PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1530707
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1530707
Electric Vehicle Components Market Forecasts to 2030 - Global Analysis By Electric Vehicle Type, Component, End User and By Geography
According to Stratistics MRC, the Global Electric Vehicle Components Market is accounted for $229.16 billion in 2024 and is expected to reach $845.22 billion by 2030 growing at a CAGR of 24.3% during the forecast period. Electric vehicles (EVs) consist of several key components that work together to provide efficient and sustainable transportation. At the heart of an electric vehicle is its battery pack, which stores electrical energy for propulsion. These batteries typically use lithium-ion technology due to its high energy density and reliability. Charging infrastructure, including onboard chargers and external charging stations, is essential for replenishing the battery's energy, EVs incorporate sophisticated control systems and software to monitor and regulate various aspects such as energy consumption, braking regeneration, and overall vehicle dynamics.
Market Dynamics:
Driver:
Infrastructure development
As governments and private sectors invest in expanding charging networks, the reliability and convenience of EVs improve significantly. Infrastructure development includes establishing more charging stations in urban areas, along highways, and in residential areas, reducing range anxiety among EV owners. Infrastructure development supports innovation in EV components themselves, fostering research into more efficient batteries, lightweight materials, and advanced electronics. Moreover, advancements in charging technology, such as faster chargers and smart grid integration, optimize energy use and reduce charging times, enhancing the overall user experience.
Restraint:
High upfront cost of electric vehicles
The high upfront cost of electric vehicles (EVs) primarily stems from several factors inherent to their design and technology. Battery packs, which are crucial and expensive components of EVs, contribute significantly to their overall cost. These batteries utilize advanced materials like lithium-ion, which are costly to produce and refine. EVs require specialized electric drivetrains and control systems that are more complex and expensive than traditional internal combustion engines. However, the economies of scale in EV production have not yet reached levels comparable to those of conventional vehicles, which further drives up their manufacturing costs.
Opportunity:
Advancements in battery technology
Advancements in battery technology are revolutionizing electric vehicle components by vastly improving their efficiency, range, and sustainability. Traditional lithium-ion batteries are being replaced or enhanced with newer iterations like solid-state batteries, offering higher energy densities and longer lifespans. These advancements enable electric vehicles (EVs) to travel farther on a single charge while reducing charging times. Moreover, enhanced battery technology contributes to the overall reduction of EV weight and size, optimizing vehicle performance and handling.
Threat:
Manufacturing capacity
The bottleneck in electric vehicle component manufacturing capacity poses a significant challenge to the industry's growth. As demand for electric vehicles (EVs) rises, manufacturers face constraints in scaling up production of critical components such as batteries, electric motors, and charging infrastructure. These constraints stem from various factors including limited production facilities, supply chain disruptions, and the complex nature of transitioning from traditional automotive manufacturing to EV-specific technologies. The specialized materials and processes required for EV components add further complexity to ramping up production capacity.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the electric vehicle (EV) industry, particularly its supply chain and component availability. As the virus spread globally, many manufacturers faced disruptions in production due to factory closures, reduced workforce, and logistical challenges. This led to delays in the manufacturing and delivery of key EV components such as batteries, semiconductors, and electronic control units. However, consumer demand for EVs fluctuated as economic uncertainties arose, affecting sales projections and investment in EV technologies.
The Battery Electric Vehicle segment is expected to be the largest during the forecast period
Battery Electric Vehicle segment is expected to be the largest during the forecast period. Battery technology is at the forefront, with ongoing developments focused on increasing energy density, reducing charging times, and enhancing lifespan. This progress is crucial for extending driving ranges and improving overall efficiency. Advancements in vehicle electronics and software systems are enabling better integration of components, enhancing vehicle connectivity, autonomy, and user experience. As the BEV segment continues to grow, these advancements not only improve the performance and accessibility of electric vehicles but also contribute to reducing carbon footprints and advancing sustainable transportation solutions globally
The Fleet Operators segment is expected to have the highest CAGR during the forecast period
Fleet Operators segment is expected to have the highest CAGR during the forecast period. By integrating advanced EV components, such as batteries, motors, and charging infrastructure, fleet operators aim to reduce operational costs and environmental impact. These enhancements promise greater efficiency, longer operational range, and reduced maintenance compared to traditional combustion engine vehicles. Moreover, the move towards electrification aligns with global efforts to curb greenhouse gas emissions and mitigate climate change. Fleet operators benefit not only from cost savings over the vehicle lifecycle but also from regulatory incentives promoting clean energy adoption.
