Global Electric Vehicle Components Market By Component (Battery Pack; Electric Motor; Controller; Vehicle Interface Control Module; Others), By Vehicle Type (Electric Passenger Car; Electric Commercial Vehicle, Electric Two-Wheeler, & Electric Three-Wheeler), By End User (OEM; Aftermarket), By Region, Competition, Forecast & Opportunities, 2025
Global electric vehicle components market is projected to grow at CAGR of close to 30% during the forecast period on account of surging sales of electric vehicles on the back of growing awareness about vehicle emission and government subsidies on purchase of these vehicles. As the electric vehicle market continues to expand, replacement demand is expected to increase in the future years.
In 2016, the transportation sector accounted for over 24% of global greenhouse gases (GHG) emission, so economies plan to tackle the situation by electrification of public fleet, which will result in increased demand for electric vehicles and components in the coming years. This is anticipated to give substantial boost to the market across the globe.
Global vehicle components market can be segmented based on component, vehicle type, end user and region. In terms of vehicle type, electric three-wheeler held the dominant share in 2019. However, on account of favorable government policies for pushing the sales of electric passenger cars, market share of this segment is projected to increase over the next five years.
Based on geography, globally, Asia-Pacific is the leading region in the electric vehicle components markets due to growing sales and production of electric vehicles in countries such as Japan, India, China, among other. Moreover, China held the record sales of 1.1 million electric vehicles in 2018, worldwide and the country is projected to lead the regional market as well.
Major companies in the global electric vehicle components market include Robert Bosch GmbH, Denso Corporation, Samsung SDI Co. Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), BYD Co. Ltd., Siemens AG, Hitachi Ltd., Mitsubishi Electric Corp., OptimumNano Energy Co. Ltd, etc. The companies operating in the market are using organic growth strategies like geographical expansion to increase their share in the electric vehicle components market. For instance, in 2018, CATL and Samsung announced to open their subsidiaries in North America as part of their expansion growth strategies.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
To analyze and forecast the market size of global electric vehicle components market.
To forecast global electric vehicle components market based on component, end user, vehicle type and regional distribution.
To identify drivers and challenges for global electric vehicle components market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions etc. in global electric vehicle components market.
To identify and analyze the profile of leading players operating in the global electric vehicle components market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, suppliers and presence of all major players across the region.
TechSci Research calculated global electric vehicle components market size using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.
Key Target Audience:
Original equipment manufacturers, suppliers, distributors and other stakeholders
Government bodies such as regulating authorities and policy makers
Organizations, industry associations, forums and alliances related to electric vehicle components
Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global electric vehicle components market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, By Component:
Vehicle Interface Control Module
Market, By Vehicle Type:
Electric Passenger Car
Electric Commercial Vehicle
Market, By End User:
Market, By Region:
Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global electric vehicle components market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
Profit margin analysis in case of direct and indirect sales channel.
Please Note: Report will be updated with the latest data and delivered to you within 3-5 working days of order.
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