India Electric Vehicle Components Market

According to the GMI Research’s latest report, the increasing demand for the electric vehicle components will drive the market growth to a CAGR of 28.3% from 2019-2026. The India Electric Vehicle Component market is anticipated to reach USD 12,957 million in 2026.

An electric car is a wheeled motor vehicle that operates on an electric motor and uses a battery for powering electric motors instead of an internal combustion engine running on fuel. The electric car is a perfect substitute for the current-generation automobile as it is capable of addressing numerous issues, including rising pollution levels, increasing global warming, and depleting natural resources. The electric car should be plugged into a charging station to recharge the EV battery which is used to power the electric motor.

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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 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 to this, the 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 the R&D in order to develop advanced technologies for the 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.

The Indian government is largely focusing towards the construction of charging stations for the electric vehicles across India. For instance, The Ministry of Power issued guidelines and standards for setting up charging infrastructure of electric vehicles at every 3 kilometres. The installed PCS may have one or more electric kiosk/boards and the service providers of public charging station shall be free to create additional charging hubs in addition to the minimum chargers as per the MoP guidelines. The Central government approved the setting up of 2,636 electric vehicle charging stations around 62 cities in 24 states and Union Territories across the country. Through this step, the government tends to encourage the manufacturers to launch new models of electric vehicles with enhanced performance which will further accelerate the growth of electric vehicle components market in India.

In 2015, Department of Heavy Industry launched Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) scheme as a part of National Electric Mobility Mission Plan (NEMMP) 2020. The main objective of the scheme is to promote the manufacturing of electric and hybrid vehicles technology while ensuring sustainable growth of the same. Moreover, under the Paris Agreement, India committed to reduce Greenhouse gas (GHG) emissions by 33-35% by 2030, thereby creating opportunities for EV in India as EVs and PHEVs runs on batteries sources with zero exhaust emission level.

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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 solution, 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 is further contributing towards the growing market of this segment.

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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.

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 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.

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.

Key Market Developments:

• • In 2019, Samsung planned to invest $360 million for setting up two new manufacturing units for Samsung SDI India and Samsung Display Co, which are responsible for the production of batteries and mobile phone displays respectively. Moreover, the Samsung SDI is also planning to set up a manufacturing unit for lithium-ion batteries in India.
  • In 2019, Tata Motors revealed a new modular powertrain “Ziptron” that will be deployed in the range of upcoming car models of the company. The Ziptron is a 300-watts powertrain with a range of over 250 kms, 8 years of battery warranty and adherences the IP67 standards.

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.

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Key questions answered in this research report:

• • At what pace is India electric vehicle components market growing? What will be the trend in the growth in the future?
  • What are the key drivers and restraints in India electric vehicle components market? What will be the impact of drivers and restraints in the future?
  • What are the various types of electric motor of India electric vehicle market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

India Electric Vehicle Components Market by Components

• • Battery Pack
  • Chassis
  • Vehicle Body
  • Drivetrain
  • Others

India Electric Vehicle Components Market by Drivetrain

• • Electric Motor
  • Inverter
  • Vehicle Control Unit
  • Transmission
  • On-Board Charger
  • Others

India Electric Vehicle Components Market by Battery Chemistry

• • Lithium-Ion
  • Lead Acid

India Electric Vehicle Components Market by Transmission

• • Single Gear Transmission
  • Multi-Gear Transmission

India Electric Vehicle Components Market by Electric Motor

• • AC Induction Motor
  • Permanent Magnet Motor
  • Brushless DC Motor

Leading market players (Option: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • 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.
  • Bosch Limited