The adoption of electric vehicles has been increasing swiftly among people since the past few years. This can be attributed to a number of factors, such as the surging air pollution levels, rapid decline of fossil fuels, and increasing awareness among people. In addition to this, governments across the globe are also offering a number of financial incentives, tax exemptions, and purchase rebates on the purchase of electric vehicle in order to encourage their adoption.
This growing demand for electric vehicles is further leading to the increasing requirement for electric vehicle components across the globe. In 2018, the worldwide electric car fleet reached over 5.1, rising by more than 2 million from the previous year. The fleet size is further projected to rise to 130 million by 2030. This kind of rise in the adoption of electric vehicles is bound to lead to high need for different electric vehicle components in the years to come.
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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 electric vehicle 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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In conclusion, the market is growing due to the rising adoption of electric vehicles and reducing prices of electric vehicle components.
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