Electric Vehicle Parts And Components Market Size (2024 - 2029)

Electric Vehicle Parts And Components Market Analysis

The Electric Vehicle Parts And Components Market size is estimated at USD 124.5 billion in 2024, and is expected to reach USD 323.5 billion by 2029, growing at a CAGR of 21.22% during the forecast period (2024-2029).

Over the long term, major factors like the enactment of stringent emission and fuel economy norms, government incentives, and improving charging infrastructure are expected to drive the increasing adoption of electric vehicles, which will, in turn, drive the market studied.

• For instance, in January 2023, DAF announced the construction of a new electric truck assembly factory in Eindhoven, where the new generation DAF XD and XF Electric will be produced. 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.

The sales of EVs are also increasing globally. 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 with advanced technologies in components and increased infrastructure development expands the market to a greater extent.

EV Parts And Components Industry Segmentation

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

The global electric vehicle parts and components market is segmented by vehicle type, propulsion type, component type, and 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, onboard 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.