Electric Vehicle Parts And Components Market Size, Share, and Trends 2024 to 2034

Electric Vehicle Parts and Components Market Size and Forecast 2024 to 2034

The global electric vehicle parts and components market size is exhibited at USD 205.82 billion in 2024 and is predicted to surpass around USD 1566.24 billion by 2034, growing at a CAGR of 22.50% from 2024 to 2034.

Electric Vehicle Parts and Components Market Key Takeways

• Asia Pacific dominated electric vehicle parts and components Market in 2023.
• By Component Type, battery packs segment dominated the market in 2023.
• By Propulsion Type, the battery EV charging segment led the market in 2023.
• By Sale Channel, the original equipment manufacturer segment led the market in 2023.

Market Overview

An electric charging vehicle that utilizes electric power for running the car in involves components like a motor, collector, battery, solar panels, fuel cells, generator, and others. Electric vehicles store the electrical energy in the battery through the collector system and also can be charged by solar panels. Electric vehicles are run on the developed technologies, for example, battery electric vehicles, plug-in hybrid electric vehicles, and hybrid range extender electric vehicles. The major components involved in the electric vehicle are the battery, electric engine, and motor controller, other components involved are displays, brakes, and other necessary components. An electric vehicle with enhanced benefits with an increased focus on the environment with zero emission of pollution from the vehicles.

Electric Vehicle Parts and Components Market Growth Factors

The electric vehicle parts and components market with increased demands from customers for electric vehicle charging, and fast charging of electric vehicles with the development of the infrastructure in the regions which helps to drive the market of electric vehicle parts and components to a larger extent during the forecast period. The increased economy of the nation with an increasing revenue share of the market in the components of electric vehicle charging with increasing prevalence towards the electric vehicles due to cost-effectivity and reduced environmental pollution with zero emission of fumes from the electric vehicles and reduced noise pollution has helped to grow the market growth rate of the electric vehicle parts and components.

Increased demands for electric vehicle components due to the increased prevalence of the customers towards electric vehicles with the increase in manufacturing of the electric vehicle components and enhanced production with increasing the efficiency and efficacy of the components involved in the electric vehicles boost the market with increased revenue share. Electric vehicles are popular due to increasing demands from customers.  Governments from various regions providing funds for the development of new technologies in the market with increased research involved in the components drive the market growth and increased initiative for the development of the infrastructure with developing the new charging stations with developed technology and increased efficiency helps to expand the market of component of electric vehicle charging during the forecast period.

Increased demands from the customer due to increasing fuel rates, and reduced pollution due to zero emission of fumes from the vehicles. This led to increasing manufacturing and production of electric vehicles with increased quality and efficiency of the vehicles drives the market growth rate of components of electric vehicle charging. The key market players with increased investment in the automobile sector with the development of new technologies in electric vehicles, market players are the major role players that help the expansion of the market to a larger extent.

Market Scope

Market Dynamics

Key Market Drivers

• Increasing demands for the electric vehicles - Enhance benefits of electric vehicles with rising demands from the customers with increased utilization of the vehicles with increased facilities and development of the luxurious vehicles with different components installed in the electric vehicles and numerous benefits and cost-effective factor of the vehicles drive the market growth rate with an increased revenue share of the components in the electric vehicle charging. Numerous benefits such as controlled pollution due to zero emission of fumes from electric vehicles and increased environmental protection drive the market growth rate to a larger extent. Increased research and development with various new technologies and components developed in the market due to enhanced demands from the customer have helped to boost the market of electric vehicle component market. The development of the infrastructure with an increasing number of charging stations has helped to grow the rate of electric vehicle charging during the forecast period.
• Reduced cost of the electric vehicles - Increased production and manufacturing of the components required for the electric vehicles with increasing demands from the customer and enhanced production in the post-pandemic situation with the rapid acceptance of the developed technology with increased benefits of the electric vehicles and increased growth of the automobile industry with new advanced technologies expands the market growth rate.

Key Market Challenges

• The increased cost of the electric vehicles -  Development of the electric vehicles with new advanced developed technologies and increased efficiency of the vehicle with development of the software installed in the electric vehicles developed and developed charging system in the electric vehicle and improved infrastructure of the charging stations has driven the market growth to a larger extend led to increased cost of the vehicles and manufacturing of the luxurious vehicles may hamper the market growth rate due to reduced demands from the customer because common people cannot afford to buy the luxurious electric vehicles and may decline the market growth rate during the forecast period.
• Numerous options available - Increased number of options available in the market with developed electric vehicles and alternative options with commercial vehicles based on the fuel or convertible vehicle may decline the market growth rate during the forecast period.
• Lack of skill - Lack of skill among the people regarding the developed technologies in the components involved in the electric vehicles with upgraded technology in the electric vehicles. Lack of skill may decline the market growth rate with reduced demands from the customer with reduced knowledge of the people and lack of confidence among the people about the developed technology in the electric vehicle may decline the market growth rate.

