EU accounts for significant chunk of EV sales demand
The total value of EV MRO market share in the year 2022 is figured at around $513.9 million.
During the projection period, the FMI report predicts that the overall market would develop at an amazing pace of 23.8% per year. Meanwhile, the total market value is anticipated to grow from $638.7 million in 2023 to over $5.4 billion by 2033.
Logistics and transport businesses have indeed been facing the cost surcharges connected with the maintenance and repair of their electric vehicles. End users quickly adopted the introduction of companies providing such maintenance, repair, and overhaul services, making it a high-potential business soon.
Fleet owners around the world are adopting EVs as a more and more common means of logistics and transportation these days. Moreover, Federal governments are extending sufficient support to this sector as it is projected to produce many employment opportunities in the hinterlands.
- The United States contributes 18.4% of the revenue generated from MRO services for electric commercial vehicles. It is higher than any other country and this trend is projected to remain unharmed for some more years ahead.
- Germany is second in the overall ranking for its regional electric commercial vehicle MRO market value at around US$ 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.
Names of some of the leading players operating in the global electric commercial vehicle MRO market are: Robert Bosch GmbH, LKC Corporation, The Hybrid Shop, Hyundai Motor Company, Singapore Technologies Engineering, Performance Consulting Associates, Inc., Micron Technology, Inc., and TMD Mobility PTE. Ltd., Fraunhofer Gesellschaft, and NM and E Co., Ltd. among others.
Custom masking options that are highly tailored particularly for E-Coating, Insulation Coating, and Class-A Paint Coatings makeup Echo’s MRO expertise for the EV sector.