Electric Vehicle Components Market is likely to register double digit CAGR during 2019 to 2029
Rather than traditional gasoline or diesel engines, an electric motor runs an electric vehicle. The motor is powered by rechargeable batteries, which can be charged at home or at an EV charging station. These vehicles run on few technologies, such as battery electric vehicles(BEV), plug-in hybrid electric vehicles(PHEV), range extender(hybrid) electric vehicle(HEV). Three primary components in an electric car and motorcycles are an electric engine, a battery and a motor controller. Other than these, monitoring displays, electric brakes are vital components.
Batteries used in electric vehicles comes in three types, out of which lithium-ion batteries are quite expensive yet good performance, lead acid batteries are the cheapest in price and nickel metal hydride batteries are moderately priced and have higher output than lead-acid batteries. Motors used in electric vehicles are DC motors, AC induction motors, switched reluctance motor and permanent magnet synchronous motor.
Electric vehicles originated in the late 18th century. Since then there have been numerous developments in the electric vehicle including the evolution of battery, no noise pollution at all and adaption of the technology in cars after bicycles and motorcycles. Use of light weight material in manufacturing of e-vehicles, gives new dimension to e-motor racing.
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Electric Vehicle Components Market: Dynamics
Government initiatives like cutting down emissions from conventional vehicles by promoting electric vehicles is leading to major growth in the electric vehicle component market. Enormous increase in the pollution and hefty amount of expenditure on exhaustible fuel is bending people towards e-vehicles, resulting in tremendous growth in electric vehicle component market. Use of simple DC motor reduces the maintenance cost of the vehicle, which is a major driver for the electric vehicle component market. Launching of more e-vehicles such as light and heavy commercial vehicles, e-rickshaws for public use coupled with health and environmental benefits from its use is set to grow the electric vehicle component market.
Electric vehicles have very limited range compared to the traditional vehicles, batteries require regular charging. Lesser implementation of outdoor charging stations, result in sudden shutting down of the vehicle, hence hybrid electric vehicles are preferred. High costs of the e-vehicles is still a challenge to the electric vehicle component market. Battery in e-vehicle gradually lose its capacity to hold the charge, though over a long time it is still a lagging part of the electric vehicle component market. Charging infrastructure for heavy commercial vehicles such as trucks also adds to that.
Heightened interest in electric vehicles, have opened number of opportunities for the global market. From start-up entrepreneurs lured by government initiatives, to multinational companies are investing a whole lot of money in technological innovations in e-vehicles and its components. There’s a surge in aftermarket sales of components.
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Recently technologies such as swappable batteries, look wise upgraded designs, more weight cutting are trending in the electric vehicle component market.
Electric Vehicle Components Market: Segmentation
By vehicle type, the global electric vehicle component market can be segmented as:
Electric Light commercial vehicle(LCV)
Electric Heavy commercial vehicle(HCV)
By product type, the global electric vehicle component market can be segmented as:
By Sales channel, the global electric vehicle component market can be segmented as:
OEM (Original Equipment Manufacturer)
Electric Vehicle Components Market: Regional Outlook
Asia Pacific leads in the sales of e-vehicles because of countries like India and China owing to benefits as government subsidies and large scale domestic production hence increasing electric vehicle component market. North America, Latin America and Europe are also estimated to drive the global electric vehicle component market owing to significant focus on minimizing vehicular emission leading to growing use of e-vehicles over the coming ten years. Japan is a leading country in the use of hybrid e-vehicles hence contributing to the electric vehicle component market. Middle East is expected to exhibit restricted growth in electric vehicle component market because of lesser adaption of e-vehicles over the years. Whereas in Africa many countries are looking forward to low cost renewable fuels, generating demand for electricity based vehicles, creating scope for electric vehicle component market.
Electric Vehicle Components Market: Key Participant
Some key players in the global Electric Vehicle Market are:
Jing-Jin Electric Technologies Co., Ltd.
Zhongshan Broad-Ocean Motor Co. Ltd.
AC Propulsion, Inc.
Contemporary Amperex Technology Co. Ltd.
BYD Company Ltd.
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