China’s EV maintenance market to exceed 15.5 billion USD in 2030, report says

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Another market closely related to new energy vehicles that deserve our attention: the automotive maintenance market.

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China’s new energy vehicle maintenance market hopes to exceed 100 billion yuan (15.5 billion USD) in 2030. With the rapid development of China’s new energy automobile market, everyone may be more concerned about the future development trend of automobile manufacturers.

As of the end of June 2021, the number of new energy vehicles in China has reached 6.03 million, accounting for 2.06% of the total number of cars, of which 4.93 million are pure electric vehicles. Compared with the same period in 2020, an increase of 774,000 vehicles (up 234.92% YoY). It is estimated that the number of new energy vehicles in China will reach 20 million in 2025 (calculated at a compound annual growth rate of 28%).

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According to the “2020 China Automotive Aftermarket Maintenance Industry White Paper”, the average maintenance unit price of China’s new energy vehicles in 2020 is 1373 yuan, higher than the 1032 yuan for traditional fuel vehicles.

Some institutions estimate, China’s 20 million new energy vehicles in 2025 will generate an after-sales maintenance output value of 27.46 billion to 54.92 billion yuan. In the future, this vast market will usher in more incredible room for growth.

According to more optimistic estimates by some institutions, the after-sales maintenance output value of China’s new energy vehicles is expected to exceed 100 billion yuan in 2030.

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The maintenance business of new energy vehicles is unique. The faults are mainly reflected in the power battery, drive motor, and electronic control system, relatively concentrated and straightforward. At the same time, the failure rate of the in-vehicle intelligent central control panel is also high.

At present, the maintenance market of new energy vehicles in China is relatively scattered, and no enterprise can form a monopoly.

For example, Tesla’s mechanical and electrical maintenance business adopts the direct sales model. The B & P business has always been dominated by authorized cooperation; NIO by the end of December 2020, there were 31 NIO service centers and 158 authorized service centers in China. At present, there are seven after-sales service outlets in Shanghai, where NIO headquarters is located; According to the financial report of Xiaopeng automobile in 2020, Xiaopeng will have 54 service outlets nationwide 2020.

Therefore, these new energy vehicle enterprises are expanding their brand maintenance service channels through self-support + external cooperation, and the third-party new energy vehicle maintenance brand has not been well developed.

Because China’s new energy vehicles are still in the growth process, the corresponding new energy vehicle after-sales maintenance market is also in gradual development. This is undoubtedly a new direction and new opportunity for the new energy vehicle industry in the future.

Source: Sohu

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