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.
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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.
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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.
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