Region with largest share:
North America region commanded the largest share of the market over the extrapolated period. Companies are increasingly investing in sustainable practices aimed at reducing carbon footprints and promoting environmental stewardship. This involves innovations in manufacturing processes, such as the use of renewable energy sources and efficient recycling techniques, which contribute to overall sustainability goals across the region. Moreover, these initiatives spur technological advancements in EV components, making them more energy-efficient and cost-effective over time. By prioritizing sustainability, corporations not only meet regulatory requirements but also appeal to environmentally conscious consumers and investors throughout the region.
Region with highest CAGR:
Europe region is projected to hold profitable growth during the forecasted period. Through a strategic framework of subsidies, tax breaks, and regulatory measures, governments have incentivized both consumers and businesses to adopt electric vehicles and invest in related technologies. These policies aim to reduce greenhouse gas emissions, enhance energy security, and promote sustainable transportation solutions. In particular, financial incentives such as purchase subsidies for electric vehicles, grants for research and development in EV technology, and infrastructure investments in charging stations have been pivotal across the region. Regulatory measures include stringent emission standards and mandates for automakers to produce a certain percentage of zero-emission vehicles, spurring innovation and competitiveness in the regional market.
Key players in the market
Some of the key players in Electric Vehicle Components market include Amara Raja Batteries Ltd, Ashok Leyland, Avtec Limited, Eastman Auto & Power Ltd, Exicom Tele-Systems Ltd, Exide Industries Ltd, Hyundai Motor Company, Okaya Power Pvt. Ltd, SEG Automotive India Private Limited, Sparco Batteries Pvt. Ltd, Tata Motors Limited, Tesla Motors and Volkswagen Group.
Key Developments:
In June 2024, Amara Raja signs licensing agreement with GIB EnergyX for Li-ion cells tech. As part of the agreement, GIB EnergyX, a subsidiary of Gotion High-Tech Co Ltd, will license Gotion's 'LFP technology' for lithium-ion cells to Amara Raja Advanced Cell Technologies (ARACT), a wholly-owned arm of Amara Raja Energy & Mobility Ltd.
In June 2024, Amara Raja Energy & Mobility has acquired an additional 4.5 percent stake in electric vehicle battery maker InoBat for 20 million euros (nearly Rs 180 crore).
Electric Vehicle Types Covered:
- Battery Electric Vehicle
- Commercial Vehicles
- Passenger Vehicles
- Plug-in Hybrid Electric Vehicle
Components Covered:
- Battery Pack
- Electric Motors
- Power Electronics
- Other Components
End Users Covered:
- Government Agencies
- Fleet Operators
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Electric Vehicle Components Market, By Electric Vehicle Type
- 5.1 Introduction
- 5.2 Battery Electric Vehicle
- 5.3 Commercial Vehicles
- 5.4 Passenger Vehicles
- 5.5 Plug-in Hybrid Electric Vehicle
6 Global Electric Vehicle Components Market, By Component
- 6.1 Introduction
- 6.2 Battery Pack
- 6.3 Electric Motors
- 6.4 Power Electronics
- 6.5 Other Components
7 Global Electric Vehicle Components Market, By End User
- 7.1 Introduction
- 7.2 Government Agencies
- 7.3 Fleet Operators
- 7.4 Other End Users
8 Global Electric Vehicle Components Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Amara Raja Batteries Ltd
- 10.2 Ashok Leyland
- 10.3 Avtec Limited
- 10.4 Eastman Auto & Power Ltd
- 10.5 Exicom Tele-Systems Ltd
- 10.6 Exide Industries Ltd
- 10.7 Hyundai Motor Company
- 10.8 Okaya Power Pvt. Ltd
- 10.9 SEG Automotive India Private Limited
- 10.10 Sparco Batteries Pvt. Ltd
- 10.11 Tata Motors Limited
- 10.12 Tesla Motors
- 10.13 Volkswagen Group
List of Tables
- Table 1 Global Electric Vehicle Components Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Electric Vehicle Components Market Outlook, By Electric Vehicle Type (2022-2030) ($MN)
- Table 3 Global Electric Vehicle Components Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
- Table 4 Global Electric Vehicle Components Market Outlook, By Commercial Vehicles (2022-2030) ($MN)
- Table 5 Global Electric Vehicle Components Market Outlook, By Passenger Vehicles (2022-2030) ($MN)
