Global Electric Vehicle Component Market Size, Share, Analysis and Forecast by 2024

The global electric vehicle component market is expected to grow at a CAGR of 32.3% during the forecast period with its market size predicted to reach USD 119.9 billion by 2024. Global electric vehicle component market has been driven by several key factors, including government support for electric vehicle adoption, increasing need to reduce greenhouse gas emission, and reducing cost of components.

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On the basis of component, the global electric vehicle component market is categorized into battery pack, motor, controller, electric vehicle supply equipment, dc–dc converter, high-voltage cable, power distribution module, thermal management system, and vehicle interface control module, wherein battery pack category held the largest share in the market in 2018.

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.

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.

Source: VynZ Research