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Global EV component market to reach $157.4 billion by 2025: Report New Delhi: With the burgeoning electric vehicle (EV) demand worldwide, the production of related component is set to get a boost. According to the global electric vehicle component market is projeted to reach $157.4 billion by 2025 from $22.2 billion in 2018 at a compound annual growth rate (CAGR) of 29.4 per cent during the the forecast period of 2019 to 2024.

“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

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