Press release
Surging Growth in Electric Vehicle Component Market: Witnessing Sweeping changes from $210.77 Billion in 2024 to $439.2 Billion by 2029 at CAGR of 15.9%
Electric Vehicle Parts And Components Market Size
Soaring Adoption of Electric Vehicles Fueling the Market Growth
What Is The Projected Market Size Of The Global Electric Vehicle Parts And Components Market And Its Growth Rate?
- The electric vehicle parts and components market size experienced rapid growth recently. It is expected to rise from $210.77 billion in 2024 to $243.79 billion in 2025 at a compound annual growth rate (CAGR) of 15.7%.
- This market is projected to escalate promptly in the upcoming years, eventually growing to $439.2 billion in 2029 at a compound annual growth rate (CAGR) of 15.9%.
What Is Driving The Growth In The Electric Vehicle Parts And Components Market?
The surge in adoption rate of electric vehicles is triggering robust growth of the electric vehicle parts and components market. The electric vehicle, powered by one or more electric motors that use energy from an onboard battery pack, has been gaining increased popularity. This is credited primarily to parts and components of electric vehicles that work in tandem to convert, store, distribute, and use electrical energy effectively. As reported by International Energy Agency (IEA), global electric car registrations blossomed to nearly 14 million by 2023, lifting the total to 40 million. This marked a 35% growth from 2022, accounting for about 18% of all car sales, with battery electric cars covering 70% of the electric car stock. Hence the proliferating adoption rates of electric vehicles are catalyzing the growth of the electric vehicle parts and components market.
Request A Free Sample Copy
https://www.thebusinessresearchcompany.com/sample.aspx?id=12088&type=smp
Who Are the Key Players Driving Electric Vehicle Parts And Components Market Growth?
Major companies operating in the electric vehicle parts and components market 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.
What Are The Key Trends In The Electric Vehicle Parts And Components Market?
Underlying forecast period trends include:
- Breakthroughs in battery technology
- Lightweight materials and design optimization
- Integration of advanced driver assistance systems
- Transition to 800v architecture
- Expanding collaborations and partnerships
What Are The Segments Of The Global Electric Vehicle Parts And Components Market?
The electric vehicle parts and components market is segmented by:
- Component: Battery Packs, DC-DC Converters, Controller And Inverter, Motor, Onboard Charger
- Vehicle: Passenger Cars, Commercial Vehicles
- Propulsion: Battery Electric Vehicle, Plug-In Hybrid Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle
- Sale Channel: OEM (Original Equipment Manufacturer), After market
Which Region Leads The Electric Vehicle Parts And Components Market?
With Asia-Pacific bagging the largest share in the electric vehicle parts and components market in 2024, it is also touted to be the most swiftly growing region in the forecast period. The market report covers various geographic domains which include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Pre-book the report for Swift Delivery
https://www.thebusinessresearchcompany.com/report/electric-vehicle-parts-and-components-global-market-report
What Is Covered In The Electric Vehicle Parts And Components Market Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle Parts And Components Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle Parts And Components Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle Parts And Components Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle Parts And Components Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
Request Customization for This Report
https://www.thebusinessresearchcompany.com/customise?id=12088&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
"Learn More About The Business Research Company
The Business Research Company offers comprehensive, data-rich research and insights. With over 15,000+ reports from 27 industries covering 60+ geographies and armed with 1,500,000 datasets, it thrives on in-depth secondary research and unique insights from industry leaders for informed decision-making. The Global Market Model (GMM) remains its premier market intelligence platform delivering comprehensive and updated forecasts."
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Surging Growth in Electric Vehicle Component Market: Witnessing Sweeping changes from $210.77 Billion in 2024 to $439.2 Billion by 2029 at CAGR of 15.9% here
News-ID: 3833781 • Views: …
More Releases from The Business research company
Leading Companies Fueling Growth and Innovation in the Sun Care Products Market
The sun care products market is on track for substantial expansion as consumer awareness about skin protection intensifies worldwide. With evolving preferences and technological advancements shaping product offerings, this sector is set to witness robust growth in the coming years. Let's explore the market's size projections, key players, emerging trends, and major segments driving its development through 2030.
Projected Size and Growth Trajectory of the Sun Care Products Market
The…
Future Perspectives: Key Trends Shaping the Styrene Butadiene Rubber (SBR) Based …
The styrene butadiene rubber (SBR) based adhesive market is on track for notable growth as we approach 2030. Driven by a variety of factors including expanding infrastructure projects and rising demand across multiple industries, this sector is poised for steady expansion. Let's explore the market's size projections, key players, emerging trends, and the main segments shaping its future.
Projected Growth and Market Size of Styrene Butadiene Rubber Based Adhesives
The…
Emerging Sub-Segments Transforming the Stearic Acid Market Landscape
The stearic acid market is poised for significant expansion in the coming years, driven by evolving demand across various industries. This report explores the projected market size, leading companies, key trends, and segment analysis shaping the future of this vital chemical.
Stearic Acid Market Size and Growth Outlook
The stearic acid market is set to grow robustly, reaching a valuation of $54.63 billion by 2030. This represents a compound annual…
Market Trend Insights: The Impact of Recent Innovations on the Specialty Pestici …
The specialty pesticides sector is on the verge of significant expansion as global agricultural practices continue to evolve. Driven by increasing demand for crop protection and sustainable farming techniques, this market is set to experience robust growth in the coming years. Let's explore the market's anticipated value, leading companies, emerging trends, and detailed segmentation to gain a comprehensive understanding of this dynamic industry.
Projected Market Size and Growth Expectations for Specialty…
More Releases for Vehicle
Transformative Trends Impacting the Vehicle-to-Vehicle (V2V) Communication Marke …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
How Large Will the Vehicle-to-Vehicle (V2V) Communication Market Size By 2025?
The size of the vehicle-to-vehicle (V2V) communication market has seen significant expansion in the most recent years. The market is projected to surge from $24.28 billion in 2024 to $27.1 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.6%. The…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to the report published by Allied Market Research, the global electric vehicle motor market generated $5.5 billion in 2021, and is estimated to reach $34.4 billion by 2031, witnessing a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific market. Moreover, various technological…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
According to a recent report published by Allied Market Research, titled,"Truck Platooning Market by Technology, Platooning Type, and Communication Technology: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global truck platooning market size was valued at $500.9 million in 2017, and is projected to reach $4,590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025.
To Explore More, Download Sample Report: https://www.alliedmarketresearch.com/request-sample/5245
Global truck platooning market is segmented…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to a new report published by Allied Market Research, titled, "Electric Vehicle Motor Market," The global electric vehicle motor market was valued at $5.5 billion in 2021, and is projected to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the…
Electric Vehicle Power Inverter Market : Hybrid Vehicle, Plug in Hybrid Vehicle, …
The electric vehicle power inverter market was valued at $8.67 billion in 2021, and is estimated to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031.
Download Sample Report at https://www.alliedmarketresearch.com/request-sample/9122
Factors that drive the growth of the electric vehicle power inverter market are increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicle, and surge in demand for low-emission and…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
The global truck platooning market size was valued at $500.9 million in 2017 and is projected to reach $4590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025 by Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Platooning type (Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning), and Communication Technology (Vehicle-to-infrastructure (V2I),…