- Table 6 Global Electric Vehicle Components Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
- Table 7 Global Electric Vehicle Components Market Outlook, By Component (2022-2030) ($MN)
- Table 8 Global Electric Vehicle Components Market Outlook, By Battery Pack (2022-2030) ($MN)
- Table 9 Global Electric Vehicle Components Market Outlook, By Electric Motors (2022-2030) ($MN)
- Table 10 Global Electric Vehicle Components Market Outlook, By Power Electronics (2022-2030) ($MN)
- Table 11 Global Electric Vehicle Components Market Outlook, By Other Components (2022-2030) ($MN)
- Table 12 Global Electric Vehicle Components Market Outlook, By End User (2022-2030) ($MN)
- Table 13 Global Electric Vehicle Components Market Outlook, By Government Agencies (2022-2030) ($MN)
- Table 14 Global Electric Vehicle Components Market Outlook, By Fleet Operators (2022-2030) ($MN)
- Table 15 Global Electric Vehicle Components Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 16 North America Electric Vehicle Components Market Outlook, By Country (2022-2030) ($MN)
- Table 17 North America Electric Vehicle Components Market Outlook, By Electric Vehicle Type (2022-2030) ($MN)
- Table 18 North America Electric Vehicle Components Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
- Table 19 North America Electric Vehicle Components Market Outlook, By Commercial Vehicles (2022-2030) ($MN)
- Table 20 North America Electric Vehicle Components Market Outlook, By Passenger Vehicles (2022-2030) ($MN)
- Table 21 North America Electric Vehicle Components Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
- Table 22 North America Electric Vehicle Components Market Outlook, By Component (2022-2030) ($MN)
- Table 23 North America Electric Vehicle Components Market Outlook, By Battery Pack (2022-2030) ($MN)
- Table 24 North America Electric Vehicle Components Market Outlook, By Electric Motors (2022-2030) ($MN)
- Table 25 North America Electric Vehicle Components Market Outlook, By Power Electronics (2022-2030) ($MN)
- Table 26 North America Electric Vehicle Components Market Outlook, By Other Components (2022-2030) ($MN)
- Table 27 North America Electric Vehicle Components Market Outlook, By End User (2022-2030) ($MN)
- Table 28 North America Electric Vehicle Components Market Outlook, By Government Agencies (2022-2030) ($MN)
- Table 29 North America Electric Vehicle Components Market Outlook, By Fleet Operators (2022-2030) ($MN)
- Table 30 North America Electric Vehicle Components Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 31 Europe Electric Vehicle Components Market Outlook, By Country (2022-2030) ($MN)
- Table 32 Europe Electric Vehicle Components Market Outlook, By Electric Vehicle Type (2022-2030) ($MN)
- Table 33 Europe Electric Vehicle Components Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
- Table 34 Europe Electric Vehicle Components Market Outlook, By Commercial Vehicles (2022-2030) ($MN)
- Table 35 Europe Electric Vehicle Components Market Outlook, By Passenger Vehicles (2022-2030) ($MN)
- Table 36 Europe Electric Vehicle Components Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
- Table 37 Europe Electric Vehicle Components Market Outlook, By Component (2022-2030) ($MN)
- Table 38 Europe Electric Vehicle Components Market Outlook, By Battery Pack (2022-2030) ($MN)
- Table 39 Europe Electric Vehicle Components Market Outlook, By Electric Motors (2022-2030) ($MN)
- Table 40 Europe Electric Vehicle Components Market Outlook, By Power Electronics (2022-2030) ($MN)
- Table 41 Europe Electric Vehicle Components Market Outlook, By Other Components (2022-2030) ($MN)
- Table 42 Europe Electric Vehicle Components Market Outlook, By End User (2022-2030) ($MN)
- Table 43 Europe Electric Vehicle Components Market Outlook, By Government Agencies (2022-2030) ($MN)
- Table 44 Europe Electric Vehicle Components Market Outlook, By Fleet Operators (2022-2030) ($MN)
- Table 45 Europe Electric Vehicle Components Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 46 Asia Pacific Electric Vehicle Components Market Outlook, By Country (2022-2030) ($MN)
- Table 47 Asia Pacific Electric Vehicle Components Market Outlook, By Electric Vehicle Type (2022-2030) ($MN)
- Table 48 Asia Pacific Electric Vehicle Components Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
- Table 49 Asia Pacific Electric Vehicle Components Market Outlook, By Commercial Vehicles (2022-2030) ($MN)
