Electric Vehicle Component Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

1. Electric Vehicle Component Market Growth, Segments, Size, Industry Analysis and Opportunities 2025 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 Robert Bosch GmbH, Contemporary Amperex Technology Co. Ltd., 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. 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. Request to Get the Sample Report@ 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

2. 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. 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.