What is EV Drive Systems Market?
EV drive system is an important component of electric vehicles that consists of power electronics, an electric motor, transmission, and a battery that supplies current and drives the vehicle. Increasing demand for a sustainable vehicles for transportation across the globe in order to reduce emission and environmental impact. Consumers’ inclination towards long-range electric vehicles has led manufacturers to develop technologically advanced EV drive systems with high power capability and maximum speed. Further, financial incentives by the government on electric vehicles have created significant opportunities for Passenger electric vehicles, which will accelerate the growth of EV drive systems.
|Unit||Value (USD Million)|
|Key Companies Profiled||Robert Bosch GmbH (Germany), Dana TM4 (Canada), MAHLE GmbH (Germany), Schaeffler Group (Germany), Infineon (Germany), LG Corporation (South Korea), GKN Automotive (United Kingdom), ZAPI Group (Italy), Magtec (United Kingdom), Saietta Group (United Kingdom), Hitachi (Japan), ZF Friedrichshafen AG (Germany), Eaton Corporation (Ireland) and AC Propulsion (United States)|
The market study is being classified, by Application (Electric Vehicles, Hybrid Vehicles and Fuel Cell Vehicle) and major geographies with country level break-up.
Robert Bosch GmbH (Germany), Dana TM4 (Canada), MAHLE GmbH (Germany), Schaeffler Group (Germany), Infineon (Germany), LG Corporation (South Korea), GKN Automotive (United Kingdom), ZAPI Group (Italy), Magtec (United Kingdom), Saietta Group (United Kingdom), Hitachi (Japan), ZF Friedrichshafen AG (Germany), Eaton Corporation (Ireland) and AC Propulsion (United States) are some of the key players profiled in the study.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that German Vendors will contribute to the maximum growth of Global EV Drive Systems market throughout the forecasted period.
Analyst at AMA have segmented the market study of Global EV Drive Systems market by Type, Application and Region.
On the basis of geography, the market of EV Drive Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Adoption of BEVs and HEVs Due to Increasing Awareness About Environmental Concerns and Demand for Sustainable Vehicles
- Need for EV Drive System with High Frequency and High-Temperature Operation Capability Due to Demand for Maximum Speed and Power
- Evolution of Next-Generation Electric Drive Systems and Increased Focus on the Innovation of Electric Drives to Lower the Cost and Improve Performance
- Less Acceptance of Electric Vehicles Due to Inadequate EV Charging Infrastructure Facilities in Some Developing and Underdeveloped Countries
- Rapid Growth of Battery Electric Vehicles in the European Market
- Increasing Demand for EV Drive Systems for Electric Cars due to Rising Demand for Passenger Cars
- Slow Adoption of Short Range Electric Vehicles Among the Consumers
Market Leaders and some development strategies
In September 2021, Mullen Technologies, Inc., an emerging EV manufacturer announced that it has entered into a letter of intent with hofer powertrain GmbH for the development and manufacturing of designated EV systems and components. Hofer is a leading provider of efficient powertrain solutions, which will Mullen's market presence and give competitive advantage over others.
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, EV Drive System Manufacturers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End Users and Others
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the EV Drive Systems Market?
"Growing Adoption of BEVs and HEVs Due to Increasing Awareness About Environmental Concerns and Demand for Sustainable Vehicles
" is seen as one of major growth factors of EV Drive Systems Market in years to come.
2. Can we have customized study for EV Drive Systems Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global EV Drive Systems Market?
German will lead EV Drive Systems Market in coming years.