“The market is witnessing growth because of the rising adoption of EV and declining cost of the components used in them. On the basis of end-use, the market is bifurcated into original equipment manufacturers (OEM) and aftermarket, among which, the larger demand for electric vehicle components was created by the OEMs division in 2018,” the report said.
When component is taken into consideration, the report added, the EV component market is categorized into battery pack, controller, electric vehicle supply equipment, high-voltage cable, thermal management system, motor, DC-DC converter, power distribution module, and vehicle interface control module.
The battery pack category is projected to account for the major share of the market during the forecast period, as it the most important part of the vehicles, it noted. “Moreover, battery pack accounts for approximately 35-50 per cent of the total cost of electric vehicles, which is why this component is the major revenue contributor to the market,” the report explained.
People are becoming more aware regarding the adverse effects of vehicular emissions on the environment, which is why the adoption of EVs is rising, further driving the electric vehicle component market, as per ResearchAndMarkets.com.
Pointing a key trend in EV component market, the report further stated that manufacturers are giving more preference to induction motors over synchronous motors. ” The reason for this is that the induction motors have improved efficiency and aid in reducing the magnetic losses by decreasing the inverter voltage,” it underlined.
In addition to this, the report said, these motors need minimal maintenance because of the absence of slip rings, brushes, and commutators, which is why their popularity has increased in the recent years.