Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) — The “Electric Vehicle Parts and Components Global Market Opportunities and Strategies to 2032” report has been added to ResearchAndMarkets.com’s offering.
New Research Publication Analyzes Global Electric Vehicle Parts and Components Market Dynamics
The electric vehicle (EV) industry has been witnessing unprecedented growth, and the latest research publication added to our esteemed collection offers an extensive analysis of the global electric vehicle parts and components market. This detailed report covers the period from 2017-2022, marking it as the historic period, and projects forward to the years 2022-2027 and 2032, making it a pivotal forecast period for stakeholders.
As of 2022, the market value reached approximately $156.25 billion and is projected to escalate to a staggering $413.62 billion by 2027, growing at an impressive rate of 21.49%. The upward trajectory is set to proceed, with an anticipated growth to $882.95 billion in 2032, at a Compound Annual Growth Rate (CAGR) of 16.38%.
Throughout the historic period, factors such as an uptick in hybrid electric vehicle sales, augmented domestic component production, and increased disposable incomes have significantly contributed to market expansion. Yet, challenges like the high cost of development for EVs and related components posed certain obstructions to growth.
Looking forward, a swell in demand for electric vehicles, stricter environmental regulations, and bolstered government investments are projected to propel market growth. Notwithstanding, the high initial cost of EV parts and components may act as a constraining force in the forthcoming years.
The market is analyzed through multiple lenses, segmenting by component into battery packs, DC-DC converters, controllers and inverters, motors, onboard chargers, and other components. The battery packs sector has dominated the market, while the motors segment is set to exhibit swift growth during the forecast period.
When divided by vehicle type, passenger cars form the lion’s share, while commercial vehicles are predicted to surge at the highest CAGR. By propulsion, the battery electric vehicle leads the market, but the fuel cell electric vehicle segment is poised to grow most rapidly.
In terms of sales channel segmentation, OEMs (original equipment manufacturers) are the prevailing force, with anticipation of continued rapid expansion. Geographically, the Asia-Pacific region stands as the market titán, with South America and North America following closely in terms of growth rates.
The electric vehicle parts and components market landscape is highly diversified, marked by the presence of numerous small entities. Amongst these, Robert Bosch GmbH emerges as the front runner, followed by an array of competitors contributing to the market’s fragmentation.
Key opportunities appear most significantly within the battery packs component sector, passenger cars vehicle type, and battery electric vehicle propulsion segment. Regional market gains are projected to be most pronounced in China.
- Strategies based on market trends recommend a focus on innovation in battery products, sensor technologies, and strategic partnerships.
- Companies operating within this space are encouraged to pivot towards innovative product developments, particularly in battery technologies to extend EV range, and to intensify investments in battery manufacturing.
- Furthermore, expanding into emerging markets, maintaining a competitive edge with pricing, and targeting electric vehicle fleet operators are also advised to maximize opportunities.
This insightful report serves as a critical tool for companies within the electric vehicle parts and components industry, offering strategic direction informed by comprehensive market data and trends.
The detailed analysis and forecasts provided herein pave the way for informed decision making and strategic planning as the industry accelerates towards a robust and sustaining expansion through the horizon of 2032.
|No. of Pages
|2021 – 2031
|Estimated Market Value (USD) in 2021
|Forecasted Market Value (USD) by 2031
|Compound Annual Growth Rate
A selection of companies mentioned in this report includes
- Robert Bosch GmbH
- Samsung SDI Co Ltd
- Denso Corporation
- Hyundai Mobis Co Ltd
- Panasonic Corporation
- Toyota Industries Corporation
- Continental AG
- Siemens AG
- Tesla Inc
- Hitachi Ltd
- Bharat Forge Limited
- Exide Industries Limited
- Mahindra Electric Mobility Limited
- Contemporary Amperex Technology Co. Limited
- BYD Company Limited
- BAIC Motor Corporation Limited
- GS Yuasa Corporation
- Magnis Energy Technologies Limited
- Energetique Mining Vehicles (EMV)
- LG Chem
- Grupo Antolin
- Volvo Group
- Scania AB
- National Electric Vehicle Sweden
- Enel X
- Magneti Marelli
- Pirelli & C. S.p.A
- Jaguar Land Rover
- RUSNANO Group
- Groupe Renault
- S.C. Electroputere
- Solaris Bus & Coach
- koda Auto
- CEZ Group
- Ford Motor Company
- General Motors Company
- Tesla, Inc
- BorgWarner, Inc
- NIO Inc
- Rivian Automotive, Inc
- QuantumScape Corporation
- Faraday Future Intelligent Electric Inc
- Magna International Inc
- Bravo Motor Company
For more information about this report visit https://www.researchandmarkets.com/r/w4qtfx
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- Global Electric Vehicle Parts and Components Market