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).
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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.
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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.