is forecasted to reach US$ 1,087.7 million by 2033.
The desire of electric car owners to improve their EV performance in terms of exhaust sound, and acceleration as the primary driver. Further, the aesthetic factors, along with many other fringe elements for electric vehicles also require MRO services that would support the market.
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Key Takeaways from the Market Study Report
- With a higher percentage of electric car users, the United States is the leading region for the adoption of non OEM EV MRO services. According to the FMI survey report, it captures around 16.9% of the global market.
- Germany follows the United States by holding a market share of 11.7% and leads the non OEM EV MRO market in Europe. Having a strong manufacturing base for automotive parts and services, the German market generated a revenue of US$ 43.5 million in 2022.
- Meanwhile, the demand for non OEM EV MRO services has acquired a very promising growth rate in the United Kingdom. As per the market survey, the United Kingdom market is projected to register a higher CAGR of 9.5% through 2033.
- In the Asia Pacific region, China is the major provider of non OEM EV MRO services for electric vehicle users. Over the forecast years, the adoption of non OEM EV MRO services is expected to increase at a rate of 7.5%.
- India, on the other hand, would witness a higher year-on-year growth of non OEM EV MRO market than any other region. Based on a market analysis report by Future, India is expected to register a CAGR of 11.6% during the years 2023 to 2033.
- Japan has also emerged as a significant market for non OEM EV MRO services despite the strong demand for certified services. By the end of the year 2033, the demand for non OEM EV MRO services is projected to reach an overall valuation of US$ 8.7 million.
- Australia is another prominent region showing higher demand for non OEM EV MRO these days. The total valuation of the market in this region is also anticipated to reach a valuation of US$ 5.4 million by 2033.
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Competitive Landscape for the Non OEM EV MRO Market
Some of the major players in the global market are Robert Bosch GmbH, LKQ Corporation, The Hybrid Shop, ST Engineering, Performance Consulting Associates, Inc., Micron Technology, Inc, SpareIt, TMD Mobility, Fraunhofer Gesellschaft, and NM and E Co., Ltd. among others
The overall market is dominated by a large number of local and regional companies that receive orders from a wide range of customers. Evolving business practices, security requirements, and technological advancements are the major trends affecting the automotive MRO market. So, the non OEM EV MRO market key players are in a favorable yet precarious situation in terms of gaining or losing market share.
Key Segments of the Market
By Product Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
By Vehicle Type:
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
- Others
By Service Provider:
- Franchise General Repairs
- Local Service Providers
- Other Service Providers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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