The overall size of the global non OEM EV MRO market reached US$ 372 million. The report predicts that the market would register a CAGR of 10.2% during the time period between 2023 and 2033. In the present year 2023, the non OEM EV MRO market is anticipated to generate US$ 411.8 million as per the analysis of FMI. With the acceptance of more and more non OEM components, the market is forecasted to reach US$ 1,087.7 Million by 2033.
The desire of electric car owners to improve their EV performance in terms of exhaust sound, and acceleration as the primary driver. Further, the aesthetic factors, along with many other fringe elements for electric vehicles also require MRO services that would support the market.
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Key Takeaways from the Non OEM EV MRO Market Market Report:
The non OEM EV MRO market is thriving globally, with the United States leading the charge, capturing nearly 16.9% of the market share. Germany closely follows, boasting a robust manufacturing base and generating significant revenue. The United Kingdom is poised for promising growth, projected to register a notable CAGR of 9.5% through 2033. In the Asia Pacific region, China dominates as a major provider, while India shows exceptional potential with a projected CAGR of 11.6% from 2023 to 2033. Japan and Australia also emerge as significant markets, contributing to the overall projected valuation of US$ 8.7 million by 2033.
Competitive Landscape:
The overall market is dominated by a large number of local and regional companies that receive orders from a wide range of customers. Evolving business practices, security requirements, and technological advancements are the major trends affecting the automotive MRO market. So, the non OEM EV MRO market key players are in a favorable yet precarious situation in terms of gaining or losing market share.
Leading Key Players:
Robert Bosch GmbH, LKQ Corporation, The Hybrid Shop, ST Engineering, Performance Consulting Associates, Inc., Micron Technology, Inc, SpareIt, TMD Mobility, Fraunhofer Gesellschaft, NM and E Co., Ltd
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