Dublin, Feb. 09, 2026 (GLOBE NEWSWIRE) -- The "Electric Vehicle Parts and Components - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)" has been added to ResearchAndMarkets.com's offering.
The global electric vehicle (EV) parts and components market is experiencing a notable transformation, valued at USD 210.28 billion in 2025 and projected to reach USD 299.93 billion by 2031 with a CAGR of 6.12% from 2026-2031.
A shift from double-digit growth reflects a move towards supply-demand equilibrium as manufacturing scale, component standardization, and robust policy frameworks stabilize the market from early adoption phases. The decline in lithium-ion battery costs, along with synchronized zero-emission mandates and rapid fast-charging infrastructure developments, bolster demand, while the transition of original equipment manufacturers (OEMs) to 800 V platforms increases semiconductor content per vehicle. Fragmentation remains due to competition among traditional Tier-1 suppliers, battery specialists, and semiconductor firms, driven by regional supply-chain localization and critical mineral sourcing challenges.
Global Electric Vehicle Parts and Components Market Trends and Insights
Declining Li-ion Battery Costs and Gigafactory Output
In 2023, global battery pack prices fell to USD 139 per kWh with cell manufacturing capacity exceeding 1,200 GWh. Lower costs enhance EV affordability, attract fleet investments, and motivate automakers to establish in-house pack assembly lines. Regional gigafactories in Europe and North America mitigate risks and incentivize domestic production, although supply security faces challenges from lithium hydroxide and high-nickel cathode processing bottlenecks.
Government Incentives and ZEV Mandates
The Inflation Reduction Act introduces a USD 7,500 tax credit based on local content, urging suppliers to ramp up U.S. production. Europe's 'Fit for 55' initiative aims to phase out internal combustion engines by 2035, ensuring investment clarity, while China's dual-credit mechanism continues driving demand, yielding 11.3 million EV sales in 2024. Regulatory convergence across major markets boosts global volumes, allowing suppliers to spread R&D costs across broader order books.
Critical-Mineral Supply Bottlenecks
Lithium carbonate prices fluctuated significantly in 2024, impacting battery production costs and strategies in the EV and energy storage domains. Refining gaps, not raw material shortages, present a major constraint, accelerating hydroxide projects. Cobalt and nickel dependencies introduce risks, pushing battery makers to diversify chemistries toward lithium iron phosphate.
Segment Analysis
The passenger car segment held 72.65% of revenue in 2025, with commercial vehicles growing at an 8.46% CAGR. Light commercial vehicles focus on optimized battery packs and thermal systems, as last-mile delivery solutions. Buses and trucks utilize high-capacity chargers for regional freight routes, demanding durable cells and megawatt-class connectors.
Commercial electrification changes aftermarket needs, with increased wear on components such as cooling plates and contactors, boosting replacement parts revenue. Fleet operations encourage telematics-embedded condition monitoring, fostering collaborations between OEMs, telematics firms, and Tier-1 suppliers.
The BEV sector retained 61.70% revenue share in 2025, driven by reduced pack costs and extensive charging networks. Plug-in hybrids face value proposition challenges as battery costs drop. FCEVs lead in long-haul applications due to hydrogen refueling compatibility, but slow passenger adoption impacts volumes.
Geography Analysis
Asia-Pacific commanded 58.10% of global revenue in 2025, driven by China's EV registrations and comprehensive supply chain, while Japan and South Korea lead in specific technologies. Middle East and Africa markets are growing rapidly, fueled by infrastructure investments and resource advantages. North America benefits from localized production and the Inflation Reduction Act, while European efforts focus on recycling and the circular economy.
Key Topics Covered:
1 Introduction
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Landscape
4.1 Market Overview
4.2 Market Drivers
4.2.1 Declining Li-Ion Battery Costs and Gigafactory Output
4.2.2 Government Incentives and ZEV Mandates
4.2.3 OEM Shift to 800-V Architectures Elevating Power-Electronics Demand
4.2.4 Expansion of Public Fast-Charging Infrastructure
4.2.5 Silicon-Carbide Device Adoption Lifting Component ASPs
4.2.6 Rise of Software-Defined E-Powertrain Control Units
4.3 Market Restraints
4.3.1 Critical-Mineral Supply Bottlenecks
4.3.2 Inadequate Grid Capacity in Emerging Markets
4.3.3 Rare-Earth Magnet Price Volatility
4.3.4 OEM Vertical Integration Squeezing Tier-1 Revenue Pools
4.4 Value / Supply-Chain Analysis
4.5 Regulatory Landscape
4.6 Technological Outlook
4.7 Porter's Five Forces
5 Market Size and Growth Forecasts (Value, USD)
5.1 By Vehicle Type
5.1.1 Passenger Cars
5.1.1.1 Compact
5.1.1.2 SUV / Crossover
5.1.1.3 Luxury
5.1.2 Commercial Vehicles
5.1.2.1 Light Commercial Vehicles
5.1.2.2 Buses and Coaches
5.1.2.3 Medium and Heavy Trucks
5.2 By Propulsion Type
5.2.1 Battery Electric Vehicle
5.2.2 Plug-in Hybrid Electric Vehicle
5.2.3 Hybrid Electric Vehicle
5.2.4 Fuel Cell Electric Vehicle
5.3 By Component Type
5.3.1 Battery Packs
5.3.1.1 Battery Cells
5.3.1.2 Battery Management Systems
5.3.1.3 Battery Thermal Management Systems
5.3.2 Electric Motors
5.3.2.1 Permanent-Magnet Synchronous
5.3.2.2 Induction
5.3.2.3 Switched-Reluctance
5.3.3 Power Electronics
5.3.3.1 Inverters
5.3.3.2 DC-DC Converters
5.3.3.3 On-board Chargers
5.3.4 Thermal-Management Components
5.3.4.1 Heat Exchangers
5.3.4.2 Cooling Plates
5.3.5 Wiring, Harnesses and Connectors
5.3.6 Sensors and Control Units
5.4 By Voltage Platform
5.4.1 Up to 400 V Systems
5.4.2 800-V Systems
5.4.3 Above 800-V Systems
5.5 By Geography
6 Competitive Landscape
6.1 Market Concentration
6.2 Strategic Moves
6.3 Market Share Analysis
6.4 Company Profiles (Includes Global-level Overview, Market-level Overview, Core Segments, Financials as Available, Strategic Information, Market Rank/Share for Key Companies, Products & Services, and Recent Developments)
6.4.1 Contemporary Amperex Technology Co. Ltd (CATL)
6.4.2 LG Energy Solution Ltd
6.4.3 Panasonic Holdings Corp.
6.4.4 BYD Co. Ltd
6.4.5 Samsung SDI Co. Ltd
6.4.6 Robert Bosch GmbH
6.4.7 Denso Corporation
6.4.8 Continental AG
6.4.9 Hyundai Mobis Co. Ltd
6.4.10 Toyota Industries Corporation
6.4.11 BorgWarner Inc.
6.4.12 Hitachi Astemo Ltd
6.4.13 Nidec Corporation
6.4.14 Magna International Inc.
6.4.15 ZF Friedrichshafen AG
6.4.16 Vitesco Technologies Group AG
6.4.17 Aisin Corp.
6.4.18 Valeo SA
6.4.19 Infineon Technologies AG
6.4.20 Aptiv PLC
7 Market Opportunities & Future Outlook
For more information about this report visit https://www.researchandmarkets.com/r/9nqm2e
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