Answer
Yes a vector may have a component equal to zero but still may have its magnitude non zero.
Work Step by Step
Component of a vector is given as the product of the magnitude of the vector and the cosine of the angle between the vector and the axis of the component. If the angle between the vector and the axis of component is $90 ^\circ$ then component is equal to zero. For example Unit vector along $x$ axis has zero component along $y$ and $z$ axis.
