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Global Electric Vehicle Component Market – Analysis and Forecast (2019-2024)

The global electric vehicle component market was valued at USD 22.5 billion in 2018. Government support for electric vehicle adoption, increasing need to reduce greenhouse gas emission, and reducing cost of components, propelling the growth of the market.<br><br>Global electric vehicle component market has been driven by several key factors, including government support for electric vehicle adoption, increasing need to reduce greenhouse gas emission, and reducing cost of components. <br><br>China has an aggressive target to reduce carbon emission and adopt electric vehicles. As reported by Forbes, the central and local government in China spent $ 7.7 billion on electric vehicles subsidiary in 2017. Similarly, in China electric vehicles are exempt from purchase taxes during 2014 u2013 2017, Chinese government has further extended it to 2020. The Chinese government at Centre offers consumers subsidy renews its plans in every two or three years. For battery electric vehicles, subsidies were around 40 to 60% of the vehicle cost. Also, in 2018, the country implemented dual-credit policy which targets automakers selling passenger vehicles based on their average fuel consumption credits and new energy vehicle credits. This applies to the manufacturers of 30,000 vehicles or more annually. All the above stated factors help in the growth of the electric vehicle component market.

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Global Electric Vehicle Component Market – Analysis and Forecast (2019-2024)

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  1. Get in Touch: 1-888-253-3960 enquiry@vynzresearch.com Global Electric Vehicle Component Market © 2018 VynZ Research All rights reserved

  2. About VynZ Research… VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. VynZ Research has one of the most qualified & experienced analysts, who are constantly tracking the markets and the technologies. The ▪ research team has years of proven experience and wide knowledge & understanding of the technology, application, business models, and regulators of the segments and the value chain involved. A trusted & proven methodology that involves highest quality of primary research, secondary analysis collated & verified through various ▪ sources including cross checking with different industry experts. Serving wide range of customers most of them from Fortune 2000 companies ▪ With a dedicated 24x7 customer helpline our customers can reach for specifying their needs ▪ Developing long term relationship with the clients and satisfying them is one of the crucial notches of the company. VynZ Research aims at ▪ gaining and retaining its clients in order to make long term customer relationship. © 2018 VynZ Research All rights reserved

  3. Global Electric Vehicle Component Market Industry Overview The global electric vehicle component market was valued at USD 22.5 billion in 2018. Government support for electric vehicle adoption, increasing need to reduce greenhouse gas emission, and reducing cost of components, propelling the growth of the market. Market Segmentation On the basis of component, the global electric vehicle component market is categorized into battery pack, motor, controller, electric vehicle supply equipment, dc–dc converter, high-voltage cable, power distribution module, thermal management system, and vehicle interface control module, wherein battery pack category held the largest share in the market in 2018. This is due to the fact that battery pack accounts for around 34–51% of the overall cost of electric vehicles, which makes the battery pack category the largest revenue contributor compared to others in the market. © 2018 VynZ Research All rights reserved

  4. Global Electric Vehicle Component Market Growth Drivers Global electric vehicle component market has been driven by several key factors, including government support for electric vehicle adoption, increasing need to reduce greenhouse gas emission, and reducing cost of components. China has an aggressive target to reduce carbon emission and adopt electric vehicles. As reported by Forbes, the central and local government in China spent $ 7.7 billion on electric vehicles subsidiary in 2017. Similarly, in China electric vehicles are exempt from purchase taxes during 2014 – 2017, Chinese government has further extended it to 2020. The Chinese government at Centre offers consumers subsidy renews its plans in every two or three years. For battery electric vehicles, subsidies were around 40 to 60% of the vehicle cost. Also, in 2018, the country implemented dual-credit policy which targets automakers selling passenger vehicles based on their average fuel consumption credits and new energy vehicle credits. This applies to the manufacturers of 30,000 vehicles or more annually. All the above stated factors help in the growth of the electric vehicle component market. © 2018 VynZ Research All rights reserved

  5. Global Electric Vehicle Component Market Geography Insight Geographically, Asia-Pacific has accounted for the largest share in the electric vehicle component market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the huge adoption of electric vehicles in the region, led by China, than any other region. Increasing environmental concern, and rising government support for electric vehicles in the form of subsidies are the major factors driving the demand for electric vehicles in China. Competitive Insight Some of the key players operating in the global electric vehicle component market are Siemens AG, DENSO Corp., LG Chem Ltd., Tesla Inc., Hitachi Ltd., ABB Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., Robert Bosch GmbH, Contemporary Amperex Technology Co. Ltd., Panasonic Corp., OptimumNano Energy Co. Ltd., Mitsubishi Electric Corp., and LG Innotek Co. Ltd. © 2018 VynZ Research All rights reserved

  6. For Sample Report :- https://www.vynzresearch.com/automotive-transportation/electric-vehicle-component- market/request-sample www.vynzresearch.com © 2018 VynZ Research All rights reserved

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