India EV Components Market Set for Prosperity in Future

Growth drivers such as the booming sales of electric vehicles (EVs) and declining prices of their components will fuel the Indian EV component market at a CAGR of 22.1% during the forecast period (2020–2030). According to P&S Intelligence, the market generated revenue of $536.1 million in 2019. Currently, the rising popularity of high-battery capacity EVs, owing to their ability to cover long distances in a single charge, has become a prominent market trend.

One of the primary growth drivers of the Indian EV component market is the burgeoning sales of EVs, owing to the extensive government support, in the country. According to the Society of Manufacturers of Electric Vehicles (SMEV), 155,400 EVs were sold in India during the financial year 2019–2020. In 2019, 2,000 electric passenger cars and 32.4 thousand electric two-wheelers were sold in India. In the coming years, government initiatives such as the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme will boost the sales figure of EVs in the country.

Geographically, Uttar Pradesh held the largest share in the Indian EV component market during the historical period (2014–2019), due to the highest replacement and procurement rate of several components of electric two- and three-wheelers in the state. Whereas, Tripura is projected to exhibit the fastest growth during the forecast period, primarily on account of the mounting number of e-rickshaws in the state. Various OEMs and aftermarket companies will be offering a large volume of components of electric three-wheelers in this state in the coming years.

Thus, the mushrooming demand for EVs and rising replacement and procurement rate of EV components will fuel the prosperity of the market in the coming years.

Electric Two-Wheelers Market: What are the Key Growth Factors?

Greening the earth is arguably one of the biggest trends today. While the literal meaning of ‘green earth’ might hint at reforestation, the concept also includes bringing down the pollution levels. Now, since automobiles are one of the biggest sources of air pollution, a major change is being brought about in their functioning. Their internal combustion engines (ICE), which burn gasoline and diesel, and, therefore, release greenhouse and toxic gases into the atmosphere, are being gradually replaced with electric batteries and motors.

To achieve this, governments around the world are implementing stringent emission regulations, which are making conventional automobiles costlier every year, and offering financial support to boost the manufacturing and sales of electric vehicles (EVs). P&S Intelligence expects the electric scooter and motorcycle market size, driven by all these factors, to rise from $5,913.9 million in 2019 to $10,529.7 million by 2025, at a 14.4% CAGR between 2020 and 2025. One of the policies implemented to boost electric two-wheeler sales is the FAME India II scheme, under which purchase incentives are being offered for 1,000,000 such automobiles.

Between scooters and motorcycles, electric scooters have witnessed the higher sales till now because they are cheaper and easily available. However, electric scooters have range and speed issues, which is why the demand for electric motorcycles is increasing fast. Automakers have begun introducing new electric motorcycle models with better batteries and more-powerful motors, so the issue of driving range and speed can be remedied. Plus, with their sleeker look, motorcycles appeal more to the youth compared to scooters.

Presently, the combined sales of all types of electric two-wheelers are the highest in Asia-Pacific (APAC), as it is home to some of the most-polluted countries in the world, specifically China and India. Moreover, being the largest auto markets on earth, these countries are witnessing a burgeoning demand for all types of EVs. Another reason for the dominance of APAC on the global electric scooter and motorcycle market is the presence of a large number of organized and unorganized automakers and manufacturers of EV components, such as motors, battery packs, wires, controllers, and battery management systems.

Hence, with the growing environmental concerns and sustained government support, the adoption of electric two-wheelers will keep increasing around the world.

How Are Technological Advancements Strengthening Logistics Industry?

Nationwide lockdowns, restrictions on the borders, and operational hindrances on account of the outbreak of the coronavirus situation have disrupted the supply chain across the world. China has a deep-rooted supply chain network in most of the COVID-19-affected countries, including the U.K., the U.S., India, Hong Kong, Singapore, Japan, Spain, South Korea, Germany, and Italy. Apart from China, these nations are also involved in extensive trade of various essential and non-essential goods with one another. All these countries have had to temporarily discontinue their trading activities to contain the impact of the virus.

The COVID-19 impact on logistics industry can be mostly observed on offline logistics services. There has been a subsequent shift from physical shopping to online shopping due to the social distancing norms in the affected countries. These nations are embracing social distancing as a means to mitigate the spread of the coronavirus. This has resulted in a substantial switch to e-commerce platforms for procuring items that might have been otherwise bought from a brick-and-mortar store. Moreover, the shutdown of retail stores in the COVID-affected nations has put the brakes on offline-mode logistics services.

