Us New Energy Vehicle Parts Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
New Energy Vehicle Parts Market was valued at USD 30 Billion in 2022 and is projected to reach USD 70 Billion by 2030, growing at a CAGR of 12% from 2024 to 2030.
The U.S. New Energy Vehicle Parts Market is experiencing significant growth, driven by the nation's shift towards sustainable transportation solutions. This transition is propelled by increasing environmental concerns, government incentives, and technological advancements in electric vehicles (EVs). As of 2023, the market was valued at approximately $208.09 billion and is projected to reach $600 billion by 2032, reflecting a compound annual growth rate (CAGR) of 12.48% from 2024 to 2032. This robust growth underscores the escalating demand for components essential to new energy vehicles, including batteries, electric motors, powertrain systems, and charging infrastructure.
Key players in the U.S. New Energy Vehicle Parts Market include industry leaders such as Bosch, Denso, Magna International, and Hyundai Mobis. These companies are at the forefront of developing and supplying critical components that enhance the performance and efficiency of electric vehicles. Their contributions are pivotal in meeting the evolving demands of the automotive industry and consumers alike.
The market is segmented based on vehicle type, propulsion type, part type, application, and region. Vehicle types encompass passenger cars, commercial vehicles, two and three-wheelers, and buses and heavy commercial vehicles. Propulsion types include battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles. Part types cover electric motors, batteries, electronics and controls, powertrain components, and charging infrastructure. Applications are categorized into original equipment manufacturers (OEMs), tier 1 suppliers, and the aftermarket. Geographically, the market spans North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
Technological advancements are a significant driver of market growth. Innovations in battery technology, such as solid-state batteries and lithium-sulfur batteries, are expected to improve energy density, reduce charging times, and extend battery lifespan. These advancements address current limitations and enhance the overall performance of electric vehicles. Additionally, the development of vehicle-to-grid (V2G) technology, where electric vehicles can feed energy back into the grid, presents new business models and revenue streams for EV owners and manufacturers.
Government initiatives also play a crucial role in promoting the adoption of new energy vehicles. Policies such as tax credits, rebates, and infrastructure development for charging stations are designed to make electric vehicles more accessible and appealing to consumers. For instance, the U.S. federal government offers up to $7,500 in tax credits for qualifying EVs, stimulating growth in both the consumer and commercial EV sectors.
Despite the positive outlook, the market faces challenges, including high initial costs of electric vehicles, limited charging infrastructure, and supply chain issues related to sourcing raw materials for electric components. Addressing these challenges is essential to sustain the growth trajectory of the U.S. New Energy Vehicle Parts Market.
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Bosch
ZF Group
IKD Company
Zhejiang Shuanghuan Driveline
Jiangsu Pacific Precision Forging
BYD
SAIC
Infineon
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 New Energy Vehicle Parts Market
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Fuel Cell Electric Vehicles (FCEVs)
Hybrid Electric Vehicles (HEVs)
Batteries
Lithium-ion Batteries
Nickel-metal Hydride Batteries
Solid-state Batteries
Electric Motors
AC Motors
DC Motors
Power Electronics
Inverters
Converters
Charging Infrastructure
Electric Vehicle Supply Equipment (EVSE)
Smart Charging Stations
Passenger Vehicles
Commercial Vehicles
Two-wheelers
Buses
Electric
Hydrogen
Bio-fuels
OEMs (Original Equipment Manufacturers)
Aftermarket
Replacement Parts
Performance Parts
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 New Energy Vehicle Parts 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 New Energy Vehicle Parts Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global New Energy Vehicle Parts Market, By Type
6. Global New Energy Vehicle Parts Market, By Application
7. Global New Energy Vehicle Parts Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global New Energy Vehicle Parts Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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