Press release
Worldwide Surging Road Traction Boosts Electric Vehicle Component Demand
The rest of the world is about to experience the highest CAGR. The rising penetration of electric vehicles more specifically in Brazil, and Mexico propel the demand for various components.
EV manufacturers are shifting their focus from synchronous motors to induction motors. For instance; Tesla integrates induction motors in various models such as Model X and Teska Model 3.
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In addition, automotive companies are adopting induction motors, as they are highly efficient and support reducing magnetic losses by decreasing the inverter's voltage.
Under the component segment, the battery pack holds the largest industry share. It is ascribed to overall price of the electric vehicles. Among various sub-components of battery pack, it accounts for the significant industry share.
Under the end user segment, the OEM category experiences the faster growth. It is led by the worldwide surging production of the electric vehicles.
The afterparts category is projected to experience the substantial CAGR in the coming years, led by the surging demand for replancement components and parts.
Under the geographical segment, APAC generates the higher industry revenue, attributed the wide adoption of electric vehicles in the region. It is ascribed to government support, rising environmental concerns, and surging operational cost of internal combustion engine-powdered automobiles.
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China leads the APAC based industry, owing to the government initiatives in the form of subsidies propelling the purchase of new electric vehicles.
Company players are participating in the acquisitions, mergers, and product launches to improve their position in the industry, and remain on the competitive edge.
The major companies operating in the industry are; Robert Bosch GmBH, Panasonic Corp., Siemens AG, BYD Co. Ltd., Mitsubishi Electric Corp., Tesla Inc., BYD Co. Ltd., OptimumNano Energy Co. Ltd., LG Innotek Co. Ltd, DENSO Corp., and ABB Ltd.
Therefore, the growing adoption of electric vehicles led by rising environmental concerns boost the demand for electric vehicle components.
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