Insights Revealed by the Assessment on the EV Drive Module Market Portray Substantial Gains, with the Market Expanding at Between 6.1% to 7.0% CAGR from 2021 to 2031
According to latest research EV drive module market is set to witness steady growth during 2021-2031. Demand for EV drive module will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from EV industry, thereby augmenting the need of EV drive module over the forecast period.
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What is Driving Demand for EV Drive Module?
The electric drive module combines a next-generation discrete motor-generator and power electronics system into a single system, allowing for synergy effects. The new power electronics have been designed specifically for use with electric motors. As a result, the module can be used as part of a plug-in hybrid or electric vehicle’s electric powertrain. This decade is shaping up to be the most disruptive for the automobile industry, with crucial trends such as alternative cars, autonomous vehicles, shared vehicles, and connected vehicles drastically reshaping the sector. Alternative cars, particularly electric vehicles, have garnered the most popularity in the industry due to its zero-emission characteristic. The interest of non-car organizations, for example, Google and Apple in the improvement of electric vehicles is required to advance the EV drive module’s positive development in the coming years.
North America EV Drive Module Market Outlook
North America is estimated to be one of the prominent region globally for drive module. The U.S. is set to account for substantial share in global market during the assessment period 2021-2031. The expansion of the EV drive module is closely tied to the demand for electric vehicles. The fact that the United States has a substantial presence of assembly plants for major electric vehicle OEMs, as well as rigorous pollution regulations imposed by regulatory bodies, would expand the penetration of electric vehicles and drive module sales in the future.
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Europe EV Drive Module Market Outlook
The COVID-19 crisis has had a significant impact on many European countries, resulting in a drop in economic activity. However, in automotive industry, Europe is home to a major number of electric vehicle OEMs, making the region a major producer of EV drive module. Due to the existence of major electric vehicle manufacturers and significant investment in research and development to improve electric powertrain, the UK and Germany are the two biggest contributors in Europe’s EV drive module industry. Furthermore, increased adoption of electric vehicles in economies such as Germany, France, Italy, and the Netherlands to reduce fuel emissions and target export is predicted to be the fastest-growing segment during the forecast period.
Who are the Key Manufacturers and Suppliers of EV Drive Module?
Some of the leading manufacturers and suppliers of EV drive module includes
- Tesla Inc.
- Nissan Motor Co. Ltd.
- BorgWarner Inc.
- Continental AG
- Magna International Inc.
- GKN Driveline
- Robert Bosch GmbH
- Siemens AG
- Others.
Some of the key players’ strategies for gaining a competitive edge in the market include developing compact designs and collaborating closely with EV OEMs.
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