The growing adoption of electric vehicles among the population and favourable government initiatives pertaining to electric vehicles such as tax exemptions, purchase rebates, and financial incentives are the major factors contributing towards the growth of the electric vehicle component market in India. The reducing price of the components used in electric vehicles is encouraging the manufactures to opt for high-quality components in the electric vehicle, thereby boosting the demand for the electric vehicle components market across India.
In addition, high price of fuel, rapid depletion of fossil fuels and degradation of the environment due to CO2 emission from the combustion of fossil fuels coupled with the rising environmental awareness among the consumers will further complement the demand for electric vehicles which in turn will drive the demand for electric vehicle components in India. Various multinational automotive players are heavily investing in R&D in order to develop advanced technologies for electric vehicles to meet the changing demand of the end-users across India. The continuous product development will attract a large number of customers towards the adoption of electric vehicles in India.
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Battery Pack dominated the market in 2018 owing to its highest share in the overall cost of the vehicles, thus making it the largest contributor as compared with the other components. The battery pack is the most important component of an electric vehicle as it supplies power to the vehicles and helps in reducing the pollution by eliminating the requirement of fuels. It comprises of battery management solutions, individual battery cells which are organized in series and parallel.
Lithium-ion battery pack captured the maximum share in the market in 2018 and is anticipated to grow at the fastest rate during the forecast period owing to its increased adoption in electric vehicles across India. The cost of the lithium-ion battery is higher when compared with lead-acid battery, thus making it capture the highest market share. The increasing government initiatives and subsidies for the manufacturing of lithium-ion batteries in the electric vehicles along with its remarkable properties such as higher energy density, fast charging, compact size, lightweight, and longer life cycle are further contributing towards the growing market of this segment.
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Single Gear Transmission captured the highest share in the market in 2018 and is expected to dominate the market in the coming years due to the increasing adoption of single-gear transmission in the electric vehicles as compared to the multi-gear transmission. The single gear transmission is advantageous as there is no shifting of gears needed and no need of a clutch. A single-gear transmission comprises of single reduction gear, compound gear train and reverted gear. The reduction gear reduces the RPM of the high-speed motor, thereby increasing the torque.
Electric Motor captured the highest market share in 2018 and is expected to grow at the highest compound annual growth rate during the forecast period owing to its high cost when compared with the other components of the drivetrain. The price is expected to decrease in the near future, but the manufacturers are aiming at the deployment of multiple motors in an electric vehicle. The electric motor is one of the major components in an electric vehicle as it drives the wheels of the vehicle followed by the battery pack which provides powers to the electric motor. The brushless DC motor accounted for the largest market share in the electric motor market in 2018 owing to the high adoption of the brushless DC motors among the manufacturers as it offers high durability, easy speed control, enhanced efficiency, longer lifespan, low maintenance with minimal noise.
The India electric vehicle components market has been segmented on the basis of components, drivetrain, battery type, transmission and electric motor. On the basis of components, the market is segmented into battery pack, chassis, vehicle body, drivetrain and others. Based on drivetrain, the market is segmented into electric motor, inverter, vehicle control unit, transmission, on-board charger and others. Based on battery pack type, the market is segmented into lithium-ion battery pack and lead-acid battery pack. On the basis of transmission, the market is segmented into single gear transmission and multi-gear transmission. Based on electric motor, the market is segmented into AC induction motor, permanent magnet motor and brushless DC motor.
Major key players in India electric vehicle components market include LG Chem Ltd., Samsung SDI Co., Ltd., SEG Automotive India Private Limited, Tata Motors Limited, Mahindra Electric Mobility Limited, Avtec Limited, Denso Corporation, ABB Group, Exide Industries Ltd. and Bosch Limited among others.
Our Related Reports:
India Electric Vehicle Battery Market Overview by Battery Type (Lithium-ion and Lead Acid), By Vehicle Type (Electric Two-Wheeler, Electric Four-Wheeler, Others), By Application (Battery Electric Vehicle (BEV), Plug-in Electric Vehicle and Hybrid Electric Vehicle (HEV)), By Battery Capacity (less than 5 kWh, between 5-15 kWh and greater than 15 kWh) – Opportunities & Forecast, 2019-2026 https://www.gmiresearch.com/report/india-electric-vehicle-battery-market-lithium-ion/
India Electric Vehicle Market by Vehicle Type (Two-Wheelers, Three-Wheelers and Four-Wheelers), By Volume (Two-Wheelers, Three-Wheelers and Four-Wheelers), By Propulsion Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Hybrid Electric Vehicle), By Two-Wheelers Battery Type (Lithium-ion Battery and Lead Acid Battery), By Two-Wheelers Price Range (Less than 800 USD, 800 – 1,200 USD and More than 1,200 USD), By Four-Wheelers Price Range (Less than 16,000 USD, 16,000 – 36,000 USD and More than 36,000 USD), By Two-Wheelers Driving Range (Less than 70 Km, 70-100 Km and More than 100 Km) and By Four-Wheelers Driving Range (Less than 150 Km, 150-200 Km and More than 200 Km) – Opportunities & Forecast, 2019-2026 https://www.gmiresearch.com/report/india-electric-vehicle-market/
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