Electric Vehicle Component Market

Industry Overview

The Global Electric Vehicle Component Market was valued at USD 24.5 billion in 2023. Government support for electric vehicle adoption, increasing the need to reduce greenhouse gas emissions,s and reducing the cost of components, propelling the growth of the market.

Market Segmentation

Insight by Component

Based on components, the global electric vehicle component market is categorized into battery packs, motors, controllers, electric vehicle supply equipment, dc–dc converter, high-voltage cables, power distribution modules, thermal management systems, and vehicle interface control modules, wherein battery pack category held the largest share in the market in 2018. This is because battery packs account 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.

The battery pack is further sub-segmented into battery cells, battery management systems (BMS), battery thermal management systems, and other ancillary components. Among these segments, the battery cell was the largest revenue generator in 2020 in the market.

Insight by End Use

The electric vehicle component market is segmented based on end-use into original equipment manufacturer (OEM) and aftermarket. Between these two end users, the higher demand for electric vehicle components was witnessed by the OEMs category in the market in 2020, owing to the increasing manufacturing of electric vehicles across the globe. However, the aftermarket category is expected to grow faster during the forecast period.

Global Electric Vehicle Component Market Report Coverage

Industry Dynamics

Trends

Rising preference for induction motors and a shift toward lithium-–nickel–manganese–cobalt (NMC) oxide batteries from lithium–iron phosphate (LFP) batteries are the key trends observed in the electric vehicle component market, globally.

Growth Drivers

The global electric vehicle component market has been driven by several key factors, including government support for electric vehicle adoption, the increasing need to reduce greenhouse gas emissions, and reducing cost of components. 

China has an aggressive target to reduce carbon emissions and adopt electric vehicles. For battery electric vehicles, subsidies were around 40 to 60% of the vehicle cost. The country implemented a dual-credit policy that targets automakers selling passenger vehicles based on their average fuel consumption credits and new energy vehicle credits. This applies to the manufacturers of 30,000 vehicles or more annually. All the above-stated factors help in the growth of the electric vehicle component market.

Restraints

The high initial cost of electric vehicles is hindering the growth of the electric vehicle component market, globally.

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 to the huge adoption of electric vehicles in the region, led by China, more than any other region.  Increasing environmental concerns, 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.

Siemens AG is a German multinational technology conglomerate which focuses on distributed energy resources, industrial automation, rail transport and others.

DENSO Corporation is a global automotive components manufacturer headquartered in the city of Kariya, Aichi Prefecture, Japan. 

Recent Developments by Key Players

Siemens Limited shall provided rail electrification technologies for a 42-kilometer-long stretch, that includes the longest rail tunnel (12.8-kilometers) at Pir Panjal range, on the Udhampur-Srinagar-Baramulla Rail Link. The project is part of the Jammu-Udhampur-Katra-Quazigund-Baramulla Railway line of the Indian Railways which marks the largest construction of mountain railway line since India’s independence, with a length of 345 kilometers and at a height of approximately 1,700 meters above sea level.
Siemens Limited’s shall include the design, supply, installation, engineering, testing and commissioning of 25kV overhead equipment and associated works.

DENSO CORPORATION (a leading mobility supplier) and United Semiconductor Japan Co., Ltd. (a subsidiary of global semiconductor foundry)collaborated to produce insulated gate bipolar transistors which have entered mass production at the 300mm fab of USJC. 

Forecast Parameters

- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, and regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered to by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trends.
- Understanding adoption, production, export, import, and regulatory framework.

Data Validation

- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
The bottom-up and top-down approach has been used for the estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted to understand the industry dynamics and data validation.

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising consumers are conducted to understand consumer behavior.

