DUBLIN, Feb. 14, 2020 /PRNewswire/ -- The "Electric Vehicle Component Market Research Report: By Component, End Use, Geographical Outlook - Industry Opportunity Analysis and Growth Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
Rising Demand for Electric Vehicles Driving Electric Vehicle Component Market
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.
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.
Among all the regions, namely Europe, Asia-Pacific (APAC), North America, and Rest of the World, the largest share of the electric vehicle component market was held by the APAC region in 2018. This was due to the increased usage of electric vehicles in the region, primarily in China. Factors including rising government support for EVs in the form of subsidies, increasing environmental concern, and growing ownership costs of internal combustion engine-based vehicles are leading to the use of electric vehicles in the region.
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.
Furthermore, the governments of different countries are increasingly taking steps for supporting the adoption of electric vehicles. Tax exemptions, financial incentives, and purchase rebates are some of the supportive initiatives taken by governments, which are predicted to drive the electric vehicle component market in the coming years. For example, the federal government in the U.S. provides an Internal Revenue Service tax credit of $2,500 to $7,500 per new EV purchased, where the tax credit amount depends on the size of the vehicle and battery capacity.
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.
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.
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Component
22.214.171.124 Battery pack
126.96.36.199.1 Battery cell
188.8.131.52.3 Battery thermal management system
184.108.40.206 DC-DC converter
220.127.116.11 High-voltage cable
18.104.22.168 Thermal management system
4.1.2 By End Use
4.2 Value Chain Analysis
4.3 Market Dynamics
22.214.171.124 Shift Toward Lithium-Nickel-Manganese-Cobalt (NMC) Oxide Batteries from Lithium-Iron Phosphate (LFP) Batteries
126.96.36.199 Growing Preference for Induction Motors
188.8.131.52 Increasing Adoption of Electric Vehicles
184.108.40.206.1 Growing Environmental Concern
220.127.116.11.2 Government Support for Electric Vehicle Adoption
18.104.22.168 Declining Cost of the Components
22.214.171.124 Impact Analysis of Drivers on Market Forecast
126.96.36.199 High Initial Cost of Electric Vehicles
188.8.131.52 Underdeveloped Value Chain
184.108.40.206 Impact Analysis of Restraints on Market Forecast
220.127.116.11 Growth Opportunities in the Emerging Economies in the World
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Intensity of Rivalry
4.4.4 Threat of New Entrants
4.4.5 Threat of Substitutes
Chapter 5. Technological Trends and their Impact on Automotive Industry
5.1 Technological Trends in Electric Vehicle Batteries
5.2 Technological Trends in Electric Vehicle Motors
Chapter 6. Electric Two-Wheeler Component Market
6.1 Global Electric Two-Wheeler Component Market, By Component
6.1.1 Global Two-Wheeler Battery Pack Market
6.2 North America Electric Two-Wheeler Component Market, By Component
6.3 Europe Electric Two-Wheeler Component Market, By Component
6.4 APAC Electric Two-Wheeler Component Market, By Component
6.5 RoW Electric Two-Wheeler Component Market, By Component
Chapter 7. Global Market Size and Forecast
7.1 By Component
7.1.1 Battery Pack, by Component
7.2 By End Use
7.3 By Region
Chapter 8. North America Market Size and Forecast
Chapter 9. Europe Market Size and Forecast
Chapter 10. APAC Market Size and Forecast
Chapter 11. RoW Market Size and Forecast
Chapter 12. Competitive Landscape
12.1 List of Players and Their Offerings
12.2 Market Share Analysis of Key Players
12.2.1 Electric Vehicle Battery Manufacturers
12.2.2 Electric Vehicle Motor and Controller Manufacturers
12.3 Competitive Benchmarking of Key Players
12.4 Global Strategic Developments of Key Players
12.4.2 Geographical Expansion
12.4.3 Facility Expansions
12.4.4 Client Wins
12.4.5 Other Developments
Chapter 13. Company Profiles
13.1 Robert Bosch GmbH
13.1.1 Business Overview
13.1.2 Product and Service Offerings
13.1.3 Key Financial Summary
13.2 Contemporary Amperex Technology Co. Ltd.
13.3 Panasonic Corp.
13.4 Siemens AG
13.5 DENSO Corp.
13.6 LG Chem Ltd.
13.7 Tesla Inc.
13.8 Hitachi Ltd.
13.9 ABB Ltd.
13.10 Samsung SDI Co. Ltd.
13.11 BYD Co. Ltd.
13.12 Mitsubishi Electric Corp.
13.13 LG Innotek Co. Ltd.
13.14 OptimumNano Energy Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/iq6sz6
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