The EV Speed Reducers Market is segmented By Type (Single Stage, Multi Stage), By Application (Electric Vehicles, Plug- In Hybrid Electric Vehicles), and By Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa)
The 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.
A speed reducer is a gear train that connects the motor to the machinery and is used to slow down the speed at which power is transmitted. They are used in electric vehicles to safely and efficiently reduce the speed of the electric motor. They change the speed of the engine to produce the torque required by the wheels to revolve appropriately. These reducers are applicable in electric vehicles, and plug-in hybrid electric vehicles. The automotive industry has identified lightweight construction and electrified drivetrains as key methods for reducing fuel consumption and pollution. Because the advantages of both EVs and lightweight design might be coupled to further minimise environmental impacts, it is thought that EV lightweight represents a significant advancement. Automakers are turning more of their focus to lightweight composite materials as a substitute for heavy steel and iron in all sorts of cars in response to the rising demand for electric and hybrid vehicles, which primarily rely on composites for lightweight.
Environment Friendliness to Augment Market Growth
Governments all over the world are concentrating their efforts on combating climate change. As a result, makers of electric car components are increasing their investment in the production of electric vehicle components. Industrial electric motor systems provide roughly one-twelfth of total greenhouse gas emissions from fossil-fuel power plants. Greenhouse gas emissions can be considerably decreased by employing high-efficiency reducers, such as gear reducers, to reduce motor power consumption which will drive the worldwide electric vehicle reducer market. Tax exemptions, non-monetary incentives like new car registration and carpool lane access, increased vehicle range, active OEM participation, frequent charging infrastructure, and other reasons are the major market drivers that will further escalate the growth of the EV Speed Reducers Market.
High-efficiency of Reducers to Drive Global EV Speed Reducers Market
High-efficiency speed reducers can save a lot of energy while also cutting component costs. Using high-efficiency reducers, such as gear reducers, can also help to cut motor power usage significantly. Using speed reducers to multiply torque and reduce speed contributes to lower total operating costs. All of the motor applications benefit from greater efficiency and dependability. Many gear motors are affordable to install and maintain, resulting in reduced unplanned downtime for gear repairs. Global demand for electric vehicle reducers is likely to rise as a result.
Technological Innovations and Product Development in Speed Reducers to Support Market Growth
Speed reducers reduce the speed of a motor in order to deliver the torque sensor that a machine needs to function properly. As a result, automakers are continuously looking for new ways to gain a competitive advantage through the launch of new products on the worldwide market. Pressure on the automobile industry to deliver high-quality speed due to safety concerns, as well as expectations for sustainability and performance excellence in brake systems, is driving the market for electronic vehicle reducers. Furthermore, the smooth operation of automotive speed reducers has enhanced their efficacy as a driving assist and has been regarded as a significant factor in the markets growth. The increasing support of governments across the globe toward domestic manufacturing and the development of innovative speed reducers is anticipated to support the uptake of these innovations, thereby fostering the market for EV Reducers. The combination of key players technical expertise and new players’ novel product techniques ensures the launch of new products with enhanced functionalities. Replacement of Motor Gear on a Regular Basis Due to Friction to Hamper OEM Segment Components of speed reducers, such as motor gear, suffer from severe wear of frictional surfaces. As a result, the gearbox stages of the motor work poorly, necessitating frequent replacement of speed reducer components. In fact, high friction in the area increases the danger of wear in the fillets. This is projected to impede the OEM section of the market globally.
North America and Asia Pacific Witness an Uproar in the Orthopedic Implant Market
North America dominates the EV Speed Reducers Market because of 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 markets growth rate in this region. Asia-Pacific is expected to grow during the forecast period due to the rising level of disposable income and EVs in this region. Japan, Korea, and India are also attractive markets because their governments are significantly investing in EV start-ups to promote the manufacturing and selling of EVs globally. Government subsidies in both developing and developed countries, as well as severe regulations, will propel the markets growth rate in this region.
Top Companies and Recent Strategic Developments
Key players include 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, Magna International have consolidated the global market. The strong bone implant product portfolio and significant expenditure in research and development to introduce technologically sophisticated implants are credited with these companies dominance. Moreover, the rise in domestic market players focusing on developing customized implants is focusing on providing competitive pricing, which is further estimated to cater to the increasing demand among developing markets across the globe.
• In November 18, 2022, Magna will take over CES 2023, with the latest technology for a better world of mobility. Magnas Power of Magna will be applied across four areas of total vehicle and systems expertise.
• 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 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 Feb 2021, ZF Friedrichshafen AG (ZF) announced that in September 2023 it would begin producing its first 800V electric drive axle in Hangzhous Xiaoshan District. A local team from ZFs Electrified Powertrain Technology division in Shanghai oversaw the development process. ZF made an investment of almost $300 million in its factory in Hangzhou.
Years considered for this report
• Historical Years: 2019-2021
• Base Year: 2021
• Forecast Period: 2022-2032
EV Speed Reducers Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for application Industries (2022 - 2032)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2032)
• Single Stage
• Multi Stage
Application Analysis (Revenue, USD Million, 2022 - 2032)
• Electric Vehicles
• Plug- In Hybrid Electric Vehicles
Region Type Analysis (Revenue, USD Million, 2022 - 2032)
• North America (United States, Mexico, and Canada)
• Latin America (Brazil & Mexico)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, and others)
• Middle East & Africa
• Asia Pacific (China, India, South Korea, Indonesia, Australia, Vietnam, and others)
• GETRAG FORD Transmission GmbH
• Tsingshan Industry
• AVL GmbH
• HOTA Industrial
• ZF Friedrichshafen AG
• Robert Bosch GmbH
• BorgWarner Inc.
• Aichi Machine Industry
• Zhuzhou Gear
• Magna International
Available Versions of EV Speed Reducers Market Report:
United States EV Speed Reducers Market Research Report
Europe EV Speed Reducers Market Research Report
Asia Pacific EV Speed Reducers Market Research Report
India EV Speed Reducers Market Research Report
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