Electric vehicles (EVs), which run on electricity rather than traditional internal combustion engines, need on certain parts and components to function properly. The battery pack, which stores and provides energy to the motor, and the electric motor, which transforms electrical energy into mechanical energy, are important parts of the system. Other important components include the regenerative braking system, which uses the energy generated by braking to replenish the battery, and the power inverter, which transforms direct current (DC) from the battery into alternating current (AC) for the motor. Furthermore, battery temperatures are kept at their ideal levels by thermal management systems, and external energy transfer is facilitated by the charging system. When combined, these elements improve performance, economy, and range, which helps explain why electric car adoption is rising.
According to SPER Market Research, ‘Electric Vehicle Parts and Components Market Size- By Vehicle Type, By Propulsion Type, By Component Type, By Sale Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’, states the Global Electric Vehicle Parts and Components Market is estimated to reach USD 1525.35 billion by 2033 with a CAGR of 22.73%.
Drivers:
Several important reasons are driving the global market for electric vehicle (EV) parts and components. The market for electric vehicles is rising as a result of tighter government rules aimed at lowering carbon emissions and growing environmental concerns. Thanks to developments in battery technology, electric vehicles (EVs) are becoming more affordable and widely available to customers. The growing infrastructure for electric vehicle charging makes the use of EVs more feasible, which increases demand for associated parts. The industry is expanding as a result of growing fuel costs as well as customer preferences for environmentally friendly modes of transportation. Moreover, substantial expenditures made by automakers in R&D for electric vehicle technologies stimulate creativity and propel the growth of the market for EV parts and components.
Restraints:
Numerous obstacles impede the expansion of the worldwide market for electric vehicle (EV) parts and components. The high price of raw materials, especially for batteries, is one significant problem that may affect how affordable electric cars are overall. Geopolitical tensions and the COVID-19 epidemic have made supply chain disruptions worse. This has resulted in shortages of vital components like semiconductors, which are necessary for the development of electric vehicles. Furthermore, there are legal and environmental issues with the recycling and disposal of EV batteries. Consumer adoption may also be hampered by the absence of infrastructure and standardized technology for charging.
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The market for parts and components for electric vehicles (EVs) was significantly impacted by the COVID-19 epidemic. Early production delays and supply chain disruptions resulted from the disruption of manufacturing processes caused by lockdowns and limitations, especially for vital components like semiconductors and batteries. However, when governments and consumers realized how important it was to reduce emissions, the pandemic also expedited the move towards sustainable transportation. EV adoption was further accelerated by government subsidies and stimulus packages for green technologies. The pandemic brought to light the vital role wastewater management plays in maintaining environmental sustainability and public health, which led to long-term improvements in the sector.
Asia-Pacific dominates the global electric vehicle parts and components market due to its strong manufacturing capabilities, significant investments in battery technology, and the presence of major electric vehicle manufacturers, particularly in China. Major players in the market are Bosch Limited, Continental AG, Denso Corporation, Eastman Auto & Power Ltd, Exide Industries Pvt Ltd.
Electric Vehicle Parts And Components Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Global Electric Vehicle Parts And Components Market is segmented as; Commercial Vehicles, Passenger Cars.
By Propulsion Type: Based on the Propulsion Type, Global Electric Vehicle Parts And Components Market is segmented as; Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Vehicle.
By Component: Based on the Component, Global Electric Vehicle Parts And Components Market is segmented as; Battery Packs, Controller & Inverter, DC-DC Converters, Motor, Onboard Charger, Others
By Sale Channel: Based on the Propulsion Type, Global Electric Vehicle Parts And Components Market is segmented as; Original Equipment Manufacturer, Aftermarket.
By Region: This research also includes data for Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America.
For More Information, refer to below link: –
Electric Vehicle Parts And Components Market Forecast
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