The adoption of Electric Vehicle Reducer market is expected to increase at a CAGR of 26.6% during the forecast period. The Electric Vehicle Reducer market size is anticipated to rise from US$ 1,974.7 Mn in 2023 to US$ 20,884.9 Mn in 2033.
The main driver fuelling market expansion is the expansion of the electric car industry. Electric vehicles outperform conventional vehicles in terms of fuel economy, CO2 emissions, and maintenance, as well as the convenience of charging at home, a smooth ride, and lower engine noise.
Governments worldwide are focusing their efforts on combating climate change. As a result, electric vehicle component manufacturers are ramping up their investment in the production of electric vehicle components, which is expected to propel the global electric vehicle reducer market.
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Tax exemptions, non-monetary benefits such as new car registration and carpool lane access, increasing vehicle range, active OEM participation, providing charging infrastructure in regular areas, and other factors can all contribute to the growth of the EV reducer market trends.
Existing players are heavily focused on innovation and the development of new components and technology in order to overcome disadvantages and strengthen their positions in the global market.
Key Takeaways from Market Study
- Asia Pacific is expected to be the most profitable region during the forecast period, having dominated the global electric vehicle reducer market in 2021. Whereas India is showing the highest growth trajectory of 30.1% among other regions.
- The United States dominates the North American electric vehicle reducer market with a share of9.3%. This proportion is due to rising demand for electric vehicles in the United States.
- Concerning product type, the multi-stage type will continue to dominate the global electric car reducer market with a share of 68.4%.
- China is the world’s largest electric vehicle market, accounting for nearly half, or 45%, of global electric vehicle sales and 1.8 million electric vehicles on road.
- The UK government approved 200 electric buses in 2020 with the goal of making all buses totally electric by 2025, which may reduce CO2 emissions by roughly 7,400 tonnes annually.
- MG Motors India launched the fourth edition of their Developer Programme and Grant (MGDP) as the country strives to generate 50% of its installed electricity capacity from non-fossil sources by 2030.
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Due to the presence of a large number of market players, the global electric vehicle reducer market is consolidated with high competition. Existing players are heavily focused on innovation and the development of new components and technology in order to overcome disadvantages and strengthen their positions in the global market. Some market participants are also investing in EV startups to expand their regional presence.
- BorgWarner Inc.
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- GETRAG FORD Transmission GmbH
- AVL GmbH
- HOTA Industrial
- Tsingshan Industry
- Aichi Machine Industry
- Magna International
- Zhuzhou Gear
Latest Developments in the Electric Vehicle Reducer Market
- September 2023 – ZF Friedrichshafen AG (ZF) announced the production of its first 800V electric drive axle in Hangzhou’s Xiaoshan District. The development process was led by a local team from ZF’s Electrified Powertrain Technology division in Shanghai. ZF invested approximately $300 million in its Hangzhou manufacturing facility.
- On August 10, BorgWarner announced that Hyundai Motor Company (HMC) had chosen its iDM146 integrated drive module (iDM) to power an additional A-Segment electric vehicle platform, with production set to begin in Q3 2024.
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Key Segments Covered in the Electric Vehicle Reducer Market Report
- Single-stage Type
- Multi-stage Type
- Battery Electric Vehicles (BEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicle
- Original Equipment Manufacturer (OEM)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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