Surge In Electric Vehicle Demand Drives Unprecedented Growth In Electric Vehicle Parts And Components Market As Per The Business Research Company's Electric Vehicle Parts And Components Global Market Report 2023
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LONDON, Nov. 30, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Electric Vehicle Parts And Components Global Market Report 2023, the global electric vehicle parts and components market is set to experience remarkable growth, with expectations to climb from $156.25 billion in 2022 to $183.61 billion in 2023, marking a compelling compound annual growth rate (CAGR) of 17.5%. Despite global economic disruptions caused by the Russia-Ukraine war and supply chain challenges post-COVID-19, the market resilience remains robust. Forecasts predict a substantial rise, reaching $330.10 billion in 2027 at a CAGR of 15.8%.
Major Driving Forces
The primary driver accelerating the electric vehicle parts and components market is the escalating demand for electric vehicles (EVs). Electric vehicles, powered by one or more electric motors and supplied with energy by an onboard battery pack, witnessed a significant surge in sales. According to the International Energy Agency, global sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, with 16.5 million electric vehicles on the road by the end of 2022. The seamless collaboration of various parts and components in electric vehicles has made them efficient in converting, storing, distributing, and utilizing electrical energy.
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Market Fragmentation and Top Competitors
The electric vehicle parts and components market exhibits a high degree of fragmentation, characterized by numerous small players operating globally. In 2022, the top ten competitors comprised 12.61% of the total electric vehicle parts and components market share. This fragmentation is attributed to the presence of numerous small players in different geographical regions. Notably, Robert Bosch GmbH secured the top position with a 3.05% electric vehicle parts and components market share, closely followed by Samsung SDI Co Ltd., Denso Corporation, Hyundai Mobis Co Ltd., and others.
Investment in Advanced EV Batteries
Major companies within the electric vehicle parts and components market are intensifying their investments in the development of efficient and powerful EV batteries to bolster their market standing. A notable example is Toyota's announcement of a $5.6 billion investment in new plants for building EV battery packs in Japan and the United States. Additionally, Umicore Rechargeable Battery Materials Canada Inc. unveiled a $2.761 billion investment in a new manufacturing facility in Canada, focusing on precursor cathode active materials (pCAM) and cathode active materials (CAM) crucial for EV battery production.
Segmentation and Growth Prospects
The electric vehicle parts and components market is segmented based on components (Battery Packs, DC-DC Converters, Controller and Inverter, Motor, Onboard Charger), vehicles (Passenger Cars, Commercial Vehicles), propulsion (Battery Electric Vehicle, Plug-in Hybrid Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle), and sale channel (OEM, Aftermarket).
Asia-Pacific emerged as the largest region, accounting for 67.4% ($105,358.1 million) of the total electric vehicle parts and components market in 2022, with Asia-Pacific and South America expected to be the fastest-growing regions, boasting CAGRs of 22.5% and 20.7%, respectively.
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Industry players can leverage the insights provided by the Electric Vehicle Parts and Components Global Market Report to strategically position and expand their businesses. Understanding market dynamics, regional trends, and competition empowers stakeholders to make informed decisions. Whether tapping into the soaring demand for EVs or investing in advanced technologies, the electric vehicle parts and components market report serves as a valuable resource for navigating this evolving electric vehicle parts and components market landscape, ensuring sustained growth and innovation.
Electric Vehicle Parts And Components Global Market Report 2023 by The Business Research Company provides insights on the electric vehicle parts and components market size, electric vehicle parts and components market segments, electric vehicle parts and components market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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