The Electric Vehicle Component Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

• Component
  • 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
  • Original Equipment Manufacturer (OEM)
  • Aftermarket

Geographical Segmentation

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World (RoW)
  • Brazil
  • Saudi Arabia
  • South Africa
  • U.A.E.
  • Other Countries

Source: VynZ Research

Source: VynZ Research

1. Research Overview 

        1.1. The Report Offers
        1.2. Market Coverage
                1.2.1. By Component
                1.2.2. By End Use
                1.2.3. By Region
        1.3. Research Phases
        1.4. Limitations
        1.5. Market Size Estimations and Forecast
                1.5.1. Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2. Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3. Study Period & Data Reporting Unit

2. Executive Summary

3. Market Definition

        3.1. By Component
                3.1.1. Battery Pack
                        3.1.1.1. Battery cell
                        3.1.1.2. Battery management system (BMS)
                        3.1.1.3. Battery thermal management system
                        3.1.1.4. Others
                3.1.2. Motor
                3.1.3. Controller
                3.1.4. Electric Vehicle Supply Equipment (EVSE)
                3.1.5. DC-DC Converter
                3.1.6. High-Voltage Cable
                3.1.7. Power Distribution Module (PDM)
                3.1.8. Thermal Management System
                3.1.9. Vehicle Interface Control Module (VCIM)
        3.2. By End Use
                3.2.1. Original Equipment Manufacturer (OEM)
                3.2.2. Aftermarket

4. Industry Overview

        4.1. Industry Dynamics
                4.1.1. Market Growth Drivers
                4.1.2. Market Growth Restraints
                4.1.3. Key Market Trends
                4.1.4. Major Opportunities
        4.2. Industry Ecosystem
                4.2.1. Porter’s Five Forces Analysis
                4.2.2. Recent Development Analysis
                4.2.3. Value Chain Analysis
        4.3. Competitive Insight
                4.3.1. Competitive Position of Industry Players
                4.3.2. Market Attractive Analysis
                4.3.3. Market Share Analysis

5. Global Market Estimate and Forecast

        5.1. By Component
        5.2. By End Use
        5.3. By Region

6. North America Market Estimate and Forecast

        6.1. By Component
        6.2. By End Use
        6.3. By Country
                6.3.1. U.S. Market Estimate and Forecast
                6.3.2. Canada Market Estimate and Forecast
                6.3.3. Mexico Market Estimate and Forecast

7. Europe Market Estimate and Forecast

        7.1. By Component
        7.2. By End Use
        7.3. By Country
                7.3.1. Germany Market Estimate and Forecast
                7.3.2. France Market Estimate and Forecast
                7.3.3. U.K. Market Estimate and Forecast
                7.3.4. Spain Market Estimate and Forecast
                7.3.5. Rest of Europe Market Estimate and Forecast

8. Asia-Pacific Market Estimate and Forecast

        8.1. By Component
        8.2. By End Use
        8.3. By Country 
                8.3.1. China Market Estimate and Forecast
                8.3.2. Japan Market Estimate and Forecast
                8.3.3. South Korea Market Estimate and Forecast
                8.3.4. Rest of Asia-Pacific Market Estimate and Forecast

9. Rest of the World (RoW) Market Estimate and Forecast

        9.1. By Component
        9.2. By End Use
        9.3. By Country
                9.3.1. Brazil Market Estimate and Forecast
                9.3.2. Other Countries Market Estimate and Forecast

