The Electric Vehicle Parts And Components Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Vehicle Parts And
Components Global Market Report 2024, The electric vehicle parts and components
market size has grown rapidly in recent years. It will grow from $183.61
billion in 2023 to $214.08 billion in 2024 at a compound annual growth rate
(CAGR) of 16.6%. The growth in the historic period can be
attributed to stringent emission regulations, improvements in charging infrastructure,
consumer awareness and demand, global efforts to combat climate change,
reduction in battery costs.
The electric vehicle parts and components market size is expected to see rapid
growth in the next few years. It will grow to $384.31 billion in 2028 at a
compound annual growth rate (CAGR) of 15.8%.
The growth in the forecast period can be attributed to expansion of ev
model offerings, increased range and performance expectations, focus on
sustainable and recyclable materials, increasing localization of manufacturing,
development of solid-state batteries. Major trends in the forecast period
include advancements in battery technology, lightweight materials and design
optimization, integration of advanced driver assistance systems , transition to
800v architecture, collaborations and partnerships.
The increasing adoption of electric vehicles is expected to propel the growth
of the electric vehicle parts and components market going forward. An electric
vehicle refers to a vehicle that is driven by one or more electric motors that
are supplied with energy by an onboard battery pack. The functioning and
usefulness of electric cars are made possible by the parts and components of
electric vehicles working together to convert, store, distribute, and use
electrical energy efficiently. For instance, in September 2022, according to
the International Energy Agency, a France-based autonomous intergovernmental
organization, sales of electric vehicles nearly doubled to 6.6 million in 2021
compared to 2020, reached 16.5 million electric vehicles on the road.
Therefore, the increasing adoption of electric vehicles is driving the growth
of the electric vehicle parts and components market.
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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
Product innovations are a key trend gaining popularity in the electric vehicle
parts and components market. Companies operating in the electric vehicle parts
and components market are innovating new technologies to sustain their position
in the market. For instance, in May 2023, Volkswagen, a Germany-based vehicle
manufacturer launched a new AV battery with a 1000 km range called Astroinno.
The new battery may have a better energy density than typical
lithium-iron-phosphate (LFP) batteries and be less expensive than those that
primarily rely on nickel and cobalt. It is powered by a 140 kilowatt-hour (kWh)
battery pack, and it is charged from a low level to 80% in 18 minutes and
maintains an 88% yield rate when the temperature drops to -20 degrees Celsius.
The electric vehicle parts and components market report table of contents
includes:
1. Executive Summary
2. Electric
Vehicle Parts And Components Market Characteristics
3. Electric
Vehicle Parts And Components Market Trends And Strategies
4. Electric
Vehicle Parts And Components Market - Macro Economic Scenario
5. Global
Electric Vehicle Parts And Components Market Size and Growth
.
32. Global Electric Vehicle Parts And Components Market Competitive
Benchmarking
33. Global
Electric Vehicle Parts And Components Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Electric Vehicle Parts And Components Market
35.
Electric Vehicle Parts And Components Market Future Outlook and Potential
Analysis
36.
Appendix
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