Growing demand for the environment friendly vehicles is expected to boost the growth of the electric vehicles market in coming years

According to GMI Research report, “Global Electric Vehicle Market by Component– Opportunities & Forecast 2018–2025”, the global electric vehicle components market was USD 124.9 billion in 2017 and is projected to reach USD 583.5 billion by the end of 2025, exhibiting a CAGR of 21.3% during the forecast period. The key factors driving growth of the market are favourable government policies and regulations, rise in demand for environment friendly vehicles by the consumers and increased focus of OEM’s towards the development of technologically advanced components.

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Based on components, battery pack is expected to grow at the highest CAGR through 2025

The battery pack segment is expected to grow at the highest CAGR during the forecast period owing to the increasing demand for electric vehicles worldwide. Battery packs constitute a major share in terms of cost of an electric vehicle and thus, dominates the electric vehicle components market in 2017. The battery pack segment has further been bifurcated into Lithium-ion battery, Nickel Metal Hydride Battery and Others. Lithium-ion battery is projected to grow at the highest CAGR during 2018 -2025 due to its characteristics such as safety, life-span, performance, specific energy and specific power. However, the cost of a manufacturing a Lithium-ion battery is quite high, but it is expected that the as the production volume increase, the cost will decline steeply in the near future.

“The electric vehicles market is witnessing significant growth in Asia-Pacific specifically, in China followed by Europe. Regional government’s support and growing need of environment friendly vehicles is driving the global electric vehicles. It is foreseen, that by, 2025, globally, around 22% of the cars sold would be electric cars. “-GMI Research

Asia-Pacific held the largest share in the market in 2017, owing to, the demand from the countries such as China and Japan
Asia-Pacific held the largest share in the global electric vehicles market in 2017 due to the government support in terms subsides, tax rebates, grants as well as with the improved charging infrastructure. China and Japan are key countries in the region where the adoption rate of electric vehicles are high. There were around 336,000 and 24,850 new registrations of BEV and PHEV in 2016 in China and Japan respectively. The BEV constitutes 75% of the Chinese electric car stick share. North America and Europe are the other two most dominant regions in the global electric vehicle market. United States is the key country in the North American region which registered the highest number of electric vehicles in 2017.

Key takeaways:
• The battery pack segment is expected to grow at the highest CAGR during the forecast period
• Lithium-ion battery is projected to grow at the highest CAGR during the forecast
• Asia-Pacific held the largest share in the global electric vehicles market in 2017 and is expected to grow at an estimated CAGR of 21.6% during the forecast period

Some of the key players operating in the global electric vehicles market are LG Chem., Panasonic Corporation, Samsung SDI, Automotive Energy Supply Corporation, Infineon Technologies, Mitsubishi Electric Corporation, Bosch, Continental Automotive, Microsemi Corporation, Denso Corporation, GKN PLC.

The research report on electric vehicles market provides in-depth analysis of the global electric vehicles market based on components and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for global electric vehicles market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.

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