How Electric Vehicles Are Changing the Auto Parts and Components Landscape

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Table of contents
Shift in supply and demand
Shock in the industry
The problem of profitability and income
Opportunity to adapt and innovate
New trends and innovations in the production process of auto parts and components
Drivers and Challenges
Latest technologies and solutions
Advantages and disadvantages
Usage Strategies
The automotive industry is undergoing a significant transformation due to the rise of electric vehicles (EVs). As more countries and companies set ambitious targets for the adoption of EVs, the supply and finland number data demand for different types of auto parts and components are also changing.



According to a GlobeNewswire report, the global auto parts and components market was worth US$ 1926.34 billion in 2020 and is expected to reach US$ 2258.72 billion by 2027, growing at a compound annual growth rate (CAGR) of 2.3% from 2021 to 2027. This indicates that the demand for auto parts and components is growing steadily across the globe, driven by factors such as rising automobile production and sales, increasing adoption of advanced technologies, and increasing consumer preference for safety, comfort, and performance features.

Electric vehicles are taking over the roads, and they are also taking over the auto parts and components industry. The shift to electric vehicles is creating new patterns of supply and demand for different types of auto parts and components, such as batteries, motors, and power electronics. It is also changing the structure and segmentation of the industry, with some segments growing faster than others, while some segments are shrinking or disappearing. In this article, we look at some of the implications and consequences of electrification for the auto parts and components industry and discuss how businesses can adapt and innovate to take advantage of the opportunities and challenges this shift brings.