EV Drive System Market Demand Skyrockets: Major Components in Demand are EV Motors, EV Speed Reducers, EV Power Electronics, Drive Units (E-Axle) - Latest Research
PUNE, India, Dec. 8, 2022 /PRNewswire/ -- The New Report "EV Drive System Market Size, Statistics, Trend Analysis, and Forecast Report, 2022–2032" shows insights and data published by Market Decipher. The report comprises the market size of the EV Motors Market, EV Speed Reducers Market, EV Power Electronics Market, and Drive Units (E-Axle) Market. Increased demand for high-performance, low-emission, and fuel-efficient automobiles, strict government pollution restrictions, falling prices for electric vehicle batteries, and rising gasoline prices all contribute to the expansion of the EV Drive Systems market during the projection period.
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"The industry's growth prospects will be boosted by an increase in the use of electric vehicles to manage fuel consumption and minimize pollution are driving the market. Market Decipher reveals that the growing geriatric population coupled with the expanding government and regulatory actions for emission control measures would hasten the adoption of electric vehicles, which will raise the demand for EV Drive Systems around the globe. The rising investments in R&D by prominent companies and increasing disposable incomes are boosting the market growth in North America and Asia Pacific region."
- Chandradeep Singh
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This report provides meticulous insights into key segments, product specifications and analysis, changing trends, and new technologies, considering key features such as gross margin, revenue & cost. It provides key statistics on the market status of the EV Drive Systems manufacturers, highlighting influential leading players, market scope, and key developments. The report also gives a telescopic view of opportunities and constraints while projecting the growth matrix and global developments with regional insights, and provides noteworthy data for future events, mergers, and acquisitions with trending innovation and business policies and market environment in this market.
The EV Motor Market was estimated at USD 9.2 billion in 2022 and is forecast to grow at a CAGR of 21.7 % during the forecast period.
The electric vehicle motor market is predicted to increase at a significant rate over the forecast period, due to the rising consumer demand for greener transportation, the expansion of the electric vehicle sector, the scarcity of limited fossil resources, and growing concern over lowering the environmental pollution. Additionally, AVERE (The European Association for Electromobility), the World Electric Vehicle Association (WEVA), the Society of Manufacturers of Electric Vehicles (SMEV), the Australian Electric Vehicle Association (AEVA), and the Electric Auto Association are expected to support the mark through increased government rules and regulations pertaining to the reduction of vehicular emissions and promotion of electromobility and sustainable transport.
Top players in EV Motors Market are Aisin Seiki Co. Ltd, Toyota Motor Corporation, Hitachi Automotive Systems, DENSO Corporation, Honda Motor Company Ltd, Mitsubishi Electric Corp., Magna International, Robert Bosch GmbH, BMW AG, Nissan Motor Co. Ltd, Tesla Inc., Toshiba Corporation and BYD Co. Ltd.
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EV Speed Reducers Market was estimated at US$ 152 million in 2022 and is expected to reach US$ 1.7 billion by the end of 2032 with a CAGR of 27.2% during the forecast period.
The electric vehicle speed reducers market is predicted to increase at a considerable rate over the forecast period. High-efficiency speed reducers can save a lot of energy while also cutting component costs. Greenhouse gas emissions can be significantly reduced by using high-efficiency reducers, such as gear reducers, to reduce motor power consumption, driving the global electric vehicle reducer market. Tax breaks, non-monetary benefits such as new car registration and carpool lane access, expanded vehicle range, active OEM participation, frequent charging infrastructure, and other factors are important market drivers that will propel the EV Speed Reducers Market.
Top players for EV Speed Reducers Market are GETRAG FORD Transmission GmbH, Tsingshan Industry, AVL GmbH, HOTA Industrial, GKN, ZF Friedrichshafen AG, Robert Bosch GmbH, BorgWarner Inc., Aichi Machine Industry, Zhuzhou Gear, SAGW and Magna International.
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The EV Power Electronics Market was estimated at US$ 8.73 billion in 2022 and is expected to reach US$ 175 billion by the end of 2032 with a CAGR of 35.6% during the forecast period.
Electric vehicle power electronics are predicted to increase at an increasing rate over the forecast period owing to the increased need for energy-efficient battery-powered devices, rigorous emission requirements to minimize vehicle weight and emission, and government attempts to balance environmental pollution and vehicle emission. Technological advancements in automobile batteries, as well as an increase in R&D activities, are driving the market. Power electronics also support high input impedance and enhanced parallel current sharing, which expands the use of power electronic parts in electric vehicles.
Top players for EV Power Electronics Market are Denso Corporation, Robert Bosch GmbH, AG Delphi Technologies, Continental AG, Hitachi Automotive Systems, Ltd., Delphi Technologies, Valeo, Mitsubishi Electric Corporation, Infineon Technologies, Hella, Panasonic Corporation, Toyota Industries Corporation and Hangzhou Tiecheng Information Technology
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Drive Units (E-Axle) Market was valued at US $8.87 billion in 2022 and is projected to reach US $142.5 billion by 2032, growing at a CAGR of 32.6% during the forecast period.
