Aftermarket Analysis of New Energy Vehicles: Maintenance Demand Set to Reach New Heights
Source: Daily Economic News
On May 6, 2025, the Daily Economic News reported that the growth of the new energy vehicle (NEV) aftermarket is accelerating significantly. According to data from the China Automobile Industry Association (CAAM), sales of new energy vehicles in the first quarter of this year totaled 3.182 million units and 3.075 million units, reflecting year-on-year growth rates of 50.4% and 47.1%, respectively. New energy vehicles now account for 41.2% of total vehicle sales.
With a significant increase in maintenance demand, the aftermarket for new energy vehicles is expanding rapidly. Based on CAAM’s data, sales of new energy vehicles during this year’s first quarter reached 3.182 million units and 3.075 million units, representing year-on-year growth rates of 50.4% and 47.1%. The sales of newly launched vehicles in the new energy sector reached 41.2% of total vehicle sales. In particular, pure electric vehicle sales saw an increase of 47.7%, while plug-in hybrid vehicles grew by 46.1%.
Looking ahead, a recent report from an industry research firm indicates that from 2024 to 2029, the annual compound growth rate for the NEV aftermarket is projected to be around 20%, with the market size expected to reach approximately 2.9 million vehicles by 2029. The primary market participants in the NEV aftermarket will focus on battery maintenance, repair services, charging infrastructure, and automotive financing.
During a recent industry exhibition in Shanghai, many vendors showcased the latest models of electric vehicles. A representative expressed, “Most vehicles on the road today are electric. I switched to an electric vehicle and have been driving it continuously!” This sentiment reflects the growing sentiment toward electric vehicles in the market.
According to data from the China Passenger Car Association, from April 1 to 13 this year, new energy vehicle sales reached 2.75 million units, a 15% increase compared to the same period last year. New energy vehicle sales have surged, accounting for 53.3% of total vehicle sales. “The intelligence of new energy vehicles is improving, and replacement cycles are shortening, which is why customers are increasingly inclined to purchase them, especially among younger consumers,” said a spokesperson from a leading automobile company.
Data from the China Passenger Car Association suggests that by 2024, new energy vehicle sales in China are expected to reach 1.1285 million units, representing a growth of 47.9%. Although the sales volume of new energy vehicles is expected to continue to rise, the market for plug-in hybrid vehicles is currently under pressure, remaining stagnant in growth.
As the market evolves, new energy vehicle manufacturers are increasingly focused on enhancing the service life and reliability of their vehicles. With projections showing that by March 2025, new energy vehicle sales will exceed 285.25 million units, reflecting a slight increase of 1.3% from the previous year, this indicates a growing market for maintenance services.
In the context of the rapidly changing new energy vehicle marketplace, the focus on sustainable and efficient maintenance practices is a priority. As a result, manufacturers are working collaboratively to develop better maintenance protocols and increase the availability of skilled technicians.
In conclusion, the new energy vehicle market is on an upward trajectory, with maintenance services poised to reach new levels. The service demand is expected to grow significantly, driven by technological advancements and shifts in consumer preferences.
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