Indian Electric Vehicle Component Market To Witness 22.1% Boom during 2020–2030

The Indian electric vehicle component market is growing on account of the declining prices of the components and increasing adoption of EVs, driven by the rising environmental concerns and strong government support. Subsequently, the industry, which was worth $536.1 million in 2019, is projected to expand at a robust 22.1% CAGR during 2020–2030 (forecast period).

Indian Electric Vehicle Component Market Research Report@ https://www.psmarketresearch.c....om/market-analysis/i

Battery cells and packs, battery management systems (BMS), electric motors, thermal management systems, DC–DC converters, and charging kits are just some of the components that go into an EV.

The market, on the basis of vehicle type, is divided into three-wheeler, two-wheeler, commercial vehicle, and passenger car. Among these, the three-wheeler category held the largest share in the Indian electric vehicle component market in 2019, on account of the widespread usage of e-rickshaws in the country. As these automobiles cover more than 100 km every day, the demand for replacement components for these is quite high.