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EVs have a number of electric power-related parts, including a motor, battery, onboard charger, and an electric power control unit (EPCU). All are crucial parts for converting the power from the battery into the kinetic force that propels the EV ahead.
Significant market development is the preference shift of EV manufacturers from synchronous motors to induction motors.
Because induction motors are more effective and help to reduce magnetic losses by lowering the inverter’s voltage, automakers are switching to them. Consequently, the electric car components will be driven by the growing use of these motors in high-performance EVs.
The US EV Components Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Hyundai Motor Group (the Group) announced that it had reached a deal with the State of Georgia to construct its first U.S. facilities specifically for the production of full-electric vehicles and batteries.
The Group’s decision to invest in the US will help it achieve its objective of dominating the market for electric transportation there. The Group’s dedication to sustainability via electrification and to bolstering the economies of the countries in which it works are also highlighted.
The facility will be powered mostly by renewable energy sources as part of the Group’s commitment to sustainability, and emission-reduction technology will be used to comply with RE100 standards.
Bipartisan Infrastructure Law financing has been announced the US Department of Energy (DOE) in order to increase domestic production of batteries and component parts, strengthen domestic supply chains, and generate employment.
The investments in the infrastructure will enable the construction of brand-new, updated, and extended commercial buildings as well as manufacturing demonstrations and battery recycling.
In addition, DOE announced a separate fund novel methods for recycling materials back into the battery supply chain as well as uses for batteries that were formerly used to power electric vehicles.
THIS US EV COMPONENTS MARKET REPORT WILL ANSWER THE FOLLOWING QUESTIONS
