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.

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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

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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.

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?

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