Global Electric Passenger Car MRO Market Outlook (2023 to 2033)

The electric passenger car MRO services market size is found to have reached a valuation of USD 3,402 million in 2022. The electric passenger car MRO industry is anticipated to develop at an impressive growth rate of 21.2% over the forecast period. The overall market share is estimated to reach nearly USD 28,317.3 million by 2033, expanding from USD 4,140.2 million in 2023.

To increase quality and save costs, several electric passenger car manufacturing firms are now outsourcing their MRO requirements to ensure passenger safety. These MRO companies invest a significant amount of money each year into adhering to and exacting standards set by the EV industries. Therefore, special MRO service providers have come into the picture these days that are dedicated only to electric passenger vehicles or EVs.

The availability of in-house expertise for a particular type of vehicle segment is challenging to make owing to its popular business at the place of their operation. It has also recently been noted that downtime expenses cost electric vehicle manufacturers a sizable sum each year. Additionally, the expanding need for MRO services in the global electric car sector directly results from tight regulatory standards.

Due to the use of communications technology at any newly established production facility, implementing MRO services has become easier than in earlier times. EV companies also prefer overseas manufacturing facilities, making MRO services necessary to make their products acceptable in their markets. Therefore, the demand for electric passenger car MRO services is expected to rise during the projected period.

Furthermore, the growing pressure on electric vehicle manufacturers to lower product costs has also substantiated the encouragement of electric vehicle MRO services.

Attributes Details
Electric Passenger Car MRO Market Share (2022) USD 3,402 million
Electric Passenger Car MRO Market Size Value (2023) USD 4,140.2 million
Electric Passenger Car MRO Market Size Value (2033) USD 28,317.3 million
Electric Passenger Car MRO Market Growth Rate (2023 to 2033) 21.2%

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Global Electric Passenger Car MRO Market Historical Analysis (2018 to 2022) vs Forecast Outlook (2023 to 2033)

According to the earlier released reports on the electric passenger car MRO business, the demand has recently increased. It is evident from the lower growth rate of 17.6% from 2018 and 2022 compared to the 21.2% projected for the following years. During this period, the market valuation increased from USD 1,778.7 million in 2018 to USD 3402 million by the end of 2022.

The need for electric passenger car MRO services across nations is fuelled by its ability to lower operating costs by boosting efficiency. The growing popularity of all types of electric vehicles, including fuel-cell electric vehicles, is poised to create humungous growth opportunities for the market.

Short Term (2023 to 2026): The rising demand for the deployment of EVs to reduce vehicle emissions in the environment and to increase gasoline prices.

Medium Term (2026 to 2029): The increasing environmental awareness in order to limit the usage of air-polluting vehicles.

Long Term (2029 to 2033): Adopting of zero-emission vehicles and expansion of programs such as hydrogen refueling infrastructure and charging stations.

What are the Driving Factors for the Global Electric Passenger Car MRO Market in the Forecast Years?

Emerging countries, like China, Brazil, and India, are rapidly adopting electric mobility and are establishing the manufacturing base for such vehicles. Furthermore, as a result of original equipment manufacturers outsourcing MRO services, the overall market seems very promising in these emerging countries.

Electric cars help lower air pollution levels, and their use has increased in significant nations due to rising gasoline prices. Also, to encourage the use of EVs, governments all over the world are offering incentives for their purchase. Again for participants in the market, development prospects have been limited by the unavailability of sufficient skilled personnel and car MRO equipment.

The goal of many ride-hailing service providers is to replace their fleet of IC engines with EV cars. For example, Uber India has plans to have about 3,000 EVs in its passenger car fleet in the next few years, further boosting the demand for MRO.

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Category-wise Insights

Battery Electric Vehicles or BEVs are the Key Demanders of MRO Services

Based on the different categories of electric vehicles now running on the streets, FMI found that battery-operated vehicles (BEVs) constitute the leading segment. As per the electric passenger car market statistics report, this segment captures a market share of almost 42.6%.

Due to its benefits, such as lowering downtime and conducting predictive analysis, the service-based electric passenger car MRO market is projected to grow throughout the projection period. Also, this segment is anticipated to rule the market during the projection years due to the adoption of new technologies.

Among various models used to categorize the electric passenger car MRO industry, the supply model only addresses the inventory requirement for MRO services. While the logistics model saves money by not requiring a specialized workforce, and the inventory model helps in smart inventory management.

Electric passenger car manufacturers increasingly embrace all three models because it saves extra cost. Supply, inventory, and logistics model services are covered by the inventory and workforce model together with their staff. And in the present years, diverse components are tailored as per the requirement of end-users, and a hybrid model is employed.

Country-wise Insights

The United States Retains its Dominance Through the Presence of Leading MRO Service Providers

Until 2022, the global electric passenger car MRO market was dominated by the United States, contributing around USD 524 million that year. Due to the higher adoption of passenger electric cars in this country, this dominance is s predicted to continue over the forecast period.

The electric passenger car MRO service providers in the United States are extending their business to Canada and other Latin American countries. The adoption of electric mobility has increased the demand for electric passenger car MRO services in the last few years and has become lucrative. To illustrate, Canada provides its citizens for buying a battery electric and plug-in hybrid electric vehicles (PEVs) a rebate of up to USD 3,700.

Germany and the United Kingdom to Retain a Substantial Portion of the Global Market

European Union nations are expected to witness higher adoption of all types of businesses in support of sustainable development and environmental protection. In the last few years, various European countries have emerged as global leaders in adopting electric passenger vehicles and many other developments for reducing carbon emissions.

