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The Surge In Electric Vehicle Adoption Propels Growth In Parts And Components Market: Strategic Insights Driving Electric Vehicle Parts And Components Market Momentum in 2025
Electric Vehicle Parts And Components Market
How Large Will the Electric Vehicle Parts And Components Market Size By 2025?
Rapid expansion has been witnessed in the market size of electric vehicle parts and components in the past few years. It is projected to inflate from $210.77 billion in 2024 to $239.25 billion in 2025, with a compound annual growth rate (CAGR) of 13.5%. Factors contributing to the growth during the historic period include strict emission norms, enhancement in charging facilities, heightened consumer consciousness and demand, worldwide measures to tackle climate change, along with a decrease in battery prices.
How Big Is the Electric Vehicle Parts And Components Market Size Expected to Grow by 2029?
It is anticipated that the market size for electric vehicle parts and components will experience significant progression in the upcoming years, eventually reaching $423.72 billion in 2029 with a CAGR of 15.4%. This growth forecasted for the coming years can be linked to an array of factors such as the introduction of more EV models, enhanced performance expectations and scopes, emphasis on eco-friendly and reusable materials, a rise in localized production, and solid-state batteries' advancements. Major shifts within the forecast period include improvements in battery technology, the usage of lightweight materials and optimized design, the incorporation of sophisticated driver aid systems, the move towards an 800v framework, and strategic collaborations and joint ventures.
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Which Key Market Drivers Powering Electric Vehicle Parts And Components Market Expansion and Growth?
The rise in electric vehicle usage is anticipated to boost the expansion of the market for electric vehicle parts and components. An electric vehicle is defined as a vehicle propelled by one or more electric motors that are powered by a battery pack onboard. The operational efficiency of these vehicles relies on the collaborative work of the parts and components to effectively convert, store, distribute, and utilize electrical energy. For example, a report by the International Energy Agency (IEA), an intergovernmental organization based in France, stated that in 2024, the global electric car registrations approximately reached 14 million, adding to a grand total of 40 million which signifies a 35% increase from 2022. Electric vehicles constituted nearly 18% of all car sales, and battery-electric cars made up 70% of the electric car stock. Consequently, the surge in electric vehicle adoption is accelerating the growth of the market for electric vehicle parts and components.
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What Are the Key Trends Driving Electric Vehicle Parts And Components Market Growth?
The trend of product innovation is increasingly making its mark in the market for electric vehicle parts and components. To maintain their market stance, firms in this sector are introducing new technological advancements. For instance, in May 2023, Volkswagen, a car manufacturer based in Germany, introduced an innovative AV battery dubbed Astroinno, capable of covering a 1000 km range. This new entrant could potentially have a superior energy density compared to conventional lithium-iron-phosphate (LFP) batteries, besides being more affordable than those predominantly using nickel and cobalt. The Astroinno is energized by a 140 kilowatt-hour (kWh) battery pack, can be charged from a low state to 80% in just 18 minutes, and sustains an 88% efficiency level even when temperatures plummet to -20 degrees Celsius.
What Are the Emerging Segments in the Electric Vehicle Parts And Components Market?
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
Subsegments:
1) By Battery Packs: Lithium-Ion Battery Packs, Solid-State Battery Packs, Nickel-Metal Hydride Battery Packs
2) By DC-DC Converters: Isolated DC-DC Converters, Non-Isolated DC-DC Converters
3) By Controller And Inverter: Motor Controllers, Power Inverters
4) By Motor: AC Motors, DC Motors, Permanent Magnet Motors
5) By Onboard Charger: Level 1 Onboard Chargers, Level 2 Onboard Chargers, Fast Chargers
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Who Are the Global Leaders in the Electric Vehicle Parts And Components Market?
Major companies operating in the electric vehicle parts and components market include Ford Motor Company, General Motors, BMW Group, Robert Bosch GmbH, Tesla Inc., Siemens AG, Nissan Motor Manufacturing Ltd., Panasonic Corporation, Contemporary AmpEr*ex 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.
Which are the Top Profitable Regional Markets for the Electric Vehicle Parts And Components Industry?
Asia-Pacific was the largest region in the electric vehicle parts and components market in 2024. 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.
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