Electric Vehicle Components Market

Market Size and Growth

Global Electric vehicle components Market reached US$ 119.29 billion in 2024 and is expected to reach US$ 442.35 billion by 2032, growing with a CAGR of 17.80% during the forecast period 2025-2032.

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Key Development:

United States: Recent Electric‐Vehicle Components Developments

✅ In October 2025, Denso Corporation announced a set of new electrification components for EVs including an inverter for an eAxle, a battery‐voltage & temperature supervising circuit, and a current sensor slated to be used in the next‐gen Toyota bZ4X.

✅ In 2025, the U.S. market for EV inverters and power‐control units continued to see robust adoption as manufacturers push for SiC‐based and high‐efficiency solutions positioning U.S. supply chains to better support EV power electronics demand.

✅ In 2025, many U.S. EV‐aftermarket and component‐supplier reports highlight increased activity in EV replacement parts, inverters, and control‐electronic modules reflecting rising EV maintenance and retrofit demand.

✅ In 2025, U.S. EV component suppliers are focusing on modular power electronics and high-voltage safety systems to support growing domestic EV production.

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Japan: Recent Electric‐Vehicle Components Developments

✅ In November 2025, Mitsubishi Electric completed construction of a new 8‐inch silicon carbide (SiC) power‐semiconductor wafer fab in Kikuchi, Kumamoto Prefecture pilot production is slated to start in November, with full mass production targeted by 2027.

✅ In October 2025, Mitsubishi Electric officially opened the SiC semiconductor facility aimed at meeting growing EV power‐electronics demand, even as the broader EV market faces some cooling.

✅ In October 2025, Denso announced new electrification components for EV usage: inverter, battery‐supervising circuit, and current sensor marking a push by Japanese suppliers to support next‐gen EV powertrain efficiency.

✅ In 2025, the demand for SiC-based power MOSFETs critical for EV inverters and high‐voltage power electronics has surged globally, with Japan’s component firms well-positioned to supply modules as SiC adoption increases.

Recent Mergers and acquisitions:

✅ In November 2025, Linamar Corporation completed acquisition of select assets of Aludyne North America (for US $300 million), adding aluminum casting, precision machining and structural‐component capabilities such as knuckles, subframes, control arms and axle‐housings bolstering its capacity to supply chassis and structural EV components.

✅ In November 2025, Clarios acquired Maxwell Technologies a supplier of supercapacitor cells and modules used in mobility and energy‐storage applications strengthening Clarios’s low‐voltage energy storage and EV‐component supply capabilities.

Key Players:

=> Volkswagen Group, Suzuki Motor Corporation, Robert Bosch GmbH, Mitsubishi Electric Corporation, Denso Corporation, Toyota Boshoku Corporation, Hitachi Astemo, Tesla Inc, BorgWarner Inc, Valeo and among others.

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Key Segments:

By Component

Battery packs lead with 30% share, driven by the core energy storage requirement for electric vehicles (EVs) and growing adoption across passenger cars, commercial vehicles, and two-wheelers. Battery management systems account for 15%, supported by their critical role in monitoring, controlling, and optimizing battery performance and lifespan. Electric motors hold 20%, fueled by rising production of EVs and hybrid vehicles requiring efficient propulsion systems. Power electronics represent 10%, reflecting demand for inverters, converters, and controllers enabling smooth energy flow. On-board chargers account for 5%, supported by EV charging infrastructure growth. Charging ports & connectors hold 5%, driven by standardization and interoperability needs. Thermal management systems represent 5%, ensuring battery and motor temperature regulation. Transmission/E-Axles account for 5%, reflecting integration into EV drivetrains. Other components make up 5%, including auxiliary systems and emerging EV technologies.

By Vehicle Type

Passenger cars dominate with 55% share, fueled by high adoption of battery electric vehicles (BEVs) and plug-in hybrids, supported by urban mobility trends and government incentives. Commercial vehicles account for 30%, driven by logistics electrification, last-mile delivery fleets, and corporate sustainability initiatives. Two-wheelers & e-scooters hold 15%, reflecting growing micro-mobility adoption in Asia-Pacific and emerging markets.

By Propulsion Type

Battery electric vehicles (BEVs) lead with 50% share, driven by environmental regulations, charging infrastructure expansion, and consumer preference for zero-emission vehicles. Hybrid electric vehicles (HEVs) account for 25%, supported by transitional adoption and fuel efficiency advantages. Fuel cell electric vehicles (FCEVs) hold 10%, reflecting adoption in heavy-duty applications and niche markets. Plug-in hybrid vehicles (PHEVs) represent 15%, fueled by combined benefits of electric driving and internal combustion engine range.

By Sales Channel

OEMs dominate with 70% share, driven by direct integration of EV components in manufacturing and strategic partnerships between automakers and battery suppliers. Aftermarket accounts for 30%, supported by replacement components, retrofitting, and service upgrades for commercial and private EV fleets.

By Region

Asia-Pacific – 40% Share

Asia-Pacific leads with 40%, driven by high EV adoption in China, Japan, and India, government incentives, and strong local manufacturing capabilities.

North America – 25% Share

North America holds 25%, supported by U.S. and Canadian EV initiatives, charging infrastructure development, and increasing production of passenger and commercial electric vehicles.

Europe – 20% Share

Europe accounts for 20%, fueled by stringent emission norms, electrification of passenger and commercial fleets, and government policies in Germany, France, U.K., Italy, Spain, and neighboring countries.

Latin America – 7% Share

Latin America holds 7%, driven by growing passenger EV adoption, fleet electrification, and infrastructure development in Brazil, Mexico, and nearby countries.

Middle East & Africa – 8% Share

The Middle East & Africa represent 8%, supported by increasing interest in EVs, renewable energy integration, and pilot adoption in GCC countries, South Africa, and other emerging markets.

FAQ

What is the current size of the Electric vehicle components Market?

A: In 2024, the Electric vehicle components Market was valued at US$ 119.29 billion , reflecting its strong industry presence.

Q2: How large is the Electric vehicle components Market expected to be by 2032?

A: By 2032, industry forecasts suggest the Electric vehicle components Market will grow to around US$ 442.35 billion , demonstrating significant expansion.

Q3: What is the growth rate of the Electric vehicle components Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 17.80% during the forecast period from 2025 to 2032.

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