Germany, with a higher capacity for manufacturing EVs, is also the leading region in the adoption of electric passenger car MRO services in Europe. As per the market survey report of 2022, Germany generated a revenue of around USD 462 million which is nearly 13.6% of the global market. As per the analysis of this report, the German electric passenger car MRO market is projected to reach a valuation of USD 3.85 billion by 2033.

In comparison to other regions of Europe, the United Kingdom has more developed MRO service ideas and is also growing at a higher rate. The United Kingdom electric passenger car MRO market is anticipated to register an above-average CAGR of 25.4% over the next ten years.

China to Overtake the United States and Germany in both EV Manufacturing and MRO Services

Asia Pacific countries have emerged as strong followers of eco-friendly alternatives, including electric passenger and commercial vehicles. Moreover, many regional countries, such as China, Japan, and South Korea, are famous for automotive production, creating a strong EV market.

China is the leading region in the production of electric passenger cars as well as in providing maintenance, repair, and overhaul (MRO) services for the same. This market analysis report captures a higher market share than any other country in the Asia Pacific region. It is further projected to grow at an annual rate of 18.5% over the forecast years and emerge as a strong competitor of the United States and Germany.

On the other hand, Japan is the other significant market in this region, with a promising market for various types of services for electric vehicles, including MRO. Moreover, the electric passenger car MRO services, in particular, has a huge growth potential in this country due to constant government efforts. The Japanese government offers buyers of BEVs a subsidy of up to USD 3,700 and buyers of PEVs a subsidy of up to USD 1,800.

India to Witness a Higher Growth rate than Any other Country in the Asia Pacific

India is surfacing as the most promising region for MRO service providers in all sectors of the economy. In the last few years, the demand for electronic passenger car MRO service has doubled with the increased adoption of electric vehicles.

As per the market statistics, the studied market in India is projected to follow an annual growth rate of 22.6% during the time period between 2023 and 2033. In order to attract and keep customers in India, more cost-sensitive and competitive pricing is the key strategy of the market players.

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Overall Market is Very Promising for any New Electric Passenger Car MRO Market Service Providers

Most electric passenger automotive businesses select MRO services to improve service and maintenance operations in order to lower after-sales costs. Presently, the developed economies remain the most lucrative region for all service providers where all types of MRO services are typically sought.

Electric automobile manufacturers and associated OEMs are employing aggressive pricing methods to remain profitable. As a result, throughout the projection period, many new and regional electric passenger car MRO market players would probably emerge.

Recent Development

In 2021, Henrik Fisker, an EV company, launched an electric vehicle named Fisker’s Ocean with unique technologies such as a solar sky roof, which can produce around 1,500 emission-free miles per year.

Key Players Profiled in the Electric Passenger Car MRO Market Report

  • 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

Scope of Report

Attribute Details
Market Size Value in 2023 USD 4,140.2 million
Market Size Value at End of Forecast (2033) USD 28,317.3 million
Market Analysis USD million for Value
Key Region Covered North America; Latin America; Europe; Asia Pacific; Middle East & Africa (MEA); Others
Key Segments By Vehicle Type, By Service Provider, By Region
Key Companies Profiled 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
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing Available upon Request

Key Segments

By Vehicle Type:

  • Battery Electric Vehicle (BEV)
  • Plug-in Electric Hybrid Vehicle (PEV)
  • Hybrid Electric Vehicle (HEV)
  • Fuel Cell Electric Vehicle (FCEV)
  • Others

By Service Provider:

  • Franchise General Repairs
  • OEM Authorized Service Centres
  • Other Service Providers

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and the Pacific
  • The Middle East and Africa (MEA)

Frequently Asked Questions

What is the Market Size in 2023?

The market is valued at USD 4,140.2 million in 2023.

What is the Market CAGR from 2023 to 2033?

The market is projected to reach 21.2% CAGR from 2023 to 2033.

What is the Projected Size of the Market by 2033?

The global market size is predicted to reach USD 28,317.3 million by 2033.

What is the Projected Market Growth Rate in China?

China is anticipated to expand at a staggering 18.5% CAGR by 2033.

Who are the Key Market Players?

Robert Bosh GmbH and LKC Corporation are the key market players.

Table of Content
  • 1. Executive Summary | Electric Passenger Car MRO Market
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type
    • 5.1. Battery Electric Vehicle
    • 5.2. Plug into Hybrid Electric Vehicle
    • 5.3. Hybrid Electric Vehicle
    • 5.4. Fuel Cell Electric Vehicle
  • 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service Provider
    • 6.1. Franchise General Repairs
    • 6.2. OEM Authorized Service Centres
    • 6.3. Other Service Providers
  • 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
    • 7.1. North America
    • 7.2. Latin America
    • 7.3. Europe
    • 7.4. Asia Pacific
    • 7.5. Middle East & Africa (MEA)
  • 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 13. Key Countries Market Analysis
  • 14. Market Structure Analysis
  • 15. Competition Analysis
    • 15.1. Robert Bosch GmbH
    • 15.2. LKQ Corporation
    • 15.3. The Hybrid Shop
    • 15.4. Hyundai Motor Company
    • 15.5. ST Engineering
    • 15.6. Performance Consulting Associates, Inc.
    • 15.7. Micron Technology, Inc
    • 15.8. TMD Mobility
    • 15.9. Fraunhofer Gesellschaft
    • 15.10. NM and E Co., Ltd.
  • 16. Assumptions & Acronyms Used
  • 17. Research Methodology
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