EV Components Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Electric Vehicle (EV) Spare Parts and Components Manufacturers and the market is Segmented by Vehicle Type (Passenger Vehicles and Commercial Vehicles), Propulsion Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle, and Hybrid Electric Vehicle), Component Type (Battery Packs, DC-DC Converter, Controller & Inverter, Motor, On-Board Chargers, and Other Component Types), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The market size and forecasts are provided in terms of Value (USD) for all the above segments.

Electric Vehicle Parts and Components Market Size

Electric Vehicle Parts And Components Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 21.05 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Electric Vehicle Parts And Components Market

*Disclaimer: Major Players sorted in no particular order

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Electric Vehicle Parts and Components Market Analysis

The electric vehicle parts and components market is valued at USD 122.53 billion and is expected to reach a value of USD 318.47 billion, registering a CAGR above 21.05% during the forecast period.

  • The COVID-19 pandemic affected almost every industry around the globe; despite the pandemic, the demand for electric vehicle parts and components observed significant growth, owing to factors such as the rising demand and sales of electric vehicles.
  • Over the long term, the major factors driving the growth of the market studied are the enactment of stringent emission and fuel economy norms, government incentives, and improving charging infrastructure, which is leading to the increasing adoption of electric vehicles. This adoption of electric vehicles will propel the demand for electric motors during the forecast period.
  • For instance, in January 2023, DAF announced the construction of a new electric truck assembly factory in Eindhoven, where production of the new generation DAF XD and XF Electric will begin this spring. These zero-emission vehicles have a range of more than 500 kilometers.
  • The governments in various countries are spending heavily on electric mobility projects, which are going to provide an opportunity for electric vehicle component manufacturers, as governments are encouraging automobile manufacturers and customers to produce and adopt electric vehicles. The rise in the demand for electric vehicles is also expected to increase the sales of the components used in electric vehicles, such as motors, batteries, DC-DC converters, power inverters, etc.
  • For instance, in January 2023, PTT Synergy Group Berhad (PTTS) of Malaysia signed a memorandum of understanding (MOU) with SANY International Developing (M) Sdn. Bhd. and Rootcloud Technology Singapore Pte. Ltd. (RC) to collaborate in a business that provides EV support and solutions through electric battery leasing services as well as the provision of renewable energy and zero carbon logistic instruments.
  • Moreover, post-pandemic, the sales of EVs are also increasing. Therefore, players are also focusing on the development of electric parts and components.
  • For instance, in January 2023, Sensata Technologies showcased its innovations that support vehicle electrification and a broad range of mission-critical sensors and electrical protection solutions for automotive and heavy vehicle off-road (HVOR) applications at the Auto Expo Components 2023.
  • The Asia-Pacific region is growing as a result of increased technological development, increased manufacturing and production of electric vehicles, increased integration of components in electric vehicles, and increased customer demand. Furthermore, increased government investment in continuous R&D in the market with advanced technologies in components and increased infrastructure development, which expands the market to a greater extent during the forecast period.

Electric Vehicle Parts and Components Market Trends

Increasing Investments in Electric Vehicles Driving the Market

  • Electric vehicles have become an integral part of the automotive industry, and it represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases.
  • The increasing environmental concerns, coupled with favorable government initiatives, are the major factors driving this growth. The annual sales volume of electric passenger cars is projected to cross the 5 million mark by the end of 2025, and it is expected to account for 15% of the overall vehicle sales by the end of 2025. However, logistics and e-commerce are also investing heavily to increase their electric vehicle fleets.
  • In October 2022, Amazon.com Inc announced its ambitious plan to invest over 1 billion euros (equivalent to USD 974.8 million) in electric vans, trucks, and low-emission package hubs throughout Europe within the next five years. This strategic investment aims to accelerate Amazon's commitment to achieving net-zero carbon emissions and promote eco-friendly delivery solutions across the continent."
  • Several manufacturers have raised the bar to go beyond the previous announcements related to electric vehicles (EVs) with an outlook beyond 2025. More than ten of the largest original equipment manufacturers (OEMs) have declared electrification targets for 2030 and beyond. Significantly, some OEMs plan to reconfigure their product lines to produce only electric vehicles.
  • For instance, Mercedes-Benz is in the process of restructuring its strategy to increase profits by focusing on higher-priced luxury vehicles. As part of its plan to go all-electric by 2030, the manufacturer intends to upgrade its product portfolio and discontinue lower-cost models.
  • Volkswagen is planning to spend USD 36 billion on electric cars across its mass-market brands by 2024. According to the company, by 2025, at least 25% of its global sales will be electric vehicles.
  • Mahindra & Mahindra (M&M) is one of the leading vehicle manufacturers in Asia. The company is planning to launch new electric vehicles. At present, the company has only one electric model, eVerito.
  • Volvo announced that it will only sell electric cars from 2030. Ford will only sell electric cars in Europe from 2030. General Motors plans to offer only electric vehicles after 2035. Volkswagen aims for 70% electric car sales in Europe and 50% in China and the United States by 2030. Stellantis aims for 70% of the electric car sales in Europe and 35% in the United States.
Electric Vehicle Parts And Components Market: Global Electric Vehicle Sales, in Thousand Units, 2017-2022

