Electric Vehicle Parts And Components Market Forecast Report Outlines Size, Share, And Growth Opportunities Through 2029

 

The electric vehicle parts and components market size has grown rapidly in recent years. It will grow from $210.77 billion in 2024 to $239.25 billion in 2025 at a compound annual growth rate (CAGR) of 13.5%.  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 $423.72 billion in 2029 at a compound annual growth rate (CAGR) of 15.4%. 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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Which Underlying Drivers Are Influencing The Rapid Growth Of The Electric Vehicle 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 2024, according to the report published by the International Energy Agency (IEA), a France-based intergovernmental organization, in 2023, global electric car registrations reached nearly 14 million, increasing the total to 40 million and marking a 35% growth from 2022. Electric vehicles accounted for about 18% of all car sales, with battery electric cars comprising 70% of the electric car stock. Therefore, the increasing adoption of electric vehicles is driving the growth of the electric vehicle parts and components market.

What Segmentation Areas Represent Major Opportunities For Expansion 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

Which Strategic Trends Are Likely To Impact Competitive Positioning In The Electric Vehicle Parts And Components  Market?
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.

Which Leading Players Have A Strong Presence 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 Amperex 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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Which Parts Of The World Are Emerging As High-Potential Markets For The Electric Vehicle Parts And Components  Market?
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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