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.

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For a complete view of the automotive aftermarket, visit AftermarketInsight.

This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.