© Copyright Our Wall
Countries around the world have
set targets to reduce vehicle emissions by 2035. They have started promoting
the development and sales of EVs and related charging infrastructure. For instance,
according to the Natural Resources Defense Council, automotive companies in the
US have announced US 210 billion in investments in the EV industry to promote
EV infrastructure such as charging stations. Several governments are providing
various incentives, such as low or zero registration fees and exemptions from
import taxes, purchase taxes, and road taxes for the adoption of EVs. This will
grow the electric vehicle components market in the future.
New entrants and major
automobile manufacturers are investing heavily in electrification. EVs are
being launched across the spectrum from compact cars to luxury SUVs and
commercial vehicles. The competitive landscape encourages fast steps in
performance, range, and affordability, and EVs are increasingly becoming an
option for consumers worldwide.
Recent Trends in the Electric Vehicle Component Market
An electric vehicle, driven by
one or more electric motors, draws upon stored energy in rechargeable
batteries. Private and public charging infrastructure allows these vehicles to
be charged. The four primary types of electric vehicles include battery electric
vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric
vehicles (HEVs), and fuel cell electric vehicles (FCEVs). Electric vehicle
components are core parts that make electric vehicles operational. Major
electric vehicle components include battery cells and packs, on-board chargers,
motors, power control units, battery management systems, fuel cell stacks, and
power conditioners. A few major players in the market include Tesla (US), BYD
(China), Suzuki Motor Corporation (Japan), and BMW (Germany), among others.
Electric Vehicle Component
Market Dynamics
The primary drivers for the
electric vehicle and related components are the governmental initiatives for
emissions reduction and efforts towards sustainable transport. More adoption of
electric vehicles implies more demand for electric vehicle components. Growing
prices of fossil fuels and more concern for the environment are leading
consumers to EVs, thereby enhancing market growth. In addition, advancements in
battery technology and development in charging infrastructure have increased
the performance and accessibility of electric vehicles, which has consequently
improved its appeal among consumers. Another factor is that the growing
production of various types of electric models, including commercial and public
transport, is raising high demand for all such electric vehicle components and
boosting the market.
Download
PDF Brochure @https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=44595663
End user of the Electric Vehicle
Component Market
The end users of the electric
vehicle component market include private and commercial fleets. The private use
of electric passenger cars is on the rise, and this trend has been fueled by
consumers' increased interest in the environment, cost, and new technologies
that their vehicle purchases offer. The clean alternative of EVs, with zero
tailpipe emissions and a much lower carbon footprint for personal transport, is
an essential driver for many concerned buyers regarding climate change and air
quality. Besides, EVs operate at cheaper operating costs with electricity-based
fueling and lower maintenance expenses as the number of moving parts is
relatively more minor. In commercial space, companies are increasingly turning
to EVs to achieve cost savings, meet. It includes sustainability goals and
harsher environmental regulations. Some examples of commerce industries in
commercial space are logistics, public transportation, utilities, and the
retail sector.
The Wall