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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry 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 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.
The electric vehicle parts and components market report table of contents includes:
1. Executive Summary
2. Electric Vehicle Parts And Components Market Characteristics
3. Electric Vehicle Parts And Components Market Trends And Strategies
4. Electric Vehicle Parts And Components Market – Macro Economic Scenario
5. Global Electric Vehicle Parts And Components Market Size and Growth
………………………………….
32. Global Electric Vehicle Parts And Components Market Competitive Benchmarking
33. Global Electric Vehicle Parts And Components Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Vehicle Parts And Components Market
35. Electric Vehicle Parts And Components Market Future Outlook and Potential Analysis
36. Appendix
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