As per P&S Intelligence, other logistics-dependent verticals, such as the food & beverage industry, also witnessed a substantial downfall in revenue due to the closure of cafés and restaurants. As eating outlets went into hibernation, the requirement for logistics services in this sector decreased severely. These services were used by food processing units to transport packaged food and drinks to retail outlets, as well as to move raw materials and the finished products between the source, factory, and warehouse.

The COVID-19 impact on logistics industry is being witnessed in the major tactical changes being brought about by key service providers, such as Deutsche Post DHL, Supply Chain Solutions and Geodis, DB Schenker Logistics, Panalpina, Kuehne+ Nagel, Dsv Global Transports and Logistics, United Parcel Service (UPS), C.H. Robinson, and The Maersk Group. These companies are drafting backup policies to ensure recovery, so that when the pandemic subsides, the logistics industry is able to bounce back.

Thus, the outbreak of the coronavirus has impacted all the logistics-associated industries owing to the social distancing and lockdown measures around the world.

How Are Technological Advancements Strengthening Automotive Infotainment Market?

The burgeoning requirement for human machine interface (HMI) systems and booming sales of passenger vehicles are fueling the demand for automotive infotainment systems across the world. For instance, Nissan has announced it has started the development of self-driving cars for replacing human requirement for operating the vehicle. These systems provided various advantages such as improved scheduling and routing, reduced operating costs, and enhanced driver productivity. According to the India Brand Equity Foundation (IBEF), the production of automobiles in India grew at a CAGR of 2.36% from FY16 to FY20 and reached 26.36 million units in FY20.

Apart from this, the surging deployment of small and medium-sized cars is also propelling the sales of automotive infotainment systems. Additionally, the rapid advancements being made in wireless technologies are also fueling the development of automotive infotainment products and services. The adoption of voice interface systems in vehicles is also creating lucrative growth opportunities for the players operating in the automotive infotainment market. Automotive infotainment systems basically refer to information and entertainment systems such as software platforms, digital versatile disc (DVD) players equipped with video screens, and audio systems such as rear sear entertainment and its accessories, radio, and navigation devices like GPS.

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Many original equipment manufacturers (OEMs) have began working with suppliers for developing low-cost and feature-packed infotainment systems, which are particularly priced for low to medium segment cars. Furthermore, many automobile manufacturers are providing software updation kits to their customers for saving cost and time and improving customer experience. The other major factor propelling the demand for automotive infotainment systems is the surging deployment of electric vehicles across the world, as per the observations of the market research company, P&S Intelligence.

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Hence, it can be safely said that the demand for automotive infotainment systems will soar in the coming years, mainly because of the increasing deployment of electric vehicles, surging passenger car sales, and growing requirement for HMI systems in vehicles.

What are Key Factors Driving the Growth of Automotive Regenerative Braking Systems Market?

Every year, air pollution directly or indirectly kills 7 million people, as per the World Health Organization (WHO). Since the transportation sector is a major culprit here, countries around the world have begun framing policies to cut down the carbon emissions from automobiles. For this, cleaner fuels are being mandated, such as those under the Euro 6 and Bharat Stage VI norms, and electric vehicles (EV) are being promoted. Another technology that has proved effective in reducing carbon emissions is regenerative braking systems.

According to, P&S Intelligence, with the continued government efforts to clean up the environment, the automotive regenerative braking systems market will witness substantial growth from $6,555.6 million in 2017 to $18,228.3 million by 2023, at a high 18.6% CAGR between 2017 and 2023. In conventional brakes, the brake pad pushes against the brake disc on all wheels to make it stop spinning with the help of plain-old friction. During this process, the energy generated while slowing down the wheels simply dissipates into the environment as heat.

Due to similar limits in other countries, the RBS technology is being used in passenger cars, as well as commercial vehicles, around the world. Of these, the use of this technology is more prominent in passenger cars, because the demand for them and their production figures are higher than those of commercial vehicles, with the former accounting for up to 70% of the automobiles manufactured in a year. Moreover, with the increasing demand for hybrid electric cars, the integration rate of RBS in passenger cars has been traditionally higher.

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Presently, Asia-Pacific (APAC) is the most-productive automotive regenerative braking systems market on account of being the largest vehicle producer and buyer in the world. With the increasing demand for hybrid electric vehicles and battery electric vehicles that offer a longer driving range, the demand for RBSs among regional automakers will continue booming. In EVs, the RBS charges the main battery, which keeps replenishing the charge, thus reducing the need to charge it via a dedicated charging station. China, South Korea, Japan, India, and Singapore are offering strong support for EVs, which will raise the demand for RBS.

