NEWARK, Del, Sept. 15, 2023 (GLOBE NEWSWIRE) — The global electric commercial vehicle MRO market is anticipated to generate a total revenue of approximately US$ 638.7 Million in 2023. Estimates freshly released suggest that the electric commercial vehicles sector will experience substantial growth in demand for MRO services. This growth is expected to be characterized by a remarkable annual growth rate of 23.8%. These positive trends will likely continue in the coming years. Moreover, the analysis report predicts that the market will soar to US$ 5,401.6 Million by the year 2033.
Logistics and transport businesses have indeed been facing cost surcharges. These surcharges connect to maintaining and repairing their electric vehicles. End users embraced maintenance, repair, and overhaul services from companies, turning it into a promising business.
Fleet owners worldwide increasingly use EVs for logistics and transportation. Moreover, federal governments are extending sufficient support to this sector. It shows to produce many employment opportunities in the hinterlands.
Key Takeaways from the MRO Market Study Report
- The United States contributes 18.4% of the revenue generated from MRO services for electric commercial vehicles. It surpasses any other country, and experts project that this trend will continue for several more years.
- Germany is second in the overall ranking for its regional commercial EV 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 28% growth rate, this country expects to become a key region compared to Germany.
- Among all the forefront Asia Pacific nations, China holds the major share of electric commercial vehicle MRO services. It will see a 21.1% year-on-year growth rate and maintain dominance in the Asia Pacific market.
- Japan competes strongly with China in the region, boasting ample MRO infrastructure. 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. Moreover, as per the recent report, currently, it is experiencing a year-on-year growth rate of 25.2% which expects to continue through the forecast years.
- Among the different types of commercial EVs operating in the real world, buses create the most demand for MRO services. As per the commercial EV MRO sector statistics, this segment constitutes an astounding 78.6% of the overall market size.
Competitive Landscape for the Electric Commercial Vehicle MRO Market
Name of some of the leading players operating in the global electric commercial vehicle MRO market is Robert Bosch GmbH, LKC Corporation, The Hybrid Shop, Hyundai Motor Company, Singapore Technologies Engineering, Performance Consulting Associates, Inc., Micron Technology, Inc., TMD Mobility PTE. Ltd., Fraunhofer Gesellschaft, and NM and E Co., Ltd. among others.
Recent Developments in the Electric Commercial Vehicle MRO Services Industry
Custom masking options that are highly tailored, particularly for eCoating, Insulation Coating, and Class-A Paint Coatings, make up Echo’s MRO expertise for the EV sector.