The Drive Units (E-Axle) Market is predicted to increase at an exorbitant rate over the forecast period owing to increasing global sales of electric and hybrid vehicles, as are fuel prices. Furthermore, the rise in pollution, the development of the vehicle sector, and the depletion of fossil fuel reserves have spurred global market growth. Increased R&D activities for improving electric and hybrid vehicles, as well as increased deployment of E-Axle in ICE vehicles, are expected to provide attractive chances for E-Axle market expansion. The global increase in the sale of electric vehicles is also predicted to provide new growth possibilities for the industry.
Top players for Drive Units (E-Axle) Market are Axletch International, BorgWarner Inc., Continental AG, Dana Incorporated, GKN Plc, Schaeffler Technologies AG & Co. KG, Robert Bosch GmbH, Nidec Corporation, ZF Friedrichshafen AG, AVL List GmbH
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The EV Drive System Market Proliferates in North America
North America dominates the global EV Drive Systems market attributed the presence of a well-defined regulatory framework and recommendations of government and automotive agencies in this region. Additionally, the growing adoption of minimally invasive procedures will flourish the market's growth rate in this region. In the United States, state-level measures to improve EV deployment and accessible EV models (particularly in the Sports Utility Vehicle sector) are expanding. Furthermore, the government has declared its intention to change federal tax credit programs in order to increase zero-emission vehicle adoption and aid domestic manufacturers.
Recent Developments
- In December 2022, American Axle & Manufacturing Inc. (AAM) (NYSE: AXL), a leading global Tier 1 automotive provider of drivetrain and metal casting technologies, and EKA Mobility, an electric vehicle, and technology company, announced a collaboration in which AAM will supply the company's 2.5T battery electric commercial vehicle with its first-ever e-Beam axle.
- In November 2022, Nidec, a Japanese automaker, plans to invest an estimated $100 billion (US$715 million) in Mexico to develop an EV E-Axle plant.
- In November, 2022, Magna will take over CES 2023, with the latest technology for a better world of mobility. Magna's 'Power of Magna' will be applied across four areas of total vehicle and systems expertise.
- In November 2022, HELLA joins the high-voltage EV Power Electronics industry with a large customer order. HELLA provides high-voltage voltage converters to ten different car series of a German luxury automaker; production begins in mid-2025.
- In October 2022, GKN Automotive, the global leader in drive systems, assisted in the development of a 1,180bhp electric powertrain for the Ariel HIPERCAR, a new high-performance EV coupe.
- In September 2022, NTT DATA Corporation ("NTT DATA") and DENSO Corporation ("DENSO") began to build an industry-wide ecosystem for electric vehicle (EV) batteries in order to create worldwide trustworthy dataspaces where only necessary data can be shared while protecting private data.
- In August 2022, Toyota Industries adds an on-board battery production line to its new Ishihama Plant, increasing output of bipolar nickel-hydrogen batteries for hybrid automobiles.
- In August 2022, BorgWarner revealed that Hyundai Motor Company (HMC) had selected the iDM146 integrated drive module (iDM) to power an additional A-Segment electric vehicle platform, with manufacturing scheduled to start in Q3 2024.
- In September 2021, Dongfeng Passenger Car Corporation has begun the commercial introduction of its completely integrated electrical axle drives (EMR3).
- In September 2021, Dana Limited launched the eS9000r EV E-Axle for various Class 7 & 8 medium and heavy-duty vehicles that will further advance the adoption of electric mobility in the commercial vehicle segment.
- In July 2021, Dana Limited started the market launch of its fully integrated EV E-Axle drives (EMR3) for Dongfeng Passenger car Corporation.
- In Feb 2021, ZF Friedrichshafen AG (ZF) announced that in September 2023 it would begin producing its first 800V electric drive axle in Hangzhou's Xiaoshan District. A local team from ZF's Electrified Powertrain Technology division in Shanghai oversaw the development process. ZF made an investment of almost $300 million in its factory in Hangzhou.
- In February 2021, Continental announced that it is investing in a German-US AI chip start-up, Recogni.
- In February 2020, Nidec introduced two Ev E-Axles: a 50kW version for PHEVs/Kei vehicles, where it currently has no presence, and a 200kW version geared at Premium BEVs.
- In April 2020, The CoolMOSTM CFD7A series is a new product family introduced by Infineon Technologies. These silicon-based, high-performance components can be used in both the PFC and DC-DC stages of on-board charger systems, as well as HV-LV DC-DC converters designed exclusively for electric-vehicle applications
Report Details:
Number of Pages: 265
Number of Tables: 85
Number of Charts and Graphs: 65
Key Report Takeaways:
- Estimation/projections/forecast for revenue (2022 – 2032)
- Data breakdown for every Industry segment (2022 – 2032)
- Gross margin and profitability analysis of companies
- Impact Of COVID-19 On the EV Drive Systems Market
- Business trend and expansion analysis
- Competition analysis/market share
- Product Innovation Listing
- Client list and case studies
- Market entry strategy
- Customized reports focused on specific products in EV Drive System Market could be purchased as per client request.
- Contact: query@marketdecipher.com
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