Thus, with the growing need to curb the carbon emission from vehicles, more of them would come equipped with regenerative braking systems in the coming years. 

Why will Popularity of E-Mobility Services Boom in APAC in Future?

Haze and smog, which were earlier predominantly winter phenomena, are now becoming common during summers too. The reason behind this is the increasing amount of greenhouse gas (GHG) being emitted from power plants, factories, houses, and vehicles. As air pollution is directly tied to respiratory diseases, such as asthma, lung cancer, cystic fibrosis, and chronic obstructive pulmonary disease (COPD), countries around the world have begun taking initiatives to achieve a carbon-free economy.

E-Mobility Services Market Outlook

This is the primary reason that, as per P&S Intelligence, will propel the e-mobility services market from $3,189.8 million in 2019 to $78,898.3 million in 2030, at an explosive 40.7% CAGR during 2020–2030 (forecast period). The concept relates to the provision of shared transportation services exclusively via electric vehicles (EV). As these automobiles are a lot less polluting than conventional petrol and diesel alternatives, they are being promoted around the world. Countries are offering substantial incentives, purchase subsidies, and tax rebates to the buyers of these vehicles.

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Two-wheeler sharing, ride-hailing, carsharing, and car rental are the various categories when the market is segmented based on service type. Among these, the two-wheeler sharing category held the largest share in the e-mobility services market in 2019, as these services are cost-effective, convenient, and time-saving. Additionally, two-wheeler sharing is being considered important in solving the issue of first- and last-mile commute. The rise-hailing category is predicted to witness the fastest growth during the forecast period due to service providers rapidly including EVs in their fleets.

Owing to such initiatives, Asia-Pacific (APAC) dominated the e-mobility services market during the historical period (2014–2019), and it will continue doing so till 2030. China is the largest producer and user of EVs in the world, driven by the stringent government emission control targets and strong support for clean-fuel automobiles. Moreover, China also manufactures Li-ion batteries in the largest numbers, which is a key reason behind the relative cost-effectiveness of EVs here compared to the rest of the world.

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Hence, with governments going all out to reduce GHG emissions and clean up the environment, the popularity of the e-mobility concept is bound to increase.

What are Key Factors Driving the Growth of IoT in Logistics Market?

With the expansion of the e-commerce industry, on account of the increasing penetration of the internet and the growing number of smartphone users, the demand for the adoption of the internet of things (IoT) in the logistics sector is rising sharply across the globe. As per various reports, the e-commerce sector accounted for as much as 16.5% of all retail sales across the world in 2019, registering a growth of around 17.9% from 2018 to 2019. 

Furthermore, according to several estimates, e-commerce sales will account for nearly 17% of the total retail sales all over the world by 2021. One of the major factors responsible for the growing popularity of e-commerce services is the change in the buying behavior and expectations of customers across the world. Moreover, the ballooning popularity of online shopping and free and fast shipping is further boosting the growth of the e-commerce industry.

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These solutions also enable smart location management, the regular updating of delivery status, the tracking of driver activities, and inventory management. Due to these factors, the popularity of IoT-driven logistics solutions is growing rapidly across the globe, which is, in turn, propelling the growth of the global internet of things (IoT) in logistics market. As a result, the valuation of the market is predicted to rise from $34,504.8 million in 2019 to $100,984.5 million by 2030.

Furthermore, the market is predicted to progress at a CAGR of 13.2% from 2020 to 2030. Depending on application, the market is divided into inventory tracking and warehousing, location management, predictive analytics, fleet management, blockchain for supply chain management, and self-driving vehicles. Out of these, the blockchain for supply chain management category is predicted to exhibit the fastest growth in the internet of things (IoT) in logistics market in the forthcoming years. 

This will be because of the fact that blockchain for supply chain management has the ability to replace conventional processes as it uses ledger technology that makes logistics operations sustainable and ethical. Geographically, the market will demonstrate the fastest growth in Asia-Pacific in the coming years, as per the estimates of the market research company, P&S Intelligence. Rapid technological advancements in the logistics industry is the major factor fueling the expansion of the IoT in logistics market in this region.

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Hence, it is safe to say that the popularity of IoT-based logistics solutions will soar all over the world in the coming years, primarily because of the rising requirement for faster deliveries and efficient logistics, on account of the rapid surge in worldwide e-commerce sales.