Global Electric Vehicle Components Market to Grow with a CAGR of 12.5% through 2028
The Global Electric Vehicle
Components Market is primarily driven by increasing environmental awareness,
government incentives promoting electric mobility, and technological
advancements in battery technology and charging infrastructure.
According to
TechSci Research report, “Global Electric Vehicle Components Market –
Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Electric Vehicle Components Market stood
at USD 305 billion in 2022 and is anticipated to grow with a CAGR of 12.5% in
the forecast period, 2024-2028. The Global
Electric Vehicle Components Market is primarily driven by several key factors.
One of the key factors is the tightening of emission norms by governments
worldwide, which compels automakers to invest more in electric vehicles and
their components. This is because electric vehicles offer a cleaner and more
sustainable alternative to traditional combustion engine vehicles.
Additionally, rapid advancements in battery technology have played a crucial
role in the market growth. The continuous improvement in battery capacity and
charge times has addressed one of the major concerns of electric vehicle
adoption - range anxiety. This, in turn, has boosted consumer confidence and
increased the demand for electric vehicle components. Moreover, increasing
consumer awareness about environmental sustainability has significantly
influenced the market. As more people recognize the impact of traditional
vehicles on the environment, there is a growing preference for electric
vehicles that produce zero or fewer emissions. The dropping prices of electric
vehicles have also made them more accessible to a wider consumer base, further
stimulating the demand for electric vehicle components.
Furthermore, the
development of EV charging infrastructure has played a vital role in the market
expansion. Governments and private entities have been actively investing in the
establishment of electric vehicle charging stations to support the growing number
of electric vehicles on the road. This infrastructure development provides
convenience and reassurance to electric vehicle owners, encouraging more people
to switch to electric vehicles and driving the demand for related components. In
conclusion, the Global Electric Vehicle Components Market is experiencing
significant growth driven by various factors. The tightening emission norms,
advancements in battery technology, increasing consumer awareness, dropping
prices of electric vehicles, and the development of EV charging infrastructure
all contribute to the expansion of this market.
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The global
Electric Vehicle (EV) components market is experiencing an unprecedented surge
in demand. This surge is primarily fueled by the rapid and widespread adoption
of sustainable mobility solutions. Electric vehicles have transcended their
initial role as a mere alternative to traditional fuel vehicles and have
emerged as a transformative force within the automotive industry. With their
numerous environmental benefits and technological advancements, EVs are
reshaping the future of transportation, paving the way for a cleaner and more
sustainable world.
A crucial
element in the growth of this market is the battery, which can be regarded as
the heart of the electric vehicle (EV) revolution. With remarkable advancements
in technology, batteries have witnessed significant improvements in terms of
energy storage capacity and charging speed, revolutionizing the entire EV
landscape. Specifically, lithium-ion batteries have emerged as the leading
choice in the market, owing to their exceptional efficiency and longer
lifespan, making them highly sought after by consumers and manufacturers alike.
As the demand for EVs continues to surge, the evolution of battery technology
remains at the forefront, driving the industry towards a sustainable and
electrified future.
Electric motors,
which are another vital component in electric vehicles (EVs), are currently
experiencing rapid innovation. In the world of EVs, both AC (alternating
current) and DC (direct current) motors are utilized, with the selection of
motor type based on a combination of factors including efficiency, cost, and
the specific requirements of the vehicle. This ongoing evolution in electric
motor technology is leading to enhanced performance, improved energy
efficiency, and ultimately contributing to the advancement of the overall
electric vehicle industry.
Power
electronics is another crucial component, encompassing converters, inverters,
and charging systems. These systems control the flow of electricity between the
battery and the motor, playing a pivotal role in the overall performance of the
EV.
The availability
of a reliable charger and a well-established charging infrastructure plays a
pivotal role in influencing the consumer's decision to adopt electric vehicles
(EVs). It is crucial to ensure not only quick but also widespread accessibility
to charging infrastructure, as this remains one of the paramount challenges
that the industry is currently focusing on. By addressing this challenge and
providing a robust charging network, we can further accelerate the widespread
adoption of EVs and contribute to a sustainable future.
Next, the
Electric Vehicle Supply Equipment (EVSE) ecosystem, which comprises charging
stations and their interconnected network, plays a pivotal role in supporting
the widespread adoption of electric vehicles. The expansion and development of
this robust network are crucial factors in not only enhancing the accessibility
and convenience of owning an electric vehicle but also in fostering a
sustainable and greener transportation future. By continually expanding the
charging infrastructure, we can ensure that EV owners have a seamless and
reliable charging experience, ultimately accelerating the transition to a
cleaner and more efficient transportation system.
On-board
computer or EV management systems are essential for the smooth operation of
various EV components. These systems monitor the performance of each component
and ensure optimal vehicle operation.
Thermal
management systems play a crucial role in electric vehicles (EVs) by ensuring
the optimal operating temperature for various components. As EVs become more
technologically advanced and complex, the significance of these systems
continues to grow. By efficiently regulating temperature, these systems
contribute to the overall performance, reliability, and longevity of EVs,
making them an essential aspect of their design and functionality.
The market
encompasses a wide range of components, including the electric drivetrain,
which consists of the electric motor, power electronics, and transmission
system. Additionally, regenerative braking systems enable the conversion of
kinetic energy into electrical energy, contributing to increased efficiency.
The integration of various sensors and controllers further enhances the
functionality and safety of the overall system.
Finally, given
the current market dynamics, the global electric vehicle (EV) components market
is poised for robust growth. This growth is expected to be fueled by a
combination of factors, including favorable government policies that
incentivize the adoption of electric vehicles, ongoing technological
advancements in EV components, and an increasing consumer awareness about the
importance of environmental sustainability. As governments around the world
continue to prioritize clean energy and sustainable transportation solutions,
the demand for EV components is projected to soar, creating new opportunities
for businesses operating in this sector.
Major companies
operating in Global Electric Vehicle Components Market are:
- Continental AG
- Robert Bosch GmbH
- Denso Corporation
- Hella GmbH & Co. KGaA
- Toyota Industries Corporation
- Hyundai Mobis
- Samsung SDI Co Ltd
- Panasonic Corporation
- Contemporary Amperex Technology Co. Ltd
- BorgWarner Inc.
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“The
Global Electric Vehicle Components Market is primarily driven by several key
factors. The tightening of emission norms by governments worldwide compels
automakers to invest more in electric vehicles, propelling the market for their
components. Rapid advancements in battery technology, specifically in terms of
capacity and charge times, also fuel market growth. Increasing consumer
awareness about environmental sustainability and the dropping prices of
electric vehicles further stimulate demand. Finally, the development of EV
charging infrastructure by various governments and private entities catalyzes
the market expansion.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Global
Electric Vehicle Components Market Segmented By Vehicle Type (Passenger
Vehicles and Commercial Vehicles), By Propulsion Type (Battery Electric
Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle, and
Hybrid Electric Vehicle), By Component Type (Battery Packs, DC-DC Converter,
Controller & Inverter, Motor, On-Board Chargers, and Other Component Types),
By Regional, By Competition Forecast & Opportunities, 2018-2028F”, 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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