Rising Demand for Electric Vehicles Driving Electric Vehicle Component Market
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People are becoming more aware regarding the adverse effects of vehicular emissions on the environment, which is why the adoption of EVs is rising, further driving the electric vehicle component market. At the present time, approximately 43% of the total amount of greenhouse gases being emitted in the world is contributed by the automobile sector. Hence, several countries are taking initiatives to curb the emissions by reducing the use of fuel-based vehicles. The increased usage of electric vehicles will result in the reduction of the amount of carbon dioxide being emitted into the environment.
A key trend that is being observed in the electric vehicle component market is the rising preference for induction motors over synchronous motors. The reason for this is that the induction motors have improved efficiency and aid in reducing the magnetic losses by decreasing the inverter voltage. In addition to this, these motors need minimal maintenance because of the absence of slip rings, brushes, and commutators, which is why their popularity has increased in the recent years.
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Some other players operating in the global electric vehicle component market are Robert Bosch GmbH, Contemporary Amperex Technology Co. Ltd. (CATL), 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.
Market Segmentation by Component
Battery management system (BMS)
Battery thermal management system
Electric Vehicle Supply Equipment (EVSE)
Power Distribution Module (PDM)
Thermal Management System
Vehicle Interface Control Module (VCIM)
Market Segmentation by End Use
Original Equipment Manufacturer (OEM)
Market Segmentation by Region
North America Electric Vehicle Component Market
By end use
Europe Electric Vehicle Component Market
By end use
By country - Germany, U.K., France, Spain, and Rest of Europe
Asia-Pacific (APAC) Electric Vehicle Component Market
By end use
By country - China, Japan, South Korea, and Rest of APAC
Rest of the World (RoW) Electric Vehicle Component Market
By end use
By country - Brazil, Mexico, and others
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