Business impacts of COVID-19 on Electric Vehicle Component Market. Strategies of major industry competitors | Contemporary Amperex Technology Ltd. (CATL), Panasonic, Siemens, DENSO, Tesla, Hitachi, Ltd.

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 major players operating in the electric vehicle component market are:
1- Contemporary Amperex Technology Ltd. (CATL)
2- Panasonic
3- Siemens
4- DENSO
5- Tesla
6- Hitachi, Ltd.

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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.

When component is taken into consideration, the electric vehicle component market is categorized into battery pack, controller, electric vehicle supply equipment, high-voltage cable, thermal management system, motor, DC-DC converter, power distribution module, and vehicle interface control module. The battery pack category is projected to account for the major share of the market during the forecast period, as it the most important part of the vehicles. Moreover, battery pack accounts for approximately 35-50% of the total cost of electric vehicles, which is why this component is the major revenue contributor to the market.

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Thus, the market is growing due to the growing adoption of electric vehicles, which is further taking place due to the rapid environmental degradation and rising government support for the adoption of electric vehicles.

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

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