XEV Aftermarket to Reach $195.07 Billion by 2035: Key Growth Drivers and Top Players
The XEV aftermarket is projected to grow to $195.07 billion by 2035, driven by the increasing number of electric vehicles globally and advancements in vehicle telematics. The shift to electric powertrains will introduce innovative service models and data-driven business strategies. Battery-centric aftersales services will focus on predictive maintenance and personalized offerings to enhance customer experience and sustainability.
XEV aftermarket was USD 59.00 billion in 2024 and is expected to reach USD 195.07 billion in 2035, at a CAGR of 11.5% from 2024 to 2035, according to a recent study by MarketsandMarkets™. The growth of XEV Aftermarket is fueled by the increasing number of xEVs in global vehicles, the aging and higher mileage of EVs worldwide, the focus on utilizing vehicle telematics for services, and the rising digitalization across the value chain to enhance customer experience.
Aftermarket services are undergoing transformations with the shift to electric powertrains, emphasizing repair, reuse, recycle, and remanufacture principles. Mobile service units are gaining popularity, providing on-demand maintenance and diagnostics for EVs, reducing downtime. Retrofitting older vehicles with electric systems is also becoming common, blending sustainability with customization.
The future of the EV aftermarket will heavily rely on data, enabling predictive maintenance, personalized offerings, optimized inventory, and efficient diagnostics. Battery-centric aftersales services will focus on predictive health monitoring, proactive maintenance, and personalized services based on usage patterns to enhance battery lifespan and customer value.
The main drivers of growth in the XEV Aftermarket include the rapid increase in electric and hybrid vehicle sales, advanced battery technology, government policies on safety and sustainability, connected vehicle technologies, expansion of charging infrastructure, consumer preferences for digital services, and the entry of new players and collaborations.
Leading regions and countries in XEV Aftermarket adoption include Asia-Pacific (China, Japan, South Korea), Europe (Germany, Norway, Netherlands, UK, France), North America (United States, Canada), Middle East & Africa (UAE, Israel, South Africa), and Latin America (Brazil, Mexico).
Key players in the XEV aftermarket include Advance Auto Parts, Autozone, Carquest, LKQ Corporation, NAPA, GSF Car Parts, Intercars, Alliance Auto Group, Weichai Power, Tata AutoComp, Sona Comstar, Lucas TVS, TEMOT International, Bosch, and Valeo.
According to the source: GlobeNewswire.
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