New Energy Vehicle Speed Reducer Market REPORT OVERVIEW
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global new energy vehicle speed reducer market size was USD 341.9 million in 2022 and market is projected to touch 2474.72 million by 2031, exhibiting a CAGR of 24.6% during the forecast period.
The new energy vehicle speed reducer market was fast expanding, and numerous components, such as speed reducers, sometimes known as gearboxes or transmissions, were in high demand. NEVs include electric cars (EVs), hybrid vehicles, and vehicles fueled by alternate energy sources. The speed reducer, also known as the gearbox, is critical in NEVs because it optimises the power from the electric motor and efficiently transmits it to the wheels, delivering the appropriate torque and speed. As the NEV market grows, so will the demand for high-quality, dependable, and effective speed reducers. As more automakers enter the NEV market, competition for vehicles with higher performance and greater ranges intensifies. Automakers engage in creating and deploying high-quality speed reducers that can increase overall vehicle efficiency and performance to gain a competitive advantage.
COVID-19 Impact: The Reduced Demand and Production Shutdown Led the Downfall of the Market Share
The pandemic caused global supply chain disruptions, hurting the manufacture and availability of NEV components such as speed reducers. Many automakers encountered difficulties procuring components and materials, resulting in production delays. Many countries instituted lockdowns and restrictions during the peak of the pandemic, resulting in lower consumer demand for cars, especially NEVs. As a result, NEV sales suffered, and automakers placed fewer orders for speed reducers. To comply with social distancing requirements and protect their staff, automotive factories around the world have to temporarily shut down or operate at reduced capacity. These shutdowns had a negative impact on NEV production quantities and, as a result, demand for new energy vehicle speed reducer market share got reduced.
LATEST TRENDS
"Increasing Battery Efficiency and Cost Reduction to Drive the Market Share Potentially"
Battery technology is one of the most important variables influencing NEV adoption. NEVs can go longer distances on a single charge as battery efficiency improves, making them more feasible for everyday use. Efficient speed reducers are critical in optimising power transfer from the battery to the wheels, which has a direct impact on the vehicle's range and performance. Because of economies of scale and developments in manufacturing methods, the cost of making NEVs and its components, including speed reducers, has decreased over time. As NEVs become more cheap, consumer demand is expected to climb, increasing the demand for new energy vehicle speed reducer market share.
New Energy Vehicle Speed Reducer Market SEGMENTATION
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- By Type
Based on type the new energy vehicle speed reducer market is classified as single stage type, multi stage type and others.
The part single stage type is the leading of the type segment.
- By Application
Based on application the new energy vehicle speed reducer market is classified as PHEV, BEV and others.
The part PHEV is the leading type of the application segment.
DRIVING FACTORS
"Infrastructure Development with Ongoing Research to Boost the Market Growth "
Continuous research and development in electric vehicle technology is resulting in advancements in new energy vehicle speed reducer. Material science, design, and manufacturing process advancements all contribute to more efficient and lightweight gearboxes, which are critical for improving the overall performance and range of NEVs.Continuous research and development in electric vehicle technology is resulting in advancements in NEV components such as speed reducers. Material science, design, and manufacturing process advancements all contribute to more efficient and lightweight gearboxes, which are critical for improving the overall performance and range of NEVs.
"Environmental Concerns, Stability and Government Policies to Multiply the Production and Market Growth"
Many governments worldwide are actively encouraging the use of new energy vehicle speed reducer as part of their efforts to reduce greenhouse gas emissions and battle climate change. Governments provide various incentives, like as tax credits, subsidies, and refunds, to encourage customers to purchase NEVs. These policies increase consumer demand for NEVs, which in turn increases demand for speed reducers. Concerns about air pollution and environmental sustainability are driving a shift towards cleaner modes of transportation. NEVs are seen as a more environmentally beneficial alternative to typical internal combustion engine vehicles because they emit no emissions at the point of usage. As a result, more consumers are choosing NEVs, increasing demand for components such as speed reducers.
