psalexa

Electric Vehicle Component Market Research Report: By Component (Battery Pack, Motor, Controller, Electric Vehicle Supply Equipment, DC–DC Converter, High-Voltage Cable, Power Distribution Module, Thermal Management System, Vehicle Interface Control Module), End Use (OEM, Aftermarket), Geographical Outlook (U.S., Germany, U.K., France, Spain, China, Japan, South Korea, Brazil, Mexico) – Industry Opportunity Analysis and Growth Forecast to 2025

  • Published: November 2019
  • Report Code: AT11759
  • Available Format: PDF
  • Pages: 151

The global electric vehicle component market was valued at $22.2 billion in 2018 and is expected to be worth $157.4 billion by 2025, growing with a CAGR of 29.4% between 2019 and 2025. The growth of the market is mainly aided by the increasing adoption of electric vehicles across the world.

Rest of the world (RoW) is the fastest growing region in the electric vehicle component market; it is expected to exhibit a CAGR of over 40% during the forecast period. The region contributed less than 2.5% of the global market revenue in 2018, as the penetration of electric vehicles is still at the nascent phase in the region. However, the penetration is increasing at a significant rate, with the surging adoption of electric vehicles in countries such as Brazil and Mexico.

Electric Vehicle Component Market

Dynamics of Electric Vehicle Component Market

A major trend in the electric vehicle component market is the increasing preference of electric vehicle manufacturers for induction motors over synchronous motors. For instance, Tesla Inc., one of the most prominent electric vehicle manufacturers, uses induction motors in a lot of its models, including Tesla Model 3 and Tesla Model X. The reason for the preference for induction motors is that these motors have enhanced efficiency and help in reducing the magnetic losses by decreasing the inverter voltage. Thus, the induction motor, when operated with a smart inverter, offers greater efficiency than other motors, therefore it is highly preferred in high-performance electric vehicles.

Government support for electric vehicle adoption is a major driver for the electric vehicle component market. National governments are actively taking steps to support the adoption of electric vehicles, which, in turn, is driving the growth of the components’ market. Some of the supportive initiatives include tax exemptions, purchase rebates, and financial incentives to the buyers of electric vehicles. For instance, the federal government in the U.S. provides an Internal Revenue Service (IRS) tax credit of $2,500 to $7,500 per new EV purchased, thereby creating a higher demand for electric vehicles, which, in turn, is driving the demand for electric vehicles’ components.

Electric Vehicle Component Market

Electric Vehicle Component Market Segmentation Analysis

Among all components, the battery pack constitutes the most substantial part of the vehicles. This is because the battery pack accounts for around 35–50% of the overall cost of electric vehicles, which makes the component the largest revenue contributor compared to the rest in the market. The battery pack is further comprised of a battery cell, battery management system (BMS), battery thermal management system, and other ancillary components. Out of these, the battery cell was the largest revenue generator in 2018 in the electric vehicle component market.

In terms of end use, the higher demand for electric vehicle components was registered by the OEMs category in the electric vehicle component market, owing to the growing production of electric vehicles across the world. The aftermarket category is expected to witness the faster growth during the forecast period.

Global Scenario of Electric Vehicle Component Market

Geographically, Asia-Pacific (APAC) was the largest market electric vehicle component market in the world in 2018. This is because of the greater adoption of electric vehicles in the region, led by China, than any other region. The rising environmental concern, growing government support for electric vehicles in the form of subsidies, and increasing ownership costs of internal combustion engine (ICE)-based vehicles are the major factors driving the demand for electric vehicles. For instance, the government of China has been allotting a subsidy per electric vehicle from 2017 onward, due to which the country recorded a rise in the adoption of electric vehicles by over 60% from 2017 to 2018.

Competitive Landscape of the Electric Vehicle Component Market

The manufacturing of electric vehicle components is primarily concentrated in China, Japan, South Korea, and the U.S., with all the top manufacturing companies located in these four countries. This is mainly attributed to the scalability of production volumes, presence of government incentives and subsidies, as well as a rapidly growing consumer base in the form of electric vehicle manufacturers. The major players operating in the electric vehicle component market are Robert Bosch GmbH, Contemporary Amperex Technology Co. Ltd., Panasonic Corp., Siemens AG, DENSO Corp., LG Chem Ltd., Tesla Inc., Hitachi Ltd., ABB Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., Mitsubishi Electric Corp., LG Innotek Co. Ltd., and OptimumNano Energy Co. Ltd.

Recent Strategic Developments of Major Electric Vehicle Component Market Players

In recent years, the major players in the global electric vehicle component market have taken several strategic measures, such as product launches, mergers and acquisitions, and facility expansions, to gain a competitive edge in the industry. For instance, in July 2019, Robert Bosch GmbH announced that it would take up a 50% stake in MAGURA Bike Parts, a subsidiary of MAGURA, in order to introduce a joint venture under the name MAGURA Bosch Parts & Services GmbH & Co. KG. Similarly, in April 2019, LG Chem entered into a joint venture with VinFast Trading and Production LLC (a subsidiary of Vingroup and manufacturer of vehicles) to start the production of battery packs for the Vietnamese start-up’s electric scooters and other upcoming electric vehicles.

Key Questions Addressed/Answered in the Report

  • What is the current scenario of the global electric vehicle component market?
  • What are the emerging technologies for the development of electric vehicle components?
  • What is the present size of the categories within the market segments and their future potential?
  • What is the present size and market forecast for the components of two-wheelers?
  • What are the current technological trends in the electric vehicle batteries?
  • What are the emerging trends for the motor used in electric vehicles?
  • What are the major catalysts for the market and their expected impact during the short, medium, and long terms?
  • What are the evolving opportunities for the players in the market?
  • Which are the key regions from the investment perspective?
  • What are the market shares of the key players in the market?
  • What are the key strategies being adopted by the major players to expand their market share?
Place An Order
USD 4900 USD 5900 USD 7500
Customized Report Solution

Get a bespoke market intelligence solution

 
We are committed to ensuring the highest level of client satisfaction
Quality Acknowledgement
Quality Acknowledgement

Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you

Unmatched Standards
Unmatched Standards

Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights

Reach Us
Reach Us Whenever You Need Us

With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required

Data Security
Complete Data Security

We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws