The global maintenance, repair, and overhaul (MRO) market for electric commercial vehicles is projected to generate revenue of approximately $638.7 million in 2023, according to a report by Future Market Insights. The United States leads the market, contributing 18.4% of the total revenue, the highest of any country. This dominance is attributed to the country's advanced services and high numbers of electric vehicles (EVs).
The report also indicates that Germany ranks second with an estimated MRO market value of around $62 million in 2023, accounting for nearly 9.7% of the global market revenue share. This positions Germany as the leading market in the European Union. Meanwhile, the United Kingdom is expected to see significant growth in demand for electric commercial vehicle MRO services, with a predicted growth rate of 28%.
In Asia Pacific, China holds the largest share of electric commercial vehicle MRO services and is expected to witness a year-on-year growth rate of 21.1%. Japan and India are also key players in the region, with India experiencing a year-on-year growth rate of 25.2%.
Among different types of electric commercial vehicles, buses generate the highest demand for MRO services, constituting an astounding 78.6% of the overall market size.
In related news, the global aviation MRO software market is poised for significant growth as well. Revenues are expected to rise from $6.28 billion in 2022 to $6.63 billion in 2023, driven by a compound annual growth rate (CAGR) of 5.6%. Over the forecast period, this market is projected to continue expanding and reach $8.06 billion by 2027 at a CAGR of 4.9%, according to a report by ResearchAndMarkets.com.
The aviation MRO software market serves both commercial and military sectors, offering solutions designed to manage and optimize the maintenance, repair, and overhaul operations of aircraft and aviation equipment. The growth in air passenger traffic is anticipated to drive the expansion of the aviation MRO software market. North America emerged as the largest region in this market in 2022, while Asia-Pacific is expected to experience the fastest growth in the forecast period.
These trends indicate a promising future for MRO services in both electric commercial vehicle and aviation sectors, driven by technological advancements and increasing adoption of electric vehicles and air travel.
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