September 13, 2021
According to the recent research report titled ‘Global Electric Components for New Energy Vehicle Market Size study, by Type (Brushless Motors, High Voltage PTC Heaters, Electronic Expansion Valve (EXV) and Others), by Application (Passenger Car and Commercial Vehicle), and Regional Forecasts 2021-2027’, available with Market Study Report, global electric components for new energy vehicle market value is anticipated to grow substantially over 2021-2027.
Rising electric vehicles industry, and supportive government initiatives to encourage product adoption are fueling global electric components for new energy vehicle market growth.
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According to Statista, China held 5.75% of electric vehicles (EVs) market share in 2020, followed by South Korea, and New Zealand, with 2.85% and 2.77%, respectively. Also, the Government of India authorized FAME-II (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) initiative in 2019, to develop a favorable environment for the production of electric vehicles in the country, cites the study.
Increasing investments by leading organizations towards sustainable manufacturing and technology upgradations to innovate new products are significantly contributing to the market development. For instance, Toyota stated that it would include soli-state battery as part of their EV lineup by the year 2025.
Considering restraints, lack of standardized and uniform regulations, along with hefty cost of EVs are anticipated to hamper remuneration scope of the industry over the study period.
Based on type, global electric components for new energy vehicle industry is split into electronic expansion valve (EXV), high voltage PTC heaters, brushless motors, and others. With respect to application spectrum, the industry is bifurcated into commercial vehicle and passenger car.
Speaking of geographical terrain, Latin America, Asia Pacific, Europe, and North America are the top contributors to the overall market remuneration. Of these, Asia Pacific currently holds major market share and is expected to register robust CAGR through 2027. The growth can be credited to technological advancements, supportive government initiatives, expanding automotive industry, and strong presence of major established manufacturers of EVs in the region.
Key players operating in global electric components for new energy vehicle market sphere are Universe Filter, Fujikoki Corporation, Nidec Corporation, Freudenberg Group, Sanhua Holding Group Co. Ltd., Gaubb Group Co. Ltd., Mann+Hummel, Koninklijke Philips N.V., Robert Bosch GmbH, and Johnson Electric.