The global electric vehicle component market is expected to register a significant growth in the near future. The growth of the domain can also be attributed to the reduction in the prices of electric components. Since electric vehicles are supposed to play a major role in decreasing carbon emission levels, it is important that these vehicles become accessible to a larger number. Due to this, manufacturers in the automotive industry have been focusing on decreasing the cost of electric vehicle components for their wider adoption.
The EV component market is predicted to generate a revenue of $157.4 billion by 2025, increasing from $22.2 billion in 2018, advancing at a 29.4% CAGR during the forecast period (2019–2025). On the basis of component, the market is divided into vehicle interface control module, battery pack, thermal management system, motor, electric vehicle supply equipment, controller, power distribution module, high-voltage cable, and DC–DC converter. Among all these, the battery pack division held the largest revenue share of the market in 2018.
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This is due to the rising adoption of electric vehicles across the world. The aftermarket category is projected to progress at a faster pace during the forecast period, owing to the rising need for replacement. Geographically, the electric vehicle component market is being dominated by Asia-Pacific, majorly because of the growing production and sales of electric vehicles. Governments of various countries in the region are taking initiatives for increasing the adoption of electric vehicles, which is predicted to drive the market during the forecast period.
In conclusion, the market is growing due to the rising adoption of electric vehicles and reducing prices of electric vehicle components.
Market Segmentation by Component
- Battery Pack
- Battery cell
- Battery management system (BMS)
- Battery thermal management system
- Electric Vehicle Supply Equipment (EVSE)
- DC–DC Converter
- High-Voltage Cable
- Power Distribution Module (PDM)
- Thermal Management System
- Vehicle Interface Control Module (VCIM)
Market Segmentation by End Use
- Original Equipment Manufacturer (OEM)