Indian Electric Vehicle Component Market Trend, Growth Opportunities Created by COVID19 Outbreak

One of the biggest factors responsible for the surge in the demand for electric vehicle components in India is the increasing sales of electric vehicles in the country. According to various reports and surveys, there were sales of 447.7 thousand electric three-wheelers, 2,000 electric passenger cars, and 32.4 thousand elElectric Vehicle Component Marketectric two-wheelers in India in 2019. The main factors fuelling the ballooning sales of electric vehicles in the country are the presence of favorable government policies and the declining air quality in the country, due to the pollution caused by the fossil-fuel powered vehicles.

The other major factor fuelling the rising demand for electric vehicle components in India is the declining prices of these components in the country. Due to these factors, the revenue generated from the sales of electric vehicle components in India was found to be $536.1 million in 2019 and this number is predicted to increase considerably in the coming years. The Indian electric vehicle component market is expected to advance at a CAGR of 22.1% during the forecast period (2020–2030).

Till 2030, the highest CAGR, of 61.7%, would be displayed by the battery management system (BMS) category, in the Indian electric vehicle component market for passenger car battery packs in India. This is because a BMS protects the battery pack, which is the most crucial and expensive component of an electric car, from damage, by making sure it is not operated beyond its safe functional area. Apart from managing and controlling its operations, a BMS also notifies car owners of the current battery status, which is why its integration is swiftly surging in electric cars.

Delhi was the largest Indian electric vehicle component market for commercial vehicles during the historical period, owing to the high pollution levels in the city, which have steadily raised the number of electric buses and trucks in the city in the last few years.

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Major Indian electric vehicle component market players include Exide Industries Ltd., Okaya Power Pvt. Ltd., Amara Raja Batteries Ltd., Panasonic Corp., Sparco Batteries Pvt. Ltd., Eastman Auto & Power Ltd., Robert Bosch GmbH, DENSO CORP., Contemporary Amperex Technology Co. Ltd., and CY International.