10. Company Profiles

        10.1. Siemens AG
                10.1.1. Snapshot
                10.1.2. Overview
                10.1.3. Offerings
                10.1.4. Financial Insight
                10.1.5. Recent Developments
        10.2. DENSO Corp.
                10.2.1. Snapshot
                10.2.2. Overview
                10.2.3. Offerings
                10.2.4. Financial Insight
                10.2.5. Recent Developments
        10.3. LG Chem Ltd.
                10.3.1. Snapshot
                10.3.2. Overview
                10.3.3. Offerings
                10.3.4. Financial Insight
                10.3.5. Recent Developments
        10.4. Tesla Inc.
                10.4.1. Snapshot
                10.4.2. Overview
                10.4.3. Offerings
                10.4.4. Financial Insight
                10.4.5. Recent Developments
        10.5. Hitachi Ltd.
                10.5.1. Snapshot
                10.5.2. Overview
                10.5.3. Offerings
                10.5.4. Financial Insight
                10.5.5. Recent Developments
        10.6. ABB Ltd.
                10.6.1. Snapshot
                10.6.2. Overview
                10.6.3. Offerings
                10.6.4. Financial Insight
                10.6.5. Recent Developments
        10.7. Samsung SDI Co. Ltd.
                10.7.1. Snapshot
                10.7.2. Overview
                10.7.3. Offerings
                10.7.4. Financial Insight
                10.7.5. Recent Developments
        10.8. BYD Co. Ltd.
                10.8.1. Snapshot
                10.8.2. Overview
                10.8.3. Offerings
                10.8.4. Financial Insight
                10.8.5. Recent Developments
        10.9. Robert Bosch GmbH
                10.9.1. Snapshot
                10.9.2. Overview
                10.9.3. Offerings
                10.9.4. Financial Insight
                10.9.5. Recent Developments
        10.10. Contemporary Amperex Technology Co. Ltd.
                10.10.1. Snapshot
                10.10.2. Overview
                10.10.3. Offerings
                10.10.4. Financial Insight
                10.10.5. Recent Developments
        10.11. Panasonic Corp.
                10.11.1. Snapshot
                10.11.2. Overview
                10.11.3. Offerings
                10.11.4. Financial Insight
                10.11.5. Recent Developments
        10.12. OptimumNano Energy Co. Ltd.
                10.12.1. Snapshot
                10.12.2. Overview
                10.12.3. Offerings
                10.12.4. Financial Insight
                10.12.5. Recent Developments
        10.13. Mitsubishi Electric Corp.
                10.13.1. Snapshot
                10.13.2. Overview
                10.13.3. Offerings
                10.13.4. Financial Insight
                10.13.5. Recent Developments
                10.14. LG Innotek Co. Ltd.
                10.14.1. Snapshot
                10.14.2. Overview
                10.14.3. Offerings
                10.14.4. Financial Insight
                10.14.5. Recent Developments

