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.
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.
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.
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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
End Use Insight and Forecast 2014-2024
Electric Vehicle Component Market by Region
Rest of the World (RoW)