Asia-Pacific Region Anticipated to Witness Significant Growth

  • Rising government emphasis on increasing the adoption of electric vehicles and the availability of incentives from the government for electric vehicles are expected to drive the demand for electric vehicles during the forecast period. Governing bodies of several countries from Europe, North America, and Asia-Pacific have announced their plans to phase out fuel-powered vehicles during the upcoming 10 years. This will also have a positive impact on the growth of electric vehicles during the forecast period.
  • Asia-Pacific is expected to grow at a faster rate, followed by Europe and North America, as countries such as China and Japan are inclined toward innovation, technology, and the development of advanced electric vehicles. Moreover, ASEAN countries are engaged in large electric mobility projects.
  • China is a key player in the global electric vehicle industry. Moreover, the government of China is encouraging people to adopt electric vehicles. The country is planning to completely switch to electric mobility by 2040. The Chinese electric passenger car market is also one of the largest worldwide, and it has been growing rapidly over the last few years and is expected to grow higher in the forecast period, which is also going to have a positive impact on the demand for electric vehicle parts and components market.
  • Japan has one of the best electric vehicle ecosystems in the world. Automotive companies like Toyota and Nissan are taking steps toward building electric vehicles in the country. The developments in the hybrid and electric vehicle market can be gauged by the presence of a number of players in the country. These favorable factors are expected to drive the market for hybrid and electric vehicles in Japan.
  • The Indian government has been formulating various strategies to reduce pollution in the country. For instance, The country, with its FAME and FAME II policies, has been providing incentives to customers and attractive options for investors as well as manufacturers to set up EV plants to propel the nation toward the faster adoption of green vehicles. Additionally, automobile manufacturers in India are also taking initiatives and investing in R&D practices to provide affordable electric cars in India.
  • For instance, in January 2023: Tata AutoComp Systems Limited (Tata AutoComp) displayed a wide range of parts that it has already localized and is offering to the EV segment. Tata AutoComp has also been working on lightweight products and solutions to help electric vehicles extend their range. Such factors are likely to drive market growth over the coming years.
Electric Vehicle Parts and Component Market - Growth Rate By Region, 2023-2028

Electric Vehicle Parts and Components Industry Overview

The key players in the global market include Denso Corporation, Robert Bosch GmbH, Continental AG, Contemporary Amperex Technology Co. Ltd., Panasonic Corporation, BorgWarner Inc, LG Chem Ltd., Hitachi Ltd., and others.

The evolving partnerships between manufacturers and automotive companies are expected to expand the studied market globally. For instance, in January 2022, Volkswagen and Bosch signed a memorandum of understanding (MoU) in order to industrialize the production of battery cells. The companies intend to establish a project unit to investigate the feasibility of industrial-scale solutions for battery manufacturing in Europe. 

Both intend to provide integrated battery production systems, as well as on-site ramp-up and maintenance support for battery cell and system manufacturers, as well as the entire range of processes and components required for large-scale battery cell and system manufacturing.

Electric Vehicle Parts and Components Market Leaders

  1. Continental AG

  2. Panasonic Corporation

  3. Samsung SDI Co. Ltd

  4. Denso Corporation

  5. Robert Bosch GmbH

*Disclaimer: Major Players sorted in no particular order

Electric Vehicle Parts And Components Market Concentration
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Electric Vehicle Parts and Components Market News