Key Market Opportunities

• The investment provided by the government - Government provided the funds from various regions for increasing the research and development with advanced developed technologies in electric vehicles with new components integrated into the electric vehicle and helped to increase the number of charging stations with developed infrastructure in the regions helped to propel the market growth rate with the increased adaption of the technologies.
• The key market players - The key market players involved in the components of electric vehicles with increased manufacturing and productions and increased investment from the market players for the introduction of the new electrical components with increased efficiency of the electric vehicles and increased benefits towards the environment have helped to boost the market of components electric vehicle during the forecast period.

Covid-19 Impact

Impact of covid-19 on the market with reduced market growth rate due to reduced demands from the market for electric vehicles. Post-pandemic of the covid -19 with increasing demands from customer for electric vehicles with the cost effectivity of electric vehicles, environmental solutions has driven the market of electric vehicle components during the forecast period.

Components Insights

On the basis of the components, battery packs involved in the electric vehicle account for the largest growth with increased demands from the customer for production and manufacturing of the electric vehicles with increased production of the components involved for integration in the electric vehicles with increased efficiency of the vehicles with increased quality of the vehicles drives the market growth rate during the forecast period. About 40-50% accounts for the largest growth in electric vehicles due to increased installation helps the expansion of the components market in electric vehicle charging. 

Vehicle Type Insights

On the basis of the vehicle type, commercial electric vehicles with the highest market growth rate with increased revenue share and increased consumption of the electricity in the battery without the utilization of the fuels such as diesel, petrol, and gasoline and reduced pollution contribute to the protection of the environment helps to drive the market of the components of the electric vehicle with increased components in the vehicles.

In recharging battery conversion of the electrical energy to mechanical energy with increased demands from the customer for commercial vehicles with the increased growth rate during the forecast period.

Propulsion Type Insights

On the basis of the propulsion type, battery EV charging with the highest market growth with increased revenue share in the components market of electric vehicle charging with onboard battery charging of the electric vehicle drives the market growth rate during the forecast period due to increased demands from the customers with developed technologies in the electric vehicles with increased benefits of the electric vehicles with an increasing number of components drives the market growth during the forecast period. Development of the charging stations with improving infrastructure helps to drive the growth rate during the forecast period.

Sale Channel Insights

On the basis of the sale channel, the original equipment manufacturer with increased demands from the customers and enhanced production of the components involved in the integration of electric vehicles with a faster growth rate with increased utilization of the electric vehicles with increased benefits from the vehicles and enhanced components drives the market growth rate with the adoption of the new technologies with continuous research helps to expand market during the forecast period.

Regional Insights

The Asia Pacific region with the highest market growth rate with increased revenue share with development of the new technologies with increased manufacturing and production of electric vehicles with increased integration of the components in the electric vehicles with increasing demands from the customer drives the market growth rate. 

Increased investment from the government for continuous research and development in the market with advanced technologies in the components and increasing development of the infrastructure which expands the market to a larger extent during the forecast period. North America, Europe, the Middle East, and Africa with significant market growth in the components of the electric vehicle.

Electric Vehicle Parts and Components Market Companies

• Eastman Auto & Power Ltd
• Sparco Batteries Pvt Ltd
• Panasonic Corp
• Amara Raja Batteries
• Okaya Power Ltd
• Maruti Suzuki
• Ashok Layland
• Bosch Limited
• Exide Industries Pvt Ltd
• ABB Group
• Denso Corporation
• Avtec Limited
• Mahindra Electric Mobility Limited
• Tata Motors Limited
• SEG Automotive India Private Limited
• Samsung SDI Co.Ltd
• LG Chem Ltd
• OptimunNoNO Energy Co. Ltd
• Innotek Co. Ltd
• Mitsubishi Electric Corp
• Hitachi Ltd
• Siemens AG
• Tesla Inc

Recent Developments

• In the year 2022 March, the Introduction of taking the Plant in the United States was announced by the Panasonic Corporation to boost the production and manufacturing of lithium-ion battery. Oklahoma, Tesla Electric vehicles, Tesla Inc, and increased benefit from the plant produced by the Panasonic Corporation
• In the year 2021 February, Introduction by the Hyundai for development of newly developed electric vehicles with increased cost-effectivity and increased manufacturing of the products. Collaboration of Hyundai and in sister brand Kia to increase the EV'S in India.

Segment Covered in the Report

By Vehicle Type 

• Passenger Cars
• Commercial Vehicles

By Propulsion Type

• Battery Electric Vehicle
• Plug-in Hybrid Vehicle
• Fuel Cell Electric Vehicle
• Hybrid Electric Vehicle

By Component Type

• Battery Packs
• DC-DC Converters 
• Controller & Inverter
• Motor
• Onboard Charger
• Others

By Sale Channel

• OEM (Original Equipment Manufacturer)
• Aftermarket

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)