Electric Vehicle Component Market Research Report: By Component (Battery Pack, Motor, Controller, Electric Vehicle Supply Equipment, DC–DC Converter, High-Voltage Cable, Power Distribution Module, Thermal Management System, Vehicle Interface Control Module), End Use (OEM, Aftermarket), Geographical Outlook (U.S., Germany, U.K., France, Spain, China, Japan, South Korea, Brazil, Mexico)
NEW YORK, Nov. 12, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, the global electric vehicle component market share generated revenue of $22.2 billion in 2018, and it is expected be valued at $157.4 billion by 2025, exhibiting a CAGR of 29.4% between 2019 and 2025. Based on component, the battery pack contributed the highest revenue in 2018.
The battery pack is the most important component in an electric vehicle and is responsible for the largest contribution among all the components to the vehicle cost. As a result of this, battery packs are responsible for generating the highest revenue in the electric vehicle component market.
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A major trend being witnessed in the electric vehicle component market is the shift of electric vehicle manufacturers from lithium–iron phosphate (LFP) batteries toward lithium–nickel–manganese–cobalt (NMC) oxide batteries. In the past, most of the manufacturers, especially the Chinese players, used LFP batteries in their electric vehicles. For instance, BYD Co. Ltd., a major electric vehicle manufacturer, still uses LFP batteries in its vehicles. LFP batteries come with higher safety features and a longer life cycle, which made them a favorable option. However, in the recent years, the usage of NMC batteries in electric vehicles has witnessed a drastic climb. The shift toward NMC batteries from LFP batteries is mostly because the former batteries offer a greater energy density, which enables a longer vehicle range. Moreover, these batteries are much lighter than LFP batteries as well as consume lesser space in the vehicle. Thus, with the growing demand for longer-range and lighter electric vehicles, manufacturers are shifting from LFP batteries to NMC batteries.
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APAC is the largest electric vehicle component market, owing to the increasing production and sale of electric vehicles in this region. The government of different countries in the region are actively taking initiatives to propel the adoption of electric vehicles, which is further contributing to the growth of the components’ market. For instance, the government of China has been running different subsidy schemes for electric vehicles from 2017 onward, due to which the country recorded a rise in the adoption of electric vehicles by over 60% from 2017 to 2018. Also, in 2017, Government of India outlined a vision that aims to have an electric vehicle fleet by 2030. Further, the National Electric Mobility Mission Plan 2020 was launched in 2013 to promote electric and hybrid vehicles in India. As different components make up an electric vehicle, the increasing adoption of electric vehicles in several countries is fueling the demand for the components in the APAC region.
Most of the players in the electric vehicle component market are based in the APAC region, especially China, Japan, and South Korea. This is mainly because of the heavy production of electric vehicles in this region, presence of government incentives and subsidies, as well as a rapidly growing consumer base in the form of electric vehicle manufacturers.
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In December 2018, Contemporary Amperex Technology Co. Ltd. (CATL) announced plans to open a Detroit-based North American subsidiary. Earlier, in November 2018, Samsung SDI Co. Ltd. expanded its footprints in North America through its subsidiary, Samsung SDI America, based in Oakland in California, and chose Auburn Hills, Michigan for its new technical center. Moreover, in January 2019, LG Chem Ltd. announced an investment of around $1 billion for a new battery production facility in the city of Nanjing in eastern China. With this investment, the company has started tapping the demand for batteries in China and globally for deployment in renewable-energy cars and power plants.
Some other players operating in the global electric vehicle component market are Robert Bosch GmbH, Contemporary Amperex Technology Co. Ltd. (CATL), 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.
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