Global Electric Passenger Car Components Market to Grow with a CAGR of 8.32% through 2028
Stringent environmental regulations promoting cleaner
transportation, advancements in battery technology enhancing EV performance,
and rising consumer awareness all these factors are driving market in the
forecast period 2024-2028
According to TechSci Research report, “Electric
Passenger Car Components Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Electric Passenger Car
Components Market stood at USD 152.83 billion in 2022 and is anticipated to
grow with a CAGR of 8.32% in the forecast period, 2024-2028 The Global Electric Passenger Car Components Market is
undergoing a remarkable transformation, driven by a paradigm shift towards
cleaner and more sustainable transportation. A confluence of factors has
propelled the growth of this market, with environmental concerns at the
forefront. Stringent emissions regulations and government incentives worldwide
have incentivized automakers to invest heavily in electric vehicle (EV)
technology, catalyzing the market's expansion. One of the pivotal components powering this growth is
the ongoing advancements in battery technology. Lithium-ion batteries, in
particular, have been a game-changer, enabling EVs to achieve longer ranges and
enhanced performance. The constant evolution of battery chemistry, energy
density, and cost-effectiveness is central to making electric passenger cars
increasingly attractive to consumers. Charging infrastructure is another
critical facet of the electric passenger car components market. As the global
EV fleet grows, the demand for efficient and accessible charging solutions has
surged. Governments and private enterprises are investing significantly in
building charging networks to support this burgeoning demand. Fast-charging
stations and innovative wireless charging technologies are addressing concerns
about charging times and convenience, further propelling market growth.
Moreover, the market is witnessing substantial
development in advanced driver-assistance systems (ADAS) and autonomous driving
features. Sensors, cameras, radar systems, and computer processors are integral
components, providing enhanced safety and semi-autonomous driving capabilities.
These technologies are not only improving road safety but also elevating the
overall driving experience, contributing to the market's expansion. Battery management systems (BMS) and thermal
management systems are fundamental for ensuring the health and safety of
lithium-ion batteries in EVs. These systems optimize battery performance and
lifespan, addressing critical concerns related to battery longevity and
reliability.
In addition to technical components, the electric
passenger car components market also encompasses interior and exterior design
elements unique to electric vehicles. Lightweight materials, aerodynamic
designs, and innovative interior layouts are being adopted to enhance vehicle
efficiency and appeal. The market is highly competitive, with both traditional
automakers and new entrants investing significantly in research and
development. As consumer preferences shift towards electric vehicles and
governments continue to encourage their adoption through incentives and
regulations, the electric passenger car components market is poised for further
growth and innovation in the coming years. This transformation underscores the
pivotal role this market plays in the broader shift towards sustainable and
eco-friendly transportation solutions on a global scale.
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In Europe, the market is thriving, with a strong
emphasis on environmental sustainability and stringent emissions regulations.
European automakers are leading the charge in electric vehicle production,
offering a diverse range of models. Government incentives, such as tax breaks
and subsidies, have significantly boosted consumer adoption. The continent also
boasts a well-developed charging infrastructure, contributing to its position
as a dominant player in the global electric passenger car components market.
North America, particularly the United States, is
witnessing a rapid expansion of the market. The growing environmental
consciousness, combined with state and federal incentives, has spurred consumer
interest in electric vehicles. American automakers are investing heavily in
research and development, with a focus on battery technology and electric
powertrains. However, the charging infrastructure is still evolving, requiring
further development to support the increasing demand for electric passenger cars.
In Asia-Pacific, China is at the forefront of the
electric passenger car components market. The country's commitment to reducing
emissions and fostering domestic electric vehicle manufacturing has resulted in
a robust market presence. Chinese automakers are producing a wide range of
electric models, while advancements in battery technology and charging
infrastructure continue to support the industry's growth. Japan and South Korea
also play significant roles, with established automakers and technological innovations
in electric vehicle components.
Latin America is gradually entering the electric
vehicle landscape, albeit at a slower pace. Economic challenges and limited
charging infrastructure have slowed adoption, but some countries are making
strides in promoting electric mobility. Brazil and Mexico, for example, have
witnessed the introduction of electric vehicles from global automakers. As
government policies evolve and charging networks expand, the region's electric
passenger car components market is poised for growth.
The Middle East and Africa are in the early stages of
embracing electric mobility. While some countries, like the United Arab
Emirates, are making efforts to promote electric vehicles and establish
charging infrastructure, the dominance of oil-based transportation remains a
significant challenge. The growth of the electric passenger car components
market in this region hinges on government initiatives, international
collaborations, and the evolution of consumer preferences.
In summary, regional variations in regulations,
incentives, infrastructure development, and consumer preferences contribute to
the diverse landscape of the global electric passenger car components market,
with Europe and Asia-Pacific leading the way, North America catching up, and
Latin America and the Middle East and Africa gradually entering the electric
mobility arena.
Major companies operating in Global Electric Passenger
Car 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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“In the rapidly
evolving landscape of the Global Electric Passenger Car Components Market,
experts anticipate a continued surge in demand driven by environmental
regulations, consumer awareness, and technological advancements. As governments
worldwide intensify their focus on reducing emissions and promoting electric
mobility, the market is poised for robust growth. The ongoing innovations in
battery technology, charging infrastructure, and autonomous driving features
are expected to further accelerate the electrification of passenger vehicles
and shape the industry's future,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Global Electric
Passenger Car Components Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (SUV, Sedan,
Hatchback, MUV), 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 Region and By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Electric
Passenger Car 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
Passenger Car Components Market.
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