Electric vehicle repair has the potential to become a multi-billion dollar industry over the next decade. Projections show that the global EV repair service market will experience a compound annual growth rate (CAGR) of 16.7% between 2024 and 2034, with its valuation increasing from $36.2 billion last year to $169.6 billion in 2034.
EV repair services are becoming more and more essential as electric vehicle ownership increases in major markets like the U.S., the European Union, and China. Although EVs have fewer moving parts compared to internal combustion engine (ICE) cars, they still require repair and maintenance. However, the difference between EV and ICE architecture means that repairing electric cars calls for specialized training and equipment.
As electric cars become more common, we can expect the EV repair service industry to grow in tandem to fill the demand for specialized repair services. Such services cover everything from comprehensive electrical system repairs and diagnostic evaluations to battery replacements.
India has emerged as a key player in the nascent EV repair market due to the country’s expanding adoption of electric cars. EVs made up 5% of overall car sales in India between October 2022 and September 2023, underscoring the growing need for specialized EV repair solutions for charging systems and battery maintenance in the Asian nation. As a result, there is a high demand for technicians trained in these fields.
The lack of dedicated EV repair service centers remains a major barrier to electric vehicle adoption and presents a major opportunity for multi-brand service providers. These players could partner with the more than 400 original equipment manufacturers (OEM) who are currently working with two three-wheeled EVs to fill this widening market gap.
The electric vehicle repair market is so rife with opportunity that it could account for more than 40% of EV sales by 2030. The global transition to green energy and clean technologies like electric cars will provide an incredibly lucrative chance for trained EV repair technicians, especially in the early years when the demand for specialized EV repair services is significantly larger than what the market can supply.
This market could specifically benefit individuals who stand to lose the most from the transition to EVs, such as internal combustion engine vehicle technicians and mechanics. These groups risk bearing most of the economic fallout of ditching fossil fuel cars, especially if the transition isn’t handled properly. However, with the right hands at the steering wheel, these employees could reskill themselves to ensure they also benefit from the EV repair market.
Manufacturers like Lucid Motors (NASDAQ: LCID) might be well advised to enter partnerships with other EV makers so that they establish vehicle repair networks that will form the blueprint for this growing segment of the industry.
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