The global electric vehicle component market is valued at USD 148.32 Billion in 2022. The market is further expected to gain size of USD 1001.95 Billion by the year 2032. The market is expected to grow with a CAGR of 21.05% in the forecast period.
The motor is powered by rechargeable batteries, which can be charged at home or at an EV charging station. These vehicles run on a few technologies, such as battery electric vehicles(BEV), plug-in hybrid electric vehicles(PHEV), and range extender (hybrid) electric vehicles (HEV). Three primary components in an electric car and motorcycles are an electric engine, a battery, and a motor controller. Other than these, monitoring displays and electric brakes are vital components.
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The market is characterized by key players which are offering a wide range of EV components that are particularly dedicatedly to the production of passenger cars and electric buses. Companies focused on innovation and technologically driven change. These companies are opting for strategic collaboration and mergers in order to increase business reach. These players are focused on the research and development into electric vehicle components that make these firms stay competitive in the market.
- In 2022 March the Panasonic Corporation announced the setting up of a plant to boost the manufacturing of lithium batteries. Tesla increased their benefits due to Panasonic corporation.
- In 2021 February The introduction of Hyundai in the development of electric vehicle parts enhanced cost effectivity. The collaboration of Kia and Hyundai have been working on EV components in India and are likely to get a major market share in the forecast period.
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Key Companies Profiled:
- Borgwarner Inc.
- Jing-Jin Electric Technologies Co., Ltd.
- Meidensha Corporation
- Nidec Corporation
- Shuanglin Group
- Zhongshan Broad-Ocean Motor Co. Ltd.
Electric Vehicle Components Market : Segmentation
- By Vehicle Type :
- Electric bicycles
- Electric cars
- Electric rickshaws
- Electric motorcycles
- Electric Light commercial vehicle(LCV)
- Electric Heavy commercial vehicle(HCV)
- By Product Type :
- Primary Components
- Electric Motor
- Motor Controller
- Secondary Components
- Electric brakes
- Monitoring displays
- By Sales Channel :
- OEM (Original Equipment Manufacturer)
- By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
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Questionnaire answered in the Electric Vehicle Components Market report include:
- How the market for Electric Vehicle Components has grown?
- What is the present and future outlook of the global Electric Vehicle Components on the basis of region?
- What are the challenges and opportunities for the Electric Vehicle Components?
- Why the consumption of Electric Vehicle Components highest in region?
- In which year segment is expected to overtake segment?
What makes Fact.MR report stand out from others?
- Fact.MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). The report is specially created to assess the COVID-19 impact on the Electric Vehicle Components market. This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the market stakeholders.
- Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the Electric Vehicle Components market, thus, making it different and special from other reports.
- Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of market get an overview and helps them take certain steps to ensure continuous growth during the forecast period.
- Overcome: The report scrutinizes on points that can prove to be an Achilles heel to the Electric Vehicle Components market and assists to create strategies to overcome the obstacles that may hinder the growth of the Electric Vehicle Components market.
- Leverage: The Electric Vehicle Components market can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.
- Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.
- Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the Electric Vehicle Components market.
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