11. Appendix

        11.1. Exchange Rates
        11.2. Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Electric Vehicle Component Market Size, by Component, 2018 – 2023 (USD Billion)
Table 5 Global Electric Vehicle Component Market Size, by Component, 2025 – 2030 (USD Billion)
Table 6 Global Electric Vehicle Component Market Size, by End Use, 2018 – 2023(USD Billion)
Table 7 Global Electric Vehicle Component Market Size, by End Use, 2025 – 2030 (USD Billion)
Table 8 Global Electric Vehicle Component Market Size, by Region, 2018 – 2023(USD Billion)
Table 9 Global Electric Vehicle Component Market Size, by Region, 2025 – 2030 (USD Billion)
Table 10 North America Electric Vehicle Component Market Size, by Component, 2018 – 2023(USD Billion)
Table 11 North America Electric Vehicle Component Market Size, by Component, 2025 – 2030 (USD Billion)
Table 12 North America Electric Vehicle Component Market Size, by End Use, 2018 – 2023(USD Billion)
Table 13 North America Electric Vehicle Component Market Size, by End Use, 2025 – 2030 (USD Billion)
Table 14 North America Electric Vehicle Component Market Size, by Country, 2018 – 2023(USD Billion)
Table 15 North America Electric Vehicle Component Market Size, by Country, 2025 – 2030 (USD Billion)
Table 16 Europe Electric Vehicle Component Market Size, by Component, 2018 – 2023(USD Billion)
Table 17 Europe Electric Vehicle Component Market Size, by Component, 2025 – 2030 (USD Billion)
Table 18 Europe Electric Vehicle Component Market Size, by End Use, 2018 – 2023(USD Billion)
Table 19 Europe Electric Vehicle Component Market Size, by End Use, 2025 – 2030 (USD Billion)
Table 20 Europe Electric Vehicle Component Market Size, by Country, 2018 – 2023(USD Billion)
Table 21 Europe Electric Vehicle Component Market Size, by Country, 2025 – 2030 (USD Billion)
Table 22 Asia-Pacific Electric Vehicle Component Market Size, by Component, 2018 – 2023(USD Billion)
Table 23 Asia-Pacific Electric Vehicle Component Market Size, by Component, 2025 – 2030 (USD Billion)
Table 24 Asia-Pacific Electric Vehicle Component Market Size, by End Use, 2018 – 2023(USD Billion)
Table 25 Asia-Pacific Electric Vehicle Component Market Size, by End Use, 2025 – 2030 (USD Billion)
Table 26 Asia-Pacific Electric Vehicle Component Market Size, by Country, 2018 – 2023(USD Billion)
Table 27 Asia-Pacific Electric Vehicle Component Market Size, by Country, 2025 – 2030 (USD Billion)
Table 28 RoW Electric Vehicle Component Market Size, by Component, 2018 – 2023(USD Billion)
Table 29 RoW Electric Vehicle Component Market Size, by Component, 2025 – 2030 (USD Billion)
Table 30 RoW Electric Vehicle Component Market Size, by End Use, 2018 – 2023(USD Billion)
Table 31 RoW Electric Vehicle Component Market Size, by End Use, 2025 – 2030 (USD Billion)
Table 32 RoW Electric Vehicle Component Market Size, by Country, 2018 – 2023(USD Billion)
Table 33 RoW Electric Vehicle Component Market Size, by Country, 2025 – 2030 (USD Billion)
Table 34 Snapshot – Siemens AG
Table 35 Snapshot – DENSO Corp.
Table 36 Snapshot – LG Chem Ltd.
Table 37 Snapshot – Tesla Inc.
Table 38 Snapshot – Hitachi Ltd.
Table 39 Snapshot – ABB Ltd.
Table 40 Snapshot – Samsung SDI Co. Ltd.
Table 41 Snapshot – BYD Co. Ltd.
Table 42 Snapshot – Robert Bosch GmbH
Table 43 Snapshot – Contemporary Amperex Technology Co. Ltd.
Table 44 Snapshot – Panasonic Corp.
Table 45 Snapshot – OptimumNano Energy Co. Ltd.
Table 46 Snapshot – Mitsubishi Electric Corp.
Table 47 Snapshot – LG Innotek Co. Ltd.

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Components for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Electric Vehicle Component Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Electric Vehicle Component Market Highlight
Figure 12 Global Electric Vehicle Component Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 14 Global Electric Vehicle Component Market Size, by End Use, 2018 - 2030 (USD Billion)
Figure 15 Global Electric Vehicle Component Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 16 North America Electric Vehicle Component Market Highlight
Figure 17 North America Electric Vehicle Component Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 19 North America Electric Vehicle Component Market Size, by End Use, 2018 - 2030 (USD Billion)
Figure 20 North America Electric Vehicle Component Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 21 Europe Electric Vehicle Component Market Highlight
Figure 22 Europe Electric Vehicle Component Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 24 Europe Electric Vehicle Component Market Size, by End Use, 2018 - 2030 (USD Billion)
Figure 25 Europe Electric Vehicle Component Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 26 Asia-Pacific Electric Vehicle Component Market Highlight
Figure 27 Asia-Pacific Electric Vehicle Component Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 29 Asia-Pacific Electric Vehicle Component Market Size, by End Use, 2018 - 2030 (USD Billion)
Figure 30 Asia-Pacific Electric Vehicle Component Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 31 RoW Electric Vehicle Component Market Highlight
Figure 32 RoW Electric Vehicle Component Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 34 RoW Electric Vehicle Component Market Size, by End Use, 2018 - 2030 (USD Billion)
Figure 35 RoW Electric Vehicle Component Market Size, by Country, 2018 - 2030 (USD Billion)