Growing adoption of electric vehicles and favorable government policies to drive global electric vehicle components market until 2025
According to TechSci Research report, “Global Electric Vehicle Components Market By Component, By Vehicle Type, By End User, By Region, Competition, Forecast & Opportunities, 2025”, the global electric vehicle components market is predicted to grow at CAGR of close to 30% during the forecast period on account of growing awareness pertaining to vehicle pollution. As a result, people are readily adopting electric vehicles and governments in various countries have introduced schemes such as incentives, subsidies, tax rebates, etc., to push the sales of electric vehicles across the globe. Growing production and sales of electric vehicles is also projected to contribute towards the demand for electric vehicle components during the next five years.
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“ Electric Vehicle Components Market “
Electric vehicle components market, globally, can be segmented based on component, vehicle type, end user and region. Based on component, market can be segregated into battery pack, electric motor, controller, vehicle interface control module, among others. Battery pack is expected to hold the largest share as the segment contributes roughly 30-40% to the overall cost of an electric vehicle and plays pivotal role in vehicle operation.
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Robert Bosch GmbH, Denso Corporation, Samsung SDI Co. Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), BYD Co. Ltd., Siemens AG, Hitachi Ltd., Mitsubishi Electric Corp., OptimumNano Energy Co. Ltd., among others are the leading players operating in global electric vehicle components market. The automotive players in the market are focusing on organic strategies such as product development to retain their lead in the market. For instance, earlier automakers used lithium-iron phosphate or LFP batteries as it has longer life cycle but in the past few years, players are switching to lithium nickel manganese cobalt oxide (NMC) batteries as it helps to extend the range of the electric vehicle.
“Asia-Pacific is expected to lead the global electric vehicle components market on account of early adoption of electric vehicle fleet in countries like China, India, Japan and presence of leading automotive players in the region. Additionally, presence of adequate electric vehicle charging infrastructure and increasing government focus on electrification of public fleets is anticipated to propel electric vehicle components market in the region over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Electric Vehicle Components Market By Component, By Vehicle Type, By End User, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global Electric Vehicle Components market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global Electric Vehicle Components market.
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