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Electric Vehicle Parts And Components Market 2024 : Global Industry Trends, Share, Size, Growth, Opportunity And Forecast To 2033
Electric Vehicle Parts And Components Market
Electric Vehicle Parts And Components Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $384.31 billion In 2028 At A CAGR Of 15.8%.
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.
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Electric Vehicle Parts And Components Market Major Segments
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
Key Driver - The Surge In Electric Vehicle Adoption Propels Growth In Parts And Components Market
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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Prominent Trend - Pioneering Product Advancements Reshaping The Electric Vehicle Parts And Components Landscape
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.
Electric Vehicle Parts And Components Market Players
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 Ampere*x 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.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric vehicle parts and components market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle parts and components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Vehicle Parts And Components Market Report Structure
3. Electric Vehicle Parts And Components Market Trends And Strategies
4. Electric Vehicle Parts And Components Market - Macro Economic Scenario
5. Electric Vehicle Parts And Components Market Size And Growth
…..
27. Electric Vehicle Parts And Components Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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