Automotive Parts Market to be Worth $824.2 Billion by 2031

The global automotive industry is undergoing a gradual shift from fossil fuel-powered vehicles to electric vehicles (EVs). Decreasing prices of EV batteries are driving this transition, making electric vehicles more cost-effective and competitive compared to traditional internal combustion engine vehicles. As EV battery costs decline, the overall ownership expenses of electric vehicles reduce significantly, broadening their accessibility to a wider consumer base and accelerating their global adoption.

Governments worldwide are actively investing in and implementing policies and regulations to facilitate the adoption of EVs. For example, in July 2022, the Government of Chhattisgarh (India) introduced an electric vehicle (EV) policy aimed at bolstering EV charging infrastructure, expediting the transition from internal combustion engine (ICE) vehicles to electric ones, and incentivizing EV manufacturing within the state.