Electric Components for New Energy Vehicle Market by Type (Brushless Motors, High Voltage PTC Heaters, Electronic Expansion Valve (EXV), Air Filters (Non-Woven), Air Filters (Other Technologies), Sensors (Absolute Measurement), Ionizers), By Application (Passenger Car, Commercial Vehicle), by Region (North America, South America, Africa, Asia Pacific, Europe, and the Middle East), Global forecast, 2021-2031

The increased need for new energy vehicles is the main driver of this market's rise. The need to reduce greenhouse gas emissions and dependency on fossil fuels is the primary driver of this surge in demand. Additionally, policies and programmes supported by the government that encourage the use of new energy vehicles are fostering market expansion. To support the manufacturing and sale of new energy vehicles, the Chinese government, for instance, has implemented a number of laws and incentives. Over the course of the forecast period, these factors are anticipated to fuel the market for electric components for new energy vehicles.

The automotive industry is refocusing on creating new energy cars in response to the need to cut greenhouse gas emissions and escalating environmental concerns. Alternative fuel sources like electricity, hydrogen, and natural gas are used to power new energy vehicles. Compared to conventional petrol and diesel-powered cars, these ones have a number of advantages, including fewer emissions, better fuel efficiency, and greater range. As a consequence, there is a rising need for cutting-edge energy vehicles all across the nation.

The essential elements that go into an electric car are electric components for new energy vehicles. Together, these components enable and maintain the vehicle's function. Electric air filters, sensors, ionisers, high-voltage PTC heaters, electronic expansion valves (EXV), brushless motors, and high-voltage PTC heaters are some of the main types of electric parts used in new energy vehicles. To ensure that an electric car operates properly, each of these parts is essential.

Market growth for electric parts for new energy vehicles is predicted to occur at a CAGR of 23.7% over the course of the planning horizon. The market is anticipated to be valued at USD 196.62 billion in 2021 and USD 512.62 billion in 2031.

The increasing need for new energy vehicles on a global scale might be blamed for this expansion. Government programmes and rules encouraging the use of new energy vehicles are also helping to expand this sector.
The main factor limiting the growth of the market for electric components for new energy vehicles is the high price of alternative fuel vehicles. New energy cars are much more expensive at first than traditional vehicles. The development of this sector is further constrained by a shortage of charging infrastructure and technical difficulties related to new energy vehicles. Although opportunities for market growth are anticipated during the forecast period, government incentives and subsidies are also anticipated.

COVID-19 Impact and Market Status

The COVID-19 pandemic outbreak has had a major effect on the market for electric parts for new energy vehicles. New energy vehicle production and sales have decreased as a result of the lockdown enforced by various governments around the world. The outbreak has also led to a shortage of supply and raw materials, which has impeded the expansion of this sector further. The market is anticipated to rebound in the upcoming months, though, as lockdown limitations are gradually eased and production facilities are restarted.
Recent Developments in the Electric Components for New Energy Vehicle Market

Segment Analysis

The Brushless Motors Type emerged as the Most Booming Segment

Brushless DC motor, high voltage PTC heaters, electronic expansion valves (EXV), air filters (non-woven), air filters (other technologies), sensors (absolute measurement), and ionisers are the types of electric components for new energy vehicles that have been divided into markets. Throughout the projection period, the sector for brushless motors is anticipated to increase at the greatest CAGR. Increased use of brushless motors in new energy vehicles is responsible for this growth. Additionally, brushless motors have various advantages over traditional motors, including a longer lifespan, greater efficiency, and less expensive management.

The Most Prominent Application Segment is the Passenger Car

Using passenger cars and commercial vehicles as the application categories, the market for electric components for new energy vehicles has been divided. The market category for passenger cars is anticipated to develop at the greatest CAGR during the forecast period. Sales of new energy passenger automobiles are rising globally, which is the cause of this expansion. Additionally, policies and programmes supported by the government that encourage the use of new energy vehicles are fostering market expansion.

The North American Region to render Ample Financing Opportunities

During the projection period, North America is anticipated to be the region with the largest market for electric components for new energy vehicles. New energy cars are replacing internal combustion engine (ICE) automobiles in the area. Government programmes and rules promoting the use of new energy vehicles can be credited with this. Additionally, the expansion of this industry is being aided by the existence of major players in this area.

ZF Friedrichshafen AG (Germany), Continental AG (Germany), Robert Bosch GmbH (Germany), Delphi Technologies PLC (UK), Denso Corporation (Japan), Magna International Inc. (Canada), and ABB Ltd. are the major participants in the market for electric components for new energy cars (Switzerland). These suppliers are well-positioned to take advantage of the market potential for growth in the electric parts for new energy vehicles due to their substantial market representation.

Recent shifts in the marketplace for electric parts for new energy vehicles include the following:

•  A brushless DC motor is used in the electrically powered air conditioning compressor that ZF Friedrichshafen AG has created. Battery electric vehicles (BEVs) and hybrid electric vehicles can use this compressor (HEVs).

•  For alternative fuel cars, Continental AG has created a new generation of high-voltage PTC heaters. These heaters are more efficient than traditional PTC heaters and can run at voltages of up to 800V.

•  For new energy vehicles, Robert Bosch GmbH has created an electronically controlled expansion valve (EXV). With the help of this EXV, air conditioning systems in modern energy vehicles will perform cooler.

Electric Components for New Energy Vehicle Market Scope

Key Segments of the Global Electric Components for New Energy Vehicle Market

Type Overview, (USD Billion)
• Brushless Motors
• High Voltage PTC Heaters
• Electronic Expansion Valve (EXV)
• Air Filters (Non-Woven)
• Air Filters (Other Technologies)

Application Overview, (USD Billion)
• Passenger Car
• Commercial Vehicle
• Sensors Overview, 2021-2031 (USD Billion)
• Absolute Measurement
• Ionizers

Regional Overview,(USD Billion)

North America
• U.S
• Canada

Europe
• Germany
• France
• UK
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific

South America
• Mexico
• Brazil
• Rest of South America

Middle East and South Africa
• UAE
• South Africa