The global electric vehicle parts and components market size was estimated at USD 164 billion in 2022 and is projected to hit around USD 1,242.85 billion by 2032 with a registered CAGR of 22.5% during the forecast period 2023 to 2032.
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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.
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.
| Report Coverage | Details |
| Market Size in 2023 | USD 200.08 Billion |
| Market Size by 2032 | USD 1,242.85 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 22.5% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered |
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| Regions Covered |
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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.
Key Market Drivers
Key Market Challenges
Key Market Opportunities
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.
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.
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.
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.
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.
Segment Covered in the Report
By Vehicle Type
By Propulsion Type
By Component Type
By Sale Channel
By Geography
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