- Table 50 Asia Pacific Electric Vehicle Components Market Outlook, By Passenger Vehicles (2022-2030) ($MN)
- Table 51 Asia Pacific Electric Vehicle Components Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
- Table 52 Asia Pacific Electric Vehicle Components Market Outlook, By Component (2022-2030) ($MN)
- Table 53 Asia Pacific Electric Vehicle Components Market Outlook, By Battery Pack (2022-2030) ($MN)
- Table 54 Asia Pacific Electric Vehicle Components Market Outlook, By Electric Motors (2022-2030) ($MN)
- Table 55 Asia Pacific Electric Vehicle Components Market Outlook, By Power Electronics (2022-2030) ($MN)
- Table 56 Asia Pacific Electric Vehicle Components Market Outlook, By Other Components (2022-2030) ($MN)
- Table 57 Asia Pacific Electric Vehicle Components Market Outlook, By End User (2022-2030) ($MN)
- Table 58 Asia Pacific Electric Vehicle Components Market Outlook, By Government Agencies (2022-2030) ($MN)
- Table 59 Asia Pacific Electric Vehicle Components Market Outlook, By Fleet Operators (2022-2030) ($MN)
- Table 60 Asia Pacific Electric Vehicle Components Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 61 South America Electric Vehicle Components Market Outlook, By Country (2022-2030) ($MN)
- Table 62 South America Electric Vehicle Components Market Outlook, By Electric Vehicle Type (2022-2030) ($MN)
- Table 63 South America Electric Vehicle Components Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
- Table 64 South America Electric Vehicle Components Market Outlook, By Commercial Vehicles (2022-2030) ($MN)
- Table 65 South America Electric Vehicle Components Market Outlook, By Passenger Vehicles (2022-2030) ($MN)
- Table 66 South America Electric Vehicle Components Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
- Table 67 South America Electric Vehicle Components Market Outlook, By Component (2022-2030) ($MN)
- Table 68 South America Electric Vehicle Components Market Outlook, By Battery Pack (2022-2030) ($MN)
- Table 69 South America Electric Vehicle Components Market Outlook, By Electric Motors (2022-2030) ($MN)
- Table 70 South America Electric Vehicle Components Market Outlook, By Power Electronics (2022-2030) ($MN)
- Table 71 South America Electric Vehicle Components Market Outlook, By Other Components (2022-2030) ($MN)
- Table 72 South America Electric Vehicle Components Market Outlook, By End User (2022-2030) ($MN)
- Table 73 South America Electric Vehicle Components Market Outlook, By Government Agencies (2022-2030) ($MN)
- Table 74 South America Electric Vehicle Components Market Outlook, By Fleet Operators (2022-2030) ($MN)
- Table 75 South America Electric Vehicle Components Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 76 Middle East & Africa Electric Vehicle Components Market Outlook, By Country (2022-2030) ($MN)
- Table 77 Middle East & Africa Electric Vehicle Components Market Outlook, By Electric Vehicle Type (2022-2030) ($MN)
- Table 78 Middle East & Africa Electric Vehicle Components Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
- Table 79 Middle East & Africa Electric Vehicle Components Market Outlook, By Commercial Vehicles (2022-2030) ($MN)
- Table 80 Middle East & Africa Electric Vehicle Components Market Outlook, By Passenger Vehicles (2022-2030) ($MN)
- Table 81 Middle East & Africa Electric Vehicle Components Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
- Table 82 Middle East & Africa Electric Vehicle Components Market Outlook, By Component (2022-2030) ($MN)
- Table 83 Middle East & Africa Electric Vehicle Components Market Outlook, By Battery Pack (2022-2030) ($MN)
- Table 84 Middle East & Africa Electric Vehicle Components Market Outlook, By Electric Motors (2022-2030) ($MN)
- Table 85 Middle East & Africa Electric Vehicle Components Market Outlook, By Power Electronics (2022-2030) ($MN)
- Table 86 Middle East & Africa Electric Vehicle Components Market Outlook, By Other Components (2022-2030) ($MN)
- Table 87 Middle East & Africa Electric Vehicle Components Market Outlook, By End User (2022-2030) ($MN)
- Table 88 Middle East & Africa Electric Vehicle Components Market Outlook, By Government Agencies (2022-2030) ($MN)
- Table 89 Middle East & Africa Electric Vehicle Components Market Outlook, By Fleet Operators (2022-2030) ($MN)
- Table 90 Middle East & Africa Electric Vehicle Components Market Outlook, By Other End Users (2022-2030) ($MN)