  • January 2023: Robert Bosch Venture Capital GmbH, a subsidiary of Bosch, announced that it invested in the formation of Beijing Kawen New Energy Vehicle Co., Ltd. with Boyuan Private Equity Capital Management Company Ltd., Beiqi Foton, Beijing SinoHytec Co., Ltd., and Shenzhen Fuyuan Smart Investment Partnership. Kawen Vehicle will concentrate on the research, development, manufacturing, and sale of battery electric vehicles, hydrogen-powered commercial vehicles, and related core components and systems.
  • April 2022: Denso Corporation (Denso) developed electric vehicle (EV) products that will be supplied to the Toyota bZ4x and Subaru Solterra. Denso will also provide sensors that monitor battery voltage and temperature, as well as a battery monitoring electronic control unit (ECU) that monitors the battery's status.
  • March 2022: Panasonic Corporation (Panasonic) announced that it is considering buying a plant in the United States to boost its lithium-ion battery production capacity for Tesla electric vehicles (EVs); Tesla Inc. (Tesla) and sites in Oklahoma and Kansas are likely to benefit from the plant.

Electric Vehicle Parts and Components Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

      1. 4.1.1 Government Support and Regulations to Support EVs Adoption

    2. 4.2 Market Restraints

      1. 4.2.1 Infrastructure Limitations Can Restrict the Widespread Adoption

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Vehicle Type

      1. 5.1.1 Passenger Cars

      2. 5.1.2 Commercial Vehicles

    2. 5.2 Propulsion Type

      1. 5.2.1 Battery Electric Vehicle

      2. 5.2.2 Plug-in Hybrid Vehicle

      3. 5.2.3 Fuel Cell Electric Vehicle

      4. 5.2.4 Hybrid Electric Vehicle

    3. 5.3 Component Type

      1. 5.3.1 Battery Packs

      2. 5.3.2 DC-DC Converters

      3. 5.3.3 Controller & Inverter

      4. 5.3.4 Motor

      5. 5.3.5 Other Component Types

      6. 5.3.6 Onboard Charger

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Spain

        5. 5.4.2.5 Rest of Europe

      3. 5.4.3 Asia Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 India

        3. 5.4.3.3 Japan

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Rest of World

        1. 5.4.4.1 South America

        2. 5.4.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Continental AG

      2. 6.2.2 Robert Bosch GmbH

      3. 6.2.3 Denso Corporation

      4. 6.2.4 Hella GmbH & Co. KGaA

      5. 6.2.5 Toyota Industries Corporation

      6. 6.2.6 Hyundai Mobis

      7. 6.2.7 Samsung SDI Co Ltd

      8. 6.2.8 Panasonic Corporation

      9. 6.2.9 Contemporary Amperex Technology Co. Ltd.,

      10. 6.2.10 BorgWarner Inc

      11. 6.2.11 LG Chem Ltd.

      12. 6.2.12 Hitachi Ltd

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Vehicle-to-Grid Integration

    2. 7.2 Development of High-Performance Electric Motors and

    3. 7.3 Advancements in Battery Technology

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Electric Vehicle Parts and Components Industry Segmentation

Electric vehicles have several electric power components, including the motor, battery,

The electric vehicle parts and components market is segmented by vehicle type, propulsion type, component type, and by geography. By vehicle type, the market is segmented into passenger vehicles and commercial vehicles. By propulsion type, the market is segmented by battery electric vehicles, plug-in hybrid electric vehicles, fuel cell electric vehicles, and hybrid electric vehicles. By component type, the market is segmented by battery packs, dc-dc converters, controller & inverters, motors, on-board chargers, and others. By geography, the market is segmented by North America, Europe, Asia-Pacific, and the Rest of the World.

The report offers market size and forecast in Value (USD) for the above segments.

Vehicle Type
Passenger Cars
Commercial Vehicles
Propulsion Type
Battery Electric Vehicle
Plug-in Hybrid Vehicle
Fuel Cell Electric Vehicle
Hybrid Electric Vehicle
Component Type
Battery Packs
DC-DC Converters
Controller & Inverter
Motor
Other Component Types
Onboard Charger
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of World
South America
Middle-East and Africa
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Electric Vehicle Parts and Components Market Research FAQs

The Electric Vehicle Parts and Components Market is projected to register a CAGR of 21.05% during the forecast period (2024-2029)

Continental AG, Panasonic Corporation, Samsung SDI Co. Ltd, Denso Corporation and Robert Bosch GmbH are the major companies operating in the Electric Vehicle Parts and Components Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Electric Vehicle Parts and Components Market.

The report covers the Electric Vehicle Parts and Components Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Vehicle Parts and Components Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Electric Vehicle Components Industry Report

Statistics for the 2024 Electric Vehicle Components market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Vehicle Components analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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EV Components Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)