Global Electric Vehicle Component Market is Set to Reach USD 119.9 billion by 2024, Observing a CAGR of 32.3% during 2019–2024

Published Date: Nov, 2019

The global electric vehicle component market is expected to grow at a CAGR of 32.3% during the forecast period with its market size predicted to reach USD 119.9 billion by 2024. Global electric vehicle component market has been driven by several key factors, including government support for electric vehicle adoption, increasing need to reduce greenhouse gas emission, and reducing cost of components.

Battery pack category held the largest share in the electric vehicle component market in 2018

On the basis of component, the global electric vehicle component market is categorized into battery pack, motor, controller, electric vehicle supply equipment, dc–dc converter, high-voltage cable, power distribution module, thermal management system, and vehicle interface control module, wherein battery pack category held the largest share in the market in 2018. This is due to the fact that battery pack accounts for around 34–51% of the overall cost of electric vehicles, which makes the battery pack category the largest revenue contributor compared to others in the market.

Geography Insight

Geographically, Asia-Pacific has accounted for the largest share in the electric vehicle component market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the huge adoption of electric vehicles in the region, led by China, than any other region.  Increasing environmental concern, and rising government support for electric vehicles in the form of subsidies are the major factors driving the demand for electric vehicles in China.

Competitive Insight

Some of the key players operating in the global electric vehicle component market are Siemens AG, DENSO Corp., LG Chem Ltd., Tesla Inc., Hitachi Ltd., ABB Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., Robert Bosch GmbH, Contemporary Amperex Technology Co. Ltd., Panasonic Corp., OptimumNano Energy Co. Ltd., Mitsubishi Electric Corp., and LG Innotek Co. Ltd.

Key Takeaway from the Report:

  • Among all the components, battery pack category held the largest share in the market in 2018.
  • Of all the end use, the OEMs category contributes the largest revenue globally.

The Report Offers:

  • Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
  • Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
  • Market insights by in-depth segmentation with industry dynamics.
  • Competitive analysis and benchmarking of the industry leaders and their product offerings
  • Profiles of leading players and innovators, their financial overview and product portfolio
  • Analysis of key industry trends and recent developments
  • Value chain analysis and distribution channel analysis with opportunity assessment
  • Market share analysis of major players

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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global electric vehicle component market on the basis of component, end use, and region.

 

Global Electric Vehicle Component Market Coverage

Component Insight and Forecast 2014-2024

  • Battery Pack
    • Battery cell
    • Battery management system (BMS)
    • Battery thermal management system
    • Others
  • Motor
  • Controller
  • Electric Vehicle Supply Equipment (EVSE)
  • DC–DC Converter
  • High-Voltage Cable
  • Power Distribution Module (PDM)
  • Thermal Management System
  • Vehicle Interface Control Module (VCIM)

End Use Insight and Forecast 2014-2024

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

Geographical Segmentation

Electric Vehicle Component Market by Region

North America

  • By Component
  • By End Use
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By End Use
  • By Country – Germany, U.K., France, Spain, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By End Use
  • By Country – China, Japan, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By End Use
  • By Country – Brazil, and Other Countries
Our Industry
Global Electric Vehicle Component Market is Set to Reach USD 119.9 billion by 2024, Observing a CAGR of 32.3% during 2019–2024