![\"\"](\"https:\/\/cdn.ihsmarkit.com\/www\/images\/0923\/electric-vehicle-potential-b.png\")
<\/p>\nThe number of electrified vehicles, which includes mild hybrid
\nelectric vehicles (MHEVs), plug-in hybrid electric vehicles
\n(PHEVs), full hybrid electric vehicles (HEVs), fuel cell electric
\nvehicles (FCEVs), and battery electric vehicles (BEVs), is growing
\nat a rapid pace globally.<\/p>\n
In terms of service, maintenance and\/or repair, hybrid electric
\nvehicles undergo pretty similar procedures, especially for their
\ninternal combustion engine (ICE) systems, as ICE-only vehicles do.
\nThese include filter, lubricant, coolant, and various other
\ncomponent replacements or repairs, which are regularly conducted in
\nthe aftermarket. However, for their high-voltage systems,
\nespecially once the vehicle is out-of-warranty, replacement parts,
\nespecially the batteries, and repair expertise are currently
\noffered only by a handful of companies. Nonetheless, there are
\nstill quite a few aftermarket stakeholders who trade in used
\nhigh-voltage parts and refurbish them for the market.<\/p>\n
When it comes to BEVs, aftermarket service and\/or maintenance is
\nusually limited to the replacement of unsprung components like
\ntires, suspension, brake pads, and also collision repair, through
\nauthorized service centers. For their high-voltage service or
\nrepair, especially for out-of-warranty vehicles,
\naftermarket-developed parts and service availability is extremely
\nlimited, with stakeholders primarily involved in the replacement of
\ncomponents or systems with used or refurbished ones, or basic
\nrepair.<\/p>\n
<\/p>\n
However, as more hybrids and BEVs exit their warranty periods
\nand continue to operate, it is expected that the aftermarket
\nindustry will be able to provide the required replacement parts and
\nassociated service capabilities, especially for their high-voltage
\nsystems. This will enable owners to extend the life of their
\nvehicles cost-effectively, reliably and safely.<\/p>\n
The report, titled “Electrification of the aftermarket” analyzes
\nthe revenue opportunities currently available and those anticipated
\nin the future, concerning the servicing and repairing of all these
\nvehicles across a variety of different strategies, including
\ncompanies already pursuing opportunities in this space.<\/p>\n
The report takes into account historic and forecasted VIO
\n(Vehicles in Operation) data from select countries around the
\nworld, including Germany, the UK, the US, mainland China, Japan,
\nIndia, Italy, Brazil, France, and Mexico, and utilizes data from
\nthe S&P Global Tech VIO data platform. The battery recycling
\ndata, charging data, and information are obtained from the S&P
\nGlobal in-house team of battery technology experts.<\/p>\n
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