The number of electrified vehicles, which includes mild hybrid
electric vehicles (MHEVs), plug-in hybrid electric vehicles
(PHEVs), full hybrid electric vehicles (HEVs), fuel cell electric
vehicles (FCEVs), and battery electric vehicles (BEVs), is growing
at a rapid pace globally.
In terms of service, maintenance and/or repair, hybrid electric
vehicles undergo pretty similar procedures, especially for their
internal combustion engine (ICE) systems, as ICE-only vehicles do.
These include filter, lubricant, coolant, and various other
component replacements or repairs, which are regularly conducted in
the aftermarket. However, for their high-voltage systems,
especially once the vehicle is out-of-warranty, replacement parts,
especially the batteries, and repair expertise are currently
offered only by a handful of companies. Nonetheless, there are
still quite a few aftermarket stakeholders who trade in used
high-voltage parts and refurbish them for the market.
When it comes to BEVs, aftermarket service and/or maintenance is
usually limited to the replacement of unsprung components like
tires, suspension, brake pads, and also collision repair, through
authorized service centers. For their high-voltage service or
repair, especially for out-of-warranty vehicles,
aftermarket-developed parts and service availability is extremely
limited, with stakeholders primarily involved in the replacement of
components or systems with used or refurbished ones, or basic
repair.
However, as more hybrids and BEVs exit their warranty periods
and continue to operate, it is expected that the aftermarket
industry will be able to provide the required replacement parts and
associated service capabilities, especially for their high-voltage
systems. This will enable owners to extend the life of their
vehicles cost-effectively, reliably and safely.
The report, titled “Electrification of the aftermarket” analyzes
the revenue opportunities currently available and those anticipated
in the future, concerning the servicing and repairing of all these
vehicles across a variety of different strategies, including
companies already pursuing opportunities in this space.
The report takes into account historic and forecasted VIO
(Vehicles in Operation) data from select countries around the
world, including Germany, the UK, the US, mainland China, Japan,
India, Italy, Brazil, France, and Mexico, and utilizes data from
the S&P Global Tech VIO data platform. The battery recycling
data, charging data, and information are obtained from the S&P
Global in-house team of battery technology experts.
CLICK HERE FOR THE FULL
REPORT
For a complete view of the automotive aftermarket, visit AftermarketInsight.
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