Global Electric Vehicle Parts And Components Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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The electric vehicle parts and components market has witnessed rapid growth, surging from $183.61 billion in 2023 to $214.08 billion in 2024, showcasing a substantial compound annual growth rate (CAGR) of 16.6%. This growth can be attributed to factors such as stringent emission regulations, improvements in charging infrastructure, increasing consumer awareness and demand, global efforts to combat climate change, and reductions in battery costs. Looking ahead, the market is anticipated to continue its rapid expansion, projected to reach $384.31 billion by 2028, with a CAGR of 15.8%. Drivers for this growth include the expansion of EV model offerings, expectations for increased range and performance, focus on sustainable and recyclable materials, localization of manufacturing, and advancements in solid-state batteries. Noteworthy trends in the forecast period encompass advancements in battery technology, lightweight materials, optimization of design, integration of advanced driver assistance systems, transition to 800v architecture, and collaborations and partnerships.
The electric vehicle parts and components market is poised for substantial growth, propelled by the widespread adoption of electric vehicles. These vehicles rely on a variety of parts and components, including electric motors and battery packs, to efficiently convert and utilize electrical energy. With electric vehicle sales nearly doubling to 6.6 million in 2021 and reaching a cumulative total of 16.5 million vehicles on the road globally, the market for electric vehicle parts and components is witnessing a significant upward trajectory.
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What Are The Key Trends That Influence Electric Vehicle Parts And Components Market Share Analysis?
Product innovation is driving the electric vehicle parts and components market forward. Companies in this industry are actively developing innovative technologies to fortify their market positions. For example, in May 2023, Volkswagen, a German automaker, launched the Astroinno AV battery with a remarkable range of 1000 km. This advanced battery boasts superior energy density compared to conventional lithium-iron-phosphate (LFP) batteries and offers cost advantages over nickel and cobalt-based alternatives. Powered by a 140 kilowatt-hour (kWh) battery pack, it charges from low levels to 80% in just 18 minutes and maintains an impressive 88% efficiency even at temperatures as low as -20 degrees Celsius.
Which Market Players Are Driving Growth In The Electric Vehicle Parts And Components Market?
Major companies operating in the electric vehicle parts and components market report are Ford Motor Company, General Motors, BMW Group, Robert Bosch GmbH, Tesla Inc., Siemens AG, Nissan Motor Manufacturing Ltd., Panasonic Corporation, Contemporary Amperex Technology Co. Ltd., Denso Corporation, Continental AG, Hyundai Mobis Co Ltd., Magna International Inc., ABB Ltd., Toyota Industries Corporation, Aptiv plc, BorgWarner Inc., Samsung SDI Co Ltd., Maruti Suzuki Ltd., Hella KGaA Hueck & Co., NIO Inc., Ashok Leyland Ltd., Rivian Automotive Inc., Amara Raja Batteries Ltd., QuantumScape Corporation, Eastman Auto & Power Ltd., Okaya Power Ltd., Faraday Future, Sparco Batteries Pvt Ltd.
How Is The Global Electric Vehicle Parts And Components Market Segmented?
The electric vehicle parts and components market covered in this report is segmented –
1) By Component: Battery Packs, DC-DC Converters, Controller And Inverter, Motor, Onboard Charger
2) By Vehicle: Passenger Cars, Commercial Vehicles
3) By Propulsion: Battery Electric Vehicle, Plug-in Hybrid Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle
4) By Sale Channel: OEM (Original Equipment Manufacturer), Aftermarket
Read The Full Electric Vehicle Parts And Components Market Report Here
The Electric Vehicle Parts And Components Global Market Report 2024 provides an overview of the electric vehicle parts and componentsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric vehicle parts and components market forecast analyzes electric vehicle parts and components market size, electric vehicle parts and components market share, leading competitor and their market positions.
The Table Of Content For The Electric Vehicle Parts And Components Market Include
1. Electric Vehicle Parts And Components Market Executive Summary
2. Electric Vehicle Parts And Components Market Segments
3. Electric Vehicle Parts And Components Market Size And Template Market Growth Rate
4. Key Electric Vehicle Parts And Components Market Trends
5. Major Electric Vehicle Parts And Components Market Drivers
……
25. Key Mergers And Acquisitions In The Electric Vehicle Parts And Components Market
26. Top Electric Vehicle Parts And Components Companies
27. Electric Vehicle Parts And Components Market Opportunities And Strategies
28. Electric Vehicle Parts And Components Market, Conclusions And Recommendations
29. Appendix
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