RESTRAINING FACTORS
"Limited Gear Ratios, Maintenance, Noise and Vibrations to Restrain the Market"
During operation, some gearboxes might generate noise and vibrations. Excessive noise can affect driving comfort and may be an issue for NEV makers looking to create a more refined and quieter driving experience. Gearboxes, like any mechanical component, require routine maintenance to perform properly. When compared to other components in an electric car, speed reducer maintenance and repair might be more complex and costly. When compared to standard internal combustion engine vehicles, some NEV speed reducers may have limited gear ratios. This constraint may have an effect on the vehicle's ability to manage various driving conditions efficiently and thus impeding the new energy vehicle speed reducer market growth.
New Energy Vehicle Speed Reducer Market REGIONAL INSIGHTS
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"Asia Pacific Region to Dominate with Large Domestic Market and Favourable Government Policies"
Asia was the main region for New Energy Vehicle (NEV) speed reducer production and consumption, with China being a major player in the new energy vehicle speed reducer market. China has been in the forefront of NEV production and adoption, including electric cars (EVs) and hybrid vehicles. The Chinese government's strong support and favourable legislation for NEV manufacturers have resulted in the country's electric vehicle industry rapidly expanding. Chinese automakers, both established and rising, have spent extensively in NEV technology research and development, including speed reducers and gearboxes. As a result, there is a considerable domestic supply of NEV components, such as speed reducers, which are used not only in vehicles manufactured for the Chinese market but also in vehicles exported to other regions.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
The market is highly competitive, with both international and domestic players. Major players are involved in the launch of new and improved products, collaborations, mergers and acquisitions, joint ventures, and other tactics.The research is an in-depth examination of a list of market participants who promote market growth. The data is a compilation of the most recent manufacturing industry trends, mergers and acquisitions, market research, and technology breakthroughs. To comprehend market share, product growth, revenue growth, and other variables over the forecast period, additional criteria such as regional and segmental analysis are considered.
List of Market Players Profiled
- Borgwarner (U.S.A)
- HOTA Industrial (China)
- SAGW (China)
- GKN (U.K)
- Tsingshan Industry (China)
- ZF (Germany)
- Bosch (Germany)
- Zhuzhou Gear (China)
- Aichi Machine Industry (Japan)
- Magna International (Canada)
- HYCET E-Chuang (China)
- Zhejiang Wanliyang (China).
REPORT COVERAGE
This report includes a thorough background analysis, an assessment of the parent market, and an in-depth examination of market dynamics. Historical, current, and projected market size in terms of both value and volume. The report includes research on recent industry developments, a thorough examination of market shares and strategies of main competitors, as well as growing specialty categories and regional market areas.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 341.9 Million in 2022 |
Market Size Value By |
US$ 2474.72 Million by 2031 |
Growth Rate |
CAGR of 24.6% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
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By Type
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By Application
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Frequently Asked Questions
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What value is the new energy vehicle speed reducer market expected to touch by 2031?
The global new energy vehicle speed reducer market is expected to reach USD 2474.72 million by 2031.
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What CAGR is the new energy vehicle speed reducer market expected to exhibit by 2031?
The new energy vehicle speed reducer market is expected to exhibit a CAGR of 24.6% by 2031.
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Which are the driving factors of the new energy vehicle speed reducer market?
Infrastructure development with ongoing research, environmental concerns, stability and government policies are the driving factors of the new energy vehicle speed reducer market.
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Which are the key players functioning in the new energy vehicle speed reducer market?
Borgwarner, HOTA Industrial, SAGW, GKN, Tsingshan Industry, ZF, Bosch, Zhuzhou Gear, Aichi Machine Industry, Magna International, HYCET E-Chuang, Zhejiang Wanliyang and others are the key players functioning in the new energy vehicle speed reducer market.
