The global electric vehicle reducer market generated revenue of around USD 211.7 million in 2020 and anticipated to grow at a CAGR of over 39.25% during the forecast period from 2021 to 2027 to reach around USD 2,148.8 million in 2027.The global electric vehicle reducer market generated revenue of around USD 211.7 million in 2020 and anticipated to grow at a CAGR of over 39.25% during the forecast period from 2021 to 2027 to reach around USD 2,148.8 million in 2027.
The reducer is a gear train between the motor and the machine, which is used to reduce the speed of transmitting power. It is used to reduce the speed of electric motor in electric vehicles safely and effectively. They adjust the speed of motor to provide required torque for the normal rotation of wheels. When rotary machine such as engine or electric motor cannot provide the required output speed or torque, a gear reducer may be a good solution. Planetary, parallel shaft, and right-angle worm drives are common types of gearboxes used to achieve gear reduction.
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Key Trends in Global Electric Vehicle Reducer Market
Growing Demand for Reducer in Electric Vehicles
Multi-stage type is widely used for plug-in hybrid electric vehicles which in turn is a factor driving growth of the target market. The growing adoption of electric vehicles (EV), the increasing demand for speed reducer in electric vehicles, and the rapid development of electric vehicles are expected to maintain market growth in the next coming years. Increasing government initiatives and funding to promote the use of electric vehicles owing to harmful emissions is expected to support growth of the target market. Investments by key players and developments in technologies of electric vehicles has created potential opportunities for major manufacturers and suppliers of the electric vehicle reducer.
Impact of COVID 19 on Electric Vehicle Reducer Market
Driven by the global pandemic, the electric vehicle reducer market will show significant growth. Due to the pandemic, the businesses have been shut down globally or partially which has a negative impact on the product demand. The industry is facing unprecedented economic losses due to the disruption of supply chain of the major players operating in the target market. Distributors, suppliers, and retailers all have inventory in warehouses but cannot sell them due to restrictions, while manufacturers have to stop production in response to global lockdown.
Global Electric Vehicle Reducer Market by Product Type Insights
Single-stage type and multi-stage type are the product type of electric vehicle reducer market. In 2020, multi-stage type segment accounted for the largest share of global electric vehicle reducer market.
Multi-stage Type Segment to Dominate the Global Electric Vehicle Reducer Market
Global Electric Vehicle Reducer Market by Vehicle Type Insights
Battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles are the vehicle type of electric vehicle reducer market. In 2020, battery electric vehicle segment accounted for the largest share of global electric vehicle reducer market.
Battery Electric Vehicle Segment to Dominate the Global Electric Vehicle Reducer Market
Global Electric Vehicle Reducer Market by Sales Channel Insights
Based on sales channel, the global electric vehicle reducer market is segregated into original equipment manufacturer (OEM) and aftermarket. In 2020, aftermarket segment is accounted for a significant share in 2020 of the global electric vehicle reducer market.
Aftermarket Segment to Dominate the Global Electric Vehicle Reducer Market
Global Electric Vehicle Reducer Market by Regional Insights
The Asia Pacific market is accounted for the highest revenue share and is expected to dominate the global electric vehicle reducer market over the forecast period. This is attributed to growing demand for the reducer in electric vehicles and the increasing collaboration among major players for market penetration North America electric vehicle reducer market is projected to register the considerable growth rate in the global market.
Global Electric Vehicle Reducer Market Competitive Landscape
Most prominent players in the global electric vehicle Reducer Market include BorgWarner Inc., Robert Bosch GmbH, ZF Friedrichshafen AG, GKN, GETRAG FORD Transmission GmbH, AVL GmbH, HOTA Industrial, Tsingshan Industry, Aichi Machine Industry, Magna International, SAGW, Zhuzhou Gear, and Others. The report covers very detailed profiles of these key players.
Market Segmentation
Global Electric Vehicle Reducer Market by Product Type, 2015 - 2027
· Single-stage Type
· Multi-stage Type
Global Electric Vehicle Reducer Market by Vehicle Type, 2015 - 2027
· Battery Electric Vehicles (BEVs)
· Plug-In Hybrid Electric Vehicles (PHEVs)
· Hybrid Electric Vehicles (HEVs)
· Fuel Cell Electric Vehicles
Global Electric Vehicle Reducer Market by Sales Channel, 2015 - 2027
· Original Equipment Manufacturer (OEM)
· Aftermarket
Global Electric Vehicle Reducer Market by Region, 2015 - 2027
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Vehicle Reducer Market: Key Players
· BorgWarner Inc.
· Robert Bosch GmbH
· ZF Friedrichshafen AG
· GKN
· GETRAG FORD Transmission GmbH
· AVL GmbH
· HOTA Industrial
· Tsingshan Industry
· Aichi Machine Industry
· Magna International
· SAGW
· Zhuzhou Gear
· Others
Browse the full report at https://www.credenceresearch.com/report/electric-vehicle-reducer-market
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