Demand for Electric Vehicle Component Booming Globally

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The Industrial Revolution made the job of people easier, but it also gave the world a big problem. Steadily since the beginning of the revolution, greenhouse gas (GHG) emissions have risen, leading to global warming and climate change in contemporary times. As per National Geographic, since the Industrial Revolution, the amount of carbon dioxide in the atmosphere has tripled! Moreover, since 1906, the average surface temperature has increased by over 1.6 degrees Fahrenheit (0.9 degrees Celsius).

Electric Vehicle Component Market Outlook


As a result, people around the world have woken up to the reality of the earth overheating one day and have, therefore, started taking initiatives to reduce the rate of GHG emissions. Citing this almost-spiritual awakening, P&S Intelligence says that the electric vehicle component market size will grow from $22.2 billion in 2018 to $157.4 billion by 2025, at a promising 29.4% CAGR between 2019 and 2025. This is because one of the biggest steps being taken around the world to counter air pollution is the shift to electric vehicles (EVs), which will directly drive the demand for their various components.

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This clearly reflects a burgeoning demand for various EV components, most importantly the battery pack. Hybrid electric vehicles (HEVs), such as the Toyota Prius, which have been around for almost 15 years, have an electric battery, but it is even more important for pure-electric or battery electric vehicles (BEVs). This is because HEVs have a conventional internal combustion engine (ICE) to work in tandem with the battery; BEVs don’t. Therefore, BEVs need a much-larger and -powerful battery pack for all their functions, including propulsion and electronic functions, such as infotainment, lighting, and heating, ventilation, and air conditioning (HVAC).

Since China is the largest user of electric cars and two-wheelers, while India occupies a strong positionin the worldwide electric three-wheeler (e-rickshaw) landscape, Asia-Pacific (APAC) has been the largest electric vehicle component market in the past. This is because these countries are two of the mostpolluted on earth, which is why the government support for EVs is quite strong here. As pollution is not restricted to APAC, but a global issue, EV sales are picking up in Europe, North America, Latin America (LATAM), and the Middle East and Africa too.


Thus, with the increasing EV sales around the world, the demand for their various components will also grow.

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