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
Drive Units Market
The 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
The Rise in Demand for Electric Vehicles
Electric vehicles have become an essential component of the automobile industry. It provides a path toward greater energy efficiency, as well as lower pollution emissions and other greenhouse gas emissions. The key elements driving this rise include rising environmental concerns, as well as beneficial government efforts. The yearly sales volume of electric passenger vehicles is estimated to exceed 5 million units by the year 2025, accounting for 15% of total vehicle revenue by the end of 2025. The electric car industry has shown excellent growth in recent years, with total sales of electric vehicles reaching around 1,614,048 units in the third quarter of 2019 compared to 1,279,527 in the third quarter of 2018. This increase in sales is due to an increase in regulatory criteria implemented by various organizations and governments to limit pollution levels and promote zero-emission automobiles.
Asia-Pacific has the largest market share in Electric Motors Market
Because of increased EV sales, particularly in China, Asia-Pacific has captured the greatest share of the global electric motor market. China is the worlds top manufacturer and buyer of electric cars. National sales objectives, favourable laws, and local air-quality targets all help to sustain domestic demand. China, for example, has set a quota on producers of electric or hybrid cars, which must account for at least 10% of completely new sales. Furthermore, in order to encourage residents to transition to electric vehicles, the city of Beijing only gives 10,000 licenses for the registration of vehicles with combustion engines every month. As the industry for electric vehicles grows, the demand for electric motors is expected to rise throughout the forecast period, as the majority of OEMs launch, encourage collaboration with electric vehicle manufacturers, form joint ventures, and so on.
Government focuses on the Reduction of Greenhouse Gas Emissions
Governments all around the world are working hard to reduce greenhouse gas emissions first from the car industry. As a result, manufacturers of electric vehicle components are increasing expenditure on the production of electric mechanical systems, which is expected to accelerate the electric vehicle speed reducer globally. During the projected period, the expansion of the electric vehicle industry is also likely to provide considerable opportunities for EV component manufacturers of electrical vehicle speed reducers.
Asia-Pacific Dominates the market for EV Speed Reducers Market
China boasts the largest number of electric vehicles in the globe. As a result, the country is projected to lead the market for electric vehicle speed reducers. It is estimated that over 1.8 million electric vehicles are now on Chinese roads. The popularity of electric vehicles due to their environmental friendliness is expected to drive up the electric vehicle market in China. However, the automobile sector in North America is rapidly developing. In the country, there is a large demand for electric vehicles for minor interchange routes. The availability of a big customer base and high preference as a method of transportation are significant elements pushing the countrys electric car industry at a quick pace. The growing number of electric cars is pushing up demand for electric vehicle speed reducers all around the world.
EV Drive System by Geography Outlook (Revenue, USD Billion, 2022 -2032)
• North America (U.S., Canada)
• Europe (Germany, France, U.K., Italy, Spain, Nordic Region, Rest of Europe)
• Asia Pacific (China, Japan, India, Australia, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, Rest of the Middle East & Africa)
