Us Electric Vehicle Components Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
Electric Vehicle Components Market was valued at USD 85 Billion in 2022 and is projected to reach USD 200 Billion by 2030, growing at a CAGR of 11.5% from 2024 to 2030.
The U.S. electric vehicle (EV) components market is experiencing unprecedented growth, driven by technological advancements and strategic investments. As of 2023, the market was valued at approximately USD 38.18 billion, with projections indicating a surge to nearly USD 233.46 billion by 2030, reflecting a compound annual growth rate (CAGR) of 25.4%.
Several factors contribute to this rapid expansion:
Government Initiatives: Federal policies, such as the Inflation Reduction Act, have allocated over $400 billion to support clean technology and reindustrialization efforts, significantly boosting investments in the EV sector.
Automaker Investments: Companies like General Motors are intensifying their EV production, aiming to reduce battery costs and increase market share. GM's market share in the U.S. rose from 6% to 9%, while Tesla's share declined to 49%.
Infrastructure Development: The expansion of charging networks and battery manufacturing plants, particularly in regions dubbed the "Battery Belt," is enhancing the EV ecosystem. Towns like Elizabethtown, Kentucky, are witnessing economic booms due to the construction of EV battery factories.
However, the market faces challenges. Policy uncertainties, especially with potential changes in federal subsidies under new administrations, could impact future investments. Additionally, proposed regulations to ban Chinese software and hardware in connected vehicles may affect supply chains and component sourcing.
Despite these hurdles, the outlook remains optimistic. The global electric vehicle parts and components market is expected to reach approximately USD 508.96 billion by 2030, driven by a CAGR of 14.86% from 2022 to 2030. This growth is propelled by increasing consumer demand for sustainable transportation and continuous technological innovations.
In my experience, the transition to electric vehicles has been transformative. The advancements in battery technology have significantly extended driving ranges, and the proliferation of charging stations has alleviated range anxiety. As an EV enthusiast, witnessing the rapid evolution of this market is both exciting and indicative of a broader shift towards sustainable transportation solutions.
Interestingly, the "100 Gigabit Fiber Optic Transceiver Market" has also seen growth, paralleling the technological advancements in the EV sector, highlighting the interconnected nature of modern technological progress.
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Robert Bosch
Denso Corp.
ZF Friedrichshafen
Magna International
Aisin Seiki
Hyundai Mobis
Continental
Lear Corp.
Forvia
Valeo
Tenneco Inc.
Yazaki Corp.
Sumitomo Electric
BorgWarner Inc.
Yanfeng Automotive
Hitachi Automotive
Panasonic Automotive
Mahle GmbH
MARELLI
JTEKT Corp.
Motherson Group
Gestamp
ThyssenKrupp AG
Plastic Omnium
Toyota Boshoku Corp.
Dana Incorporated
Schaeffler
Autoliv Inc.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Electric Vehicle Components Market
Lithium-ion Batteries
Lead-acid Batteries
Solid-state Batteries
Nickel-metal Hydride Batteries
Permanent Magnet Synchronous Motors (PMSM)
Induction Motors
Switched Reluctance Motors (SRM)
Transverse Flux Motors
Inverters
Converters
Controllers
Charging Equipment
Cooling Systems
Heating Systems
Heat Exchangers
Thermal Interface Materials
Battery Management Systems (BMS)
Electronic Control Units (ECU)
Onboard Diagnostics (OBD)
Telematics Systems
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Electric Vehicle Components Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Electric Vehicle Components Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Electric Vehicle Components Market, By Type
6. Global Electric Vehicle Components Market, By Application
7. Global Electric Vehicle Components Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Electric Vehicle Components Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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