According to FMI, the Battery Electric Vehicles (BEVs) segment holds the largest share of the global MRO services market, accounting for 42.6%. The report provides an in-depth analysis of the market's historical growth trajectory, offering valuable insights into the factors driving its expansion.
Electric Passenger Car MRO Market by Vehicle Type, Service Provider & Region, Growth Opportunities and Revenue Forecast, Forecast 2023 to 2033
NEWARK, Del., Nov. 28, 2023 /PRNewswire/ -- The global electric passenger car MRO market net worth was recorded to have reached US$ 3,402 million in 2022. As per the recently released report, the overall demand for electric passenger car MRO is anticipated to register a CAGR of 21.2% from 2023 to 2033. Furthermore, this research report on the electric passenger car MRO market estimates the overall valuation to rise from US$ 4,140.2 million in 2023 to nearly US$ 28,317.3 million by 2033.
Electric Passenger Car MRO Services Market Overview:
Attributes | Details |
Electric Passenger Car MRO Market Share (2022) | US$ 3,402 million |
Electric Passenger Car MRO Market Size Value (2023) | US$ 4,140.2 million |
Electric Passenger Car MRO Market Size Value (2033) | US$ 28,317.3 million |
Electric Passenger Car MRO Market Growth Rate (2023 to 2033) | 21.2 % |
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The global electric passenger car MRO market is expanding quickly because of the effort of EV manufacturers to achieve consistency in the production and use of all types of electric vehicles. The growing need for MRO services by electric vehicle owners as well as EV manufacturers is the key factor driving the global electric passenger car MRO market. In addition, many government schemes and regulatory systems for encouraging the use of electric and hybrid vehicles are anticipated to strengthen the studied market.
Increasing attention to product quality improvement and decreasing the cyclical servicing demands has encouraged the implementation of MRO by the electric passenger car industries. This has also improved the brand popularity and a few other significant aspects for the EV market players driving further the global demand for electric passenger car MRO services.
"Electric passenger car Maintenance, Repair, and Overhaul (MRO) services are gaining significance in the automotive industry's transition to electric vehicles," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.). "These specialized services cater to the unique needs of electric vehicles, contributing to the maintenance and optimal performance of the growing electric passenger car fleet."
Key Takeaways from the Electric Passenger Car MRO Market Study
- The United States is the leading market, with a total share of 15.4% of the global demand for electric passenger car MRO services. It is projected to continue its dominance through the forecast years and reach a valuation of US$ 4.5 billion by the year 2033.
- Germany is the second top region in adopting electric passenger car MRO services, and Europe is the leading market. In the previous year, the country generated a revenue of around US$ 462 million which is expected to reach US$ 3.85 billion by 2033.
- The United Kingdom is the most potent market for the global electric passenger car MRO players. As per the market analysis report, this region is expected to register a CAGR of 25.4%, which is higher than any other country.
- Japan and Australia are the two significant regions with a higher potential for adopting electric passenger car MRO services. The present value of the regional markets is around US$ 33.1 million and US$ 16.6 million, respectively.
- China is another important market with a higher base of electric car users than any other nation in the Asia Pacific. The China electric passenger car MRO market is further predicted to follow an annual growth rate of 18.5% from 2023 to 2033.
- India is the key regional market in the Asia Pacific that follows a growth rate higher than any other country. As per the market report, the demand for electric passenger car MRO services in India is growing at a rate of 22.6% through 2033.
- Based on vehicle type, battery electric vehicles (BEVs) is the top-performing segment for the global electric passenger car MRO market. As battery-equipped vehicles are easy to operate, this segment constitutes around 42.6% of the revenue generated globally.
Understand global, regional, and country-level parameters with growth opportunities, historical data (2018-2022), and forecasts (2023-2033). Buy this report today!
Competitive Landscape for the Electric Passenger Car MRO Market
Prominent players in the global electric passenger car MRO market include:
- Robert Bosch GmbH
- LKC Corporation
- The Hybrid Shop
- Hyundai Motor Company
- ST Engineering
- Performance Consulting Associates, Inc.
- Micron Technology, Inc.
- TMD Mobility
- Fraunhofer Gesellschaft
- NM and E Co., Ltd
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
About the 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.
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