Allied Market Research

2024

Electric Vehicles Component Market

Electric Vehicles Component Market Size, Share, Competitive Landscape and Trend Analysis Report by Component and by Distribution : Global Opportunity Analysis and Industry Forecast, 2023-2032

AT : Automotive systems and accessories

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Author's: | Lalit Janardhan Katare
Publish Date:

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Electric vehicle components are responsible for the propulsion of electric vehicles. Since electric vehicles are powered by batteries, which are rechargeable in nature, numerous components are required for smoother propulsion of the vehicle. These include components such as an electric engine, battery, and motor controller. Some other components related to electric vehicles include monitoring displays and electric brakes. Introduction of advanced electric vehicles with no noise pollution and lightweight material leads to the growth of the global market.

Market scope and structure analysis

Report Metric

Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

  Component and End Use

  Regions covered

North America (US and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM), and Middle East and Africa

  Companies covered

AG, DENSO Corp., LG Chem Ltd., Tesla Inc., Hitachi Ltd., ABB Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., Robert Bosch GmbH, Contemporary Amperex Technology Co. Ltd., Panasonic Corp., OptimumNano Energy Co. Ltd., Mitsubishi Electric Corp., and LG Innotek Co. Ltd.

 

Covid-19 Scenario Analysis

  • The global market for electric vehicle components is severely impacted by the outbreak of the COVID-19 pandemic. 
  • The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns. 
  • Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
  • Thus, insufficiency in raw material supply is expected to hamper the production rate of electric vehicle components, which negatively impact the market growth.
  • However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The significant factors impacting the growth of electric vehicle component market are increasing government initiatives on adoption of electric vehicles and easy affordability of Electric vehicle batteries. However, reliability issues of battery terminals hamper the growth of electric vehicle component market. On the other hand, urbanization and technological up gradation provides an opportunity to electric vehicle component market to grow in near future.

Increasing government initiatives on adoption of electric vehicles

Growing awareness governments’ across the globe towards a cleaner environment has resulted in the demand of electric vehicles. Since, electric vehicles are zero emission vehicles which prevents environment pollution, there has been an increased demand for better components which leads to the growth of the market. Hence, government support towards electric vehicles has resulted in growth of electric vehicle component market.

Easy affordability of electric vehicle batteries

The future of electric vehicle (EVs) is expected to be bright. With time, the price of batteries used in an electric vehicle (EV), is reducing which would make electric vehicles (EVs) more affordable since battery being one of the major component of electric vehicle. Mid-priced vehicle class has limited features with less emphasis on features like instrument cluster. Expensive features drives the growth of electric vehicle component market in near future.

Key segments covered:

Segments

Subsegments

  Component

  • Battery pack
  • Motor controller
  • Electric vehicle supply equipment
  • DC-DC convertor
  • High voltage cable
  • Power distribution module
  • Thermal management system
  • Vehicle interface control module

  End-user

  • Original equipment manufacturer (OEMs)
  • Aftermarket

 

Key benefits of the report:

  • This study presents the analytical depiction of electric vehicles component market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of electric vehicles component for market share.
  • The current market is analyzed from 2020 to 2027 to highlight the electric vehicles component market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed electric vehicles component market analysis depending on competitive intensity and how the competition will take shape in coming years.

Questions answered in the electric vehicles component market research report:

  • Which are the leading players active in electric vehicles component market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?

Electric Vehicles Component Market Report Highlights

Aspects Details
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By Component
  • Battery pack
  • Motor
  • Controller
  • Electric vehicle supply equipment
  • DC-DC convertor
  • Others
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By Distribution
  • OEMs
  • Aftermarket
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

ABB Ltd., BYD Co. Ltd., Hitachi Ltd., Contemporary Amperex Technology Co. Ltd., DENSO Corp., Samsung SDI Co. Ltd., Tesla Inc., LG Chem Ltd., Robert Bosch GmbH, Panasonic Corp

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Electric Vehicles Component Market

Global Opportunity Analysis and Industry Forecast, 2023-2032