Automotive EV HUB Market: Size, Share, Top Region, Key Players, Application,Status And Forecast 2020-2030

Automotive EV HUB is the central system of an electrical vehicle. It is a vehicular network that converts electric energy from the battery into mechanical energy of the wheels. It also includes systems that perform functions such as charging and battery management.
The automotive EV HUB consists of two primary types of parts, namely, driving parts (motors) and power supply parts (inverters, converters, etc.)

Increase in sale of autonomous and electric vehicles is fueling the demand for EV driving systems. The Global EV Outlook 2019 report of International Energy Agency stated that sale of electric cars witnessed 40% year-on-year growth in 2019 with a total sale of 2.1 million electric cars worldwide. These electric and autonomous vehicles utilize complex networks of electro-mechanical parts that constitute the driving system or hub of these vehicles. Thus, increase in adoption of next-generation vehicles is driving the automotive EV HUB market across the globe.
Tailpipe emissions such as carbon dioxide, nitrogen oxides, hydrocarbons, carbon monoxide, and sulfur dioxide cause respiratory illnesses, heart conditions, and mental illness, which results in increased healthcare burden. Consequently, worldwide transportation and environment regulatory authorities have tightened regulations related to vehicle emissions. This implementation of stringent emission norms along with soaring fossil fuel prices have prompted automakers to launch new electric vehicle models or facelift their existing models with mild EV capabilities to increase their efficiency and reduce emissions. Thus, increased focus of OEMs on reducing fuel consumption and vehicle emissions is propelling the global automotive EV HUB market.

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Multiple parts of EV HUB when integrated on the vehicle, increases the complexity of vehicle architecture and the overall price. This restrains the global automotive EV HUB market.

The COVID-19 pandemic affected supply chains of EV component manufacturers, thus creating a shortage of raw materials and components. However, multiple companies involved in EV manufacturing including Rivian, Byton, and WM Motor have raised substantial funding in the last year. Furthermore, sales of EVs are anticipated to rebound, as governments have lifted the restriction on industrial activities, which in turn is estimated to propel the automotive EV HUB market in the near future.

Europe holds significant share of automotive EV HUB market owing to government initiatives of the U.K, Netherlands, France, and Spain to promote electric cars and developing charging infrastructure, which has fueled the sales of electric cars in the region.
Sales of electric cars are increasing at a rapid pace in Asia Pacific with China and Japan leading the region. According to the statistics of International Energy Agency, in 2019, 1.10 million electric vehicles were sold across China, which was highest across the globe. This rise in sale of electric vehicles in Asia Pacific is fueling the automotive EV HUB market in the region.

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