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Rising Demand for Electric Vehicles Driving Electric Vehicle Component Market

03-26-2020 07:39 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Rising Demand for Electric Vehicles Driving Electric Vehicle

In 2018, the global electric vehicle component market reached a value of $22.2 billion and is projected to attain $157.4 billion by 2025, advancing at a 29.4% CAGR during the forecast period (2019-2025). The market is witnessing growth because of the rising adoption of electric vehicles (EV) and declining cost of the components used in them. On the basis of end-use, the market is bifurcated into original equipment manufacturers (OEM) and aftermarket, among which, the larger demand for electric vehicle components was created by the OEMs division in 2018.

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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 Pack
Battery cell
Battery management system (BMS)
Battery thermal management system
Others
Motor
Controller
Electric Vehicle Supply Equipment (EVSE)
DC-DC Converter
High-Voltage Cable
Power Distribution Module (PDM)
Thermal Management System
Vehicle Interface Control Module (VCIM)
Market Segmentation by End Use

Original Equipment Manufacturer (OEM)
Aftermarket
Market Segmentation by Region

North America Electric Vehicle Component Market
By component
By end use
Europe Electric Vehicle Component Market
By component
By end use
By country - Germany, U.K., France, Spain, and Rest of Europe
Asia-Pacific (APAC) Electric Vehicle Component Market
By component
By end use
By country - China, Japan, South Korea, and Rest of APAC
Rest of the World (RoW) Electric Vehicle Component Market
By component
By end use
By country - Brazil, Mexico, and others

Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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