A newly compiled research report by Fact.MR offers valuable perspectives on the Electric Vehicle Components market Sales and detailed insights pertaining to its demand & growth prospects over the forecast period, 2029
This study offers an overview of existing market trends, metrics, drivers, and restrictions and offers a point of view for important segments. The report mentions growth parameters in the regional markets along with major players dominating the regional growth.
Electric Vehicle Components Market: Introduction
Rather than traditional gasoline or diesel engines, an electric motor runs an electric vehicle. The motor is powered by rechargeable batteries, which can be charged at home or at an EV charging station.
These vehicles run on few technologies, such as battery electric vehicles(BEV), plug-in hybrid electric vehicles(PHEV), range extender (hybrid) electric vehicle(HEV). Three primary components in an electric car and motorcycles are an electric engine, a battery and a motor controller. Other than these, monitoring displays, electric brakes are vital components.
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The report Gives brief overview of Electric Vehicle Components market outlook & Size, about the current market landscape, trends, major Key players, product type, application, and region. It also includes the impact of COVID-19 on the global Electric Vehicle Components market Sales & demand, future forecasts, growth opportunities, end-user industries..
Batteries used in electric vehicles comes in three types, out of which lithium-ion batteries are quite expensive yet good performance, lead acid batteries are the cheapest in price and nickel metal hydride batteries are moderately priced and have higher output than lead-acid batteries. Motors used in electric vehicles are DC motors, AC induction motors, switched reluctance motor and permanent magnet synchronous motor.
Electric vehicles originated in the late 18th century. Since then there have been numerous developments in the electric vehicle including the evolution of battery, no noise pollution at all and adaption of the technology in cars after bicycles and motorcycles. Use of light weight material in manufacturing of e-vehicles, gives new dimension to e-motor racing.
The report covers following Electric Vehicle Components Market insights and assessment that are helpful for all participants involved in the Electric Vehicle Components market:
- Data on recently introduced regulations and their impact on key industries and on demand of Electric Vehicle Components market
- Latest industry analysis on Electric Vehicle Components Market , with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Electric Vehicle Components market and changing consumer preferences in major industries.
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Electric Vehicle Components market major players
- To project the size of market and its submarkets, in terms of value and volume, with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and Rest of the World (RoW)
- Major regions were identified, along with countries contributing the maximum share.
Competitive Landscape Analysis on Electric Vehicle Components Market:
To provide decision-makers with credible insights on their competitive landscape, the Electric Vehicle Components industry research report includes detailed market competitive landscape analysis.
Many stakeholders are consistently adopting new methodologies to boost growth of Electric Vehicle Components market. Few investors are investing on research and development of new products, on the other hand, various companies are innovating the existing products.
Electric Vehicle Components Market: Key Participant
Some key players in the global Electric Vehicle Market are:
- Borgwarner Inc.
- Jing-Jin Electric Technologies Co., Ltd.
- Meidensha Corporation
- Nidec Corporation
- Shuanglin Group
- Zhongshan Broad-Ocean Motor Co. Ltd.
- AC Propulsion, Inc.
- Contemporary Amperex Technology Co. Ltd.
- BYD Company Ltd.
- Bosch GMBH
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Some of the common segments mentioned in the report include market overview, tends, drivers, opportunities, restraints, regional segment, end-use application, and competitive landscape.
Electric Vehicle Components Market: Segmentation
By vehicle type, the global electric vehicle component market can be segmented as:
- Electric bicycles
- Electric cars
- Electric rickshaws
- Electric motorcycles
- Electric Light commercial vehicle(LCV)
- Electric Heavy commercial vehicle(HCV)
By product type, the global electric vehicle component market can be segmented as:
- Primary Components
- Electric Motor
- Motor Controller
- Secondary Components
- Electric brakes
- Monitoring displays
By Sales channel, the global electric vehicle component market can be segmented as:
- OEM (Original Equipment Manufacturer)
The analysis also sheds light on the impact of various government initiatives undertaken across the globe on the Electric Vehicle Components market Demand.
Why to purchase this Report?
Following are the reasons to consider this Electric Vehicle Components Market report By Fact.MR – a market research and competitive intelligence provider:
- This ultimate guide will help you stay ahead in market as it furnishes you with the profiles of the Electric Vehicle Components market players and their working methodologies and their decision making capabilities.
- The report analyzes various factors which act as drivers and restraints to development and sales of overall Electric Vehicle Components market.
- This report not only analyzes present market condition but it likewise estimates how the Electric Vehicle Components market is going to perform for estimated time period.
- It enables you to adopt smart methodologies and form better decisions by giving a clear idea about customer’s requirement and preferences regarding the product in particular region.
Electric Vehicle Components Market: Dynamics
Government initiatives like cutting down emissions from conventional vehicles by promoting electric vehicles is leading to major growth in the electric vehicle component market. Enormous increase in the pollution and hefty amount of expenditure on exhaustible fuel is bending people towards e-vehicles, resulting in tremendous growth in electric vehicle component market
Use of simple DC motor reduces the maintenance cost of the vehicle, which is a major driver for the electric vehicle component market. Launching of more e-vehicles such as light and heavy commercial vehicles, e-rickshaws for public use coupled with health and environmental benefits from its use is set to grow the electric vehicle component market.
Electric vehicles have very limited range compared to the traditional vehicles, batteries require regular charging. Lesser implementation of outdoor charging stations, result in sudden shutting down of the vehicle, hence hybrid electric vehicles are preferred.
High costs of the e-vehicles is still a challenge to the electric vehicle component market. Battery in e-vehicle gradually lose its capacity to hold the charge, though over a long time it is still a lagging part of the electric vehicle component market. Charging infrastructure for heavy commercial vehicles such as trucks also adds to that.
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Electric Vehicle Components Market: Regional Outlook
Asia Pacific leads in the sales of e-vehicles because of countries like India and China owing to benefits as government subsidies and large scale domestic production hence increasing electric vehicle component market.
North America, Latin America and Europe are also estimated to drive the global electric vehicle component market owing to significant focus on minimizing vehicular emission leading to growing use of e-vehicles over the coming ten years.
Japan is a leading country in the use of hybrid e-vehicles hence contributing to the electric vehicle component market. Middle East is expected to exhibit restricted growth in electric vehicle component market because of lesser adaption of e-vehicles over the years.
Whereas in Africa many countries are looking forward to low cost renewable fuels, generating demand for electricity based vehicles, creating scope for electric vehicle component market.
Heightened interest in electric vehicles, have opened number of opportunities for the global market. From start-up entrepreneurs lured by government initiatives, to multinational companies are investing a whole lot of money in technological innovations in e-vehicles and its components. There’s a surge in aftermarket sales of components.
Recently technologies such as swappable batteries, look wise upgraded designs, more weight cutting are trending in the electric vehicle component market.
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