1. Horizontal velocity (Vx): This component remains constant throughout the projectile's flight, assuming no air resistance. It is responsible for the projectile's horizontal displacement.

2. Vertical velocity (Vy): This component changes due to gravity. It starts at the initial vertical velocity, slows down as the projectile goes upwards, becomes zero at the highest point, and accelerates downwards as the projectile falls. It is responsible for the projectile's vertical displacement.