The Industrial Revolution made the job of people easier, but it also gave the world a big problem. Steadily since the beginning of the revolution, greenhouse gas (GHG) emissions have risen, leading to global warming and climate change in contemporary times. As per National Geographic, since the Industrial Revolution, the amount of carbon dioxide in the atmosphere has tripled! Moreover, since 1906, the average surface temperature has increased by over 1.6 degrees Fahrenheit (0.9 degrees Celsius).

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As a result, people around the world have woken up to the reality of the earth overheating one day and have, therefore, started taking initiatives to reduce the rate of GHG emissions. Citing this almost-spiritual awakening, P&S Intelligence says that the electric vehicle component market size will grow from $22.2 billion in 2018 to $157.4 billion by 2025, at a promising 29.4% CAGR between 2019 and 2025. This is because one of the biggest steps being taken around the world to counter air pollution is the shift to electric vehicles (EVs), which will directly drive the demand for their various components.

The idea is to limit the combustion of fossil fuels, including coal and crude oil derivatives, for which EVs are a viable solution. Therefore, governments across the globe are implementing stringent emission regulations on conventional gasoline (petrol) and diesel vehicles and offering purchase subsidies, tax rebates, and other financial incentives to the buyers and manufacturers of EVs. For instance, under the FAME II scheme, the Indian government has invested INR 10,000 crore to encourage people to adopt EVs.

Since China is the largest user of electric cars and two-wheelers, while India occupies a strong positionin the worldwide electric three-wheeler (e-rickshaw) landscape, Asia-Pacific (APAC) has been the largest electric vehicle component market in the past. This is because these countries are two of the mostpolluted on earth, which is why the government support for EVs is quite strong here. As pollution is not restricted to APAC, but a global issue, EV sales are picking up in Europe, North America, Latin America (LATAM), and the Middle East and Africa too.

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Thus, with the increasing EV sales around the world, the demand for their various components will also grow.