The surging adoption of electric vehicles is an important factor fuelling the rise in the sales of electric vehicle components all over the globe. Due to the increasing pollution levels caused because of the large-scale usage of fossil fuels-powered vehicles, the governments of many countries are increasingly enacting policies and regulations and launching initiatives, in the form of investments and incentives, for promoting the deployment of electric vehicles. For example, in the U.S., the federal government offers an Internal Revenue Service (IRS) tax credit in the range of $2,500—$7,500 on the purchase of an electric vehicle.
Due to the increasing government support in several countries around the world, the total sales of electric cars in the world exceeded 5.1 million units in 2018. Moreover, the size of the total electric car fleet in the world is predicted to surpass 130 million by 2030. The soaring production and sales of electric vehicles (EVs) throughout the world will massively boost the growth of the electric vehicle component market. Additionally, the reducing prices of the electric vehicle components is expected to contribute significantly toward their ballooning sales throughout the world.
Due to the above-mentioned reasons, the value of the electric vehicle component market is expected to increase from $22.2 billion to $157.4 billion from 2018 to 2025. The global electric vehicle component market is predicted to advance at a CAGR of 29.4% during the forecast period (2019—2025). The major end-users of the electric vehicle components are the original equipment manufacturers (OEMs) and the aftermarket. Between the two, the OEMs generated higher revenue in the electric vehicle component market in 2018. This is credited to the increasing production of EVs all over the world.
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Across the globe, the Asia-Pacific (APAC) region is predicted to lead the ev component market during the forecast period, on account of the surging manufacturing and sales of EVs in the region. In addition to this, the governments of various APAC nations are increasingly implementing numerous initiatives and measures for promoting the deployment of electric vehicles in transport fleets, which will in turn, propel the growth of the ev component market in the region in the upcoming years.
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Hence, the sales of electric vehicle components will skyrocket throughout the world in the forthcoming years, mainly because of the rising utilization of electric vehicles all over the world.
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