The electric vehicle supply chain architecture market is expected to cross market value of USD 29,604.5 million in 2027 from USD 21,295.0 million in 2020. It is expected to grow at a CAGR of over 4.9% during the forecast period.
Key Market Drivers and Restraints
Growing demand for electric vehicle batteries is a factor expected to drive growth of the global electric vehicle supply chain architecture market. Advance powered batteries are being developed, but are only used in commercially available electric vehicles for ancillary loads. Also, technological advancement in EV supply chain architecture have boosted growth of global electric vehicle supply chain architecture market over the forecast period.
However, cost of the batteries is high that may hamper the global electric vehicle supply chain architecture market. Additionally, the main challenges with nickel-metal hydride batteries are their high cost, high self-discharge and heat generation at high temperatures, and the need to control hydrogen loss. Adoption of advanced Li-ion batteries and technological advancements, coupled with tracking international trade flows of batteries are factors expected to create potential opportunities for the prominent manufacturers operating in the market.
Impact of COVID 19 on Electric Vehicle Supply Chain Architecture Market
The electric vehicle supply chain architecture market will show considerable growth on the back of the global pandemic. Due to the COVID-19 outbreak, global or partial shutdown have a negative impact on the supply chain and product demand. In addition, decrease in trading activities and transportation restrictions in this pandemic has impacted the market growth negatively and hampered its growth.
Asia Pacific to Dominate the global electric vehicle supply chain architecture market
The global electric vehicle supply chain architecture market covers the six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East and Africa, including all the key economies in these regions. Asia Pacific market is dominated the global market and accounted for more than 32.4% of the target market. This is attributed to increasing demand for the supply chain architecture of electric vehicles and rising collaboration among players to enhance market penetration.
Lithium-ion batteries would continue to dominate the global electric vehicle supply chain architecture market in terms of battery type
Lithium-ion batteries, nickel-metal hydride batteries, lead-acid batteries, and solid-state batteries are the battery type of electric vehicle supply chain architecture market. In 2020, lithium-ion batteries segment accounted for the largest share of global electric vehicle supply chain architecture market, owing to growing demand in commercial and residential sectors.
Battery electric vehicle is the major segment in the global electric vehicle supply chain architecture market in terms of vehicle type
Battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles are the vehicle type of electric vehicle supply chain architecture market. In 2020, battery electric vehicles segment accounted for the largest share of global electric vehicle supply chain architecture market.
Aftermarket is the major segment in the global electric vehicle supply chain architecture market in terms of Sales Channel
Based on sales channel, the global electric vehicle supply chain architecture market is segregated into original equipment manufacturer (OEM) and aftermarket. In 2020, aftermarket segment is accounted for a significant share in 2020 of the global electric vehicle supply chain architecture market.
Frequently asked questions about global electric vehicle supply chain architecture market
Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
Ans: Lithium-ion batteries is the most frequently through electric vehicle supply chain architecture market
Ans: Battery electric vehicle is the main vehicle type segment in electric vehicle supply chain architecture market
Ans: Aftermarket is the major vehicle type segment in electric vehicle supply chain architecture market
Ans: Automotive Energy Supply Corporation (AESC), LG Chem, Panasonic, BYD Co., Ltd., Samsung SDI, Contemporary Amperex Technology Limited (CATL), BMW, Daimler, Fiat Chrysler, Ford, General Motors, Honda, Hyundai-Kia, and Others are key players operating in this market
