The cost of the various components that go into manufacturing an electrically powered automobile is continuously reducing, as a result of economies of scale. For instance, the battery price is expected to fall by more than 30% between 2018 and 2025, thus making electric vehicles (EVs) more affordable.
During the same period, a 24%, 23%, 60%, 9% 6.5%, 8.6%, 8.5%, and 21% drop is predicted in the prices of motors, controllers, electric vehicle supply equipment (EVSE), thermal management systems, power distribution modules (PDMs), vehicle interface control modules (VCIMs), high-voltage cables, and DC–DC converters, respectively. As a result, the Indian electric vehicle component market, which reached $536.1 million in 2019, would advance at a CAGR of 22.1% between 2020 and 2030 (forecast period).
Passenger Car Category To Witness Fastest Growth during 2020–2030
The fastest growth in the Indian electric vehicle component market is predicted to be experienced by the passenger car category during the forecast period, due to the swelling numbers of such automobiles in the fleet of shared mobility firms, as a result of the continued efforts of the government and such companies for transitioning toward clean transportation.
In 2019, the original equipment manufacturer (OEM) bifurcation held larger share in the Indian electric vehicle component market for two-wheelers. This is because, currently, the purchase rate of such automobiles is higher than the part replacement rate, which is why OEMs generate higher demand for two-wheeler components.
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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Market Competitive Landscape Is Characterized by Partnerships
In recent years, partnerships have come to shape the competition in the Indian electric vehicle component market, as part manufacturers are using such collaborations to increase their presence in the industry.
For instance, in January 2019, Panasonic Corp. and Toyota Motor Corp. established a joint venture, with Toyota holding 51% of the stakes. The JV will be used to supply lithium-ion (Li-ion) batteries for the EVs being manufactured by Toyota, with Panasonic hoping to expand its influence in the EV component niche of the county.
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.
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