NEWARK, Del, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The global electric commercial vehicle MRO market is anticipated to generate a total revenue of approximately US$ 638.7 Million in 2023. Freshly released estimates suggest that the demand for MRO services in the electric commercial vehicles sector is set to experience substantial growth in the coming years, with a remarkable annual growth rate of 23.8%. Moreover, as per the analysis report on the electric commercial vehicle market, the market's total valuation is projected to soar to US$ 5,401.6 Million by the year 2033.
Logistics and transport businesses have indeed been facing the cost surcharges connected with the maintenance and repair of their electric vehicles. End users quickly adopted the introduction of companies providing such maintenance, repair, and overhaul services, making it a high-potential business soon.
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Fleet owners around the world are adopting electric cars (EVs) as a more and more common means of logistics and transportation these days. Moreover, Federal governments are extending sufficient support to this sector as it is projected to produce many employment opportunities in the hinterlands.
Key Takeaways from the Electric Commercial Vehicle MRO Market Study Report
- The United States contributes 18.4% of the revenue generated from MRO services for electric commercial vehicles. It is higher than any other country and this trend is projected to remain unharmed for some more years ahead.
- Germany is second in the overall ranking for its regional electric commercial vehicle MRO market value at around US$ 62 million in 2023. It is nearly 9.7% of the global market revenue share making Germany the leading market in the whole European Union.
- On the other hand, the United Kingdom is a remarkably growing region in terms of demand for the electric commercial vehicle MRO market. By following the predicted growth rate of 28%, this country is anticipated to emerge as a key region against Germany.
- Among all the forefront Asia Pacific nations, China holds the major share of electric commercial vehicle MRO services. It is going to witness a year-on-year growth rate of 21.1% and retain its dominance in the Asia Pacific regional market.
- Japan is the strong competitor for China in this region and has established sufficient infrastructure for many types of MRO services. In the previous year 2022, the total revenue generated by the Japan electric commercial vehicle MRO market was nearly US$ 4 million.
- India is another remarkably growing region in terms of the adoption of the electric commercial vehicle MRO market. As per the recent report, currently, it is experiencing a year-on-year growth rate of 25.2% which is expected to continue through the forecast years.
- Among the different types of electric commercial vehicles operating in the real world, buses create the most demand for MRO services. As per the electric commercial vehicle MRO sector statistics, this segment constitutes an astounding 78.6% of the overall market size.
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Competitive Landscape for the Electric Commercial Vehicle MRO Market
Name of some of the leading players operating in the global electric commercial vehicle MRO market is Robert Bosch GmbH, LKC Corporation, The Hybrid Shop, Hyundai Motor Company, Singapore Technologies Engineering, Performance Consulting Associates, Inc., Micron Technology, Inc., TMD Mobility PTE. Ltd., Fraunhofer Gesellschaft, and NM and E Co., Ltd. among others.
Recent Developments in the Electric Commercial Vehicle MRO Services Industry
Custom masking options that are highly tailored, particularly for eCoating, Insulation Coating, and Class-A Paint Coatings, make up Echo's MRO expertise for the EV sector.
Key Segments of Electric Commercial Vehicle MRO Service Sector
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
- Middle East and Africa (MEA)
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The Automotive division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the automotive market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
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.
Explore Wide-ranging Coverage of Future Market Insights Automotive Landscape:
Electric Passenger Car MRO Services Market Share is estimated to reach nearly US$ 28,317.3 million by 2033, expanding from US$ 4,140.2 million in 2023.
Electric Two Wheelers MRO Services Market Size is anticipated to reach US$ 1,414.9 million by 2033.
Non OEM EV MRO Market Growth is expected to expand at a rate of 10.2%. The overall market size is anticipated to grow from US$ 411.8 million in 2023 to about US$ 1,087.7 million by 2033.
Air Transport MRO Market Demand is expected to attain a valuation of US$ 79.2 billion in 2023 and is projected to reach US$ 130 billion by 2033, trailing a CAGR of 5% during the forecast period.
Automotive Repair & Maintenance Services Market Outlook is expected to attain a valuation of US$ 915.88 billion in 2023 and is projected to reach US$ 1,850 billion by 2033, registering a CAGR of 7.2%.
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