The electric vehicle gearbox market is expected to grow at a CAGR of 26. 6% during the forecasted period. The length of the market is expected to grow from $1,974. 7 million in 2023 to $20. 9 billion through 2033.
The main reason for the expansion of the market is the expansion of the electric car industry. Electric cars outperform traditional cars in terms of fuel economy, CO2 emissions, and maintenance, as well as home charging comfort, stylish driving, and reduced engine noise.
Governments around the world are focusing their efforts on addressing climate change. As a result, EV component brands are expanding their investments in EV component production, which is expected to drive the EV gearbox market.
Tax exemptions, non-monetary benefits such as new car registration and ride-sharing lanes, expansion of the range of vehicles, active participation of OEMs, provision of charging infrastructure in normal areas, and other points can contribute to the expansion of EV gearbox market trends. .
Existing players are largely focused on innovation and the progression of new parts and technologies to overcome disadvantages and their positions in the global market.
Key Market Research Takeaways
Competitive Landscape
Due to the presence of a large number of players in the market, the global electric vehicle gearbox market is consolidating through strong competition. The existing players are strongly focused on innovation and progression of new parts and technologies to triumph over the disadvantages and their positions. in the global market. Some market players are also investing in electric vehicle startups to expand their regional presence.
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Key Segments Covered in the Electric Vehicle Gearboxes Market Report
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Author
Nikhil Kaitwade (Associate Vice President of Future Market Insights, Inc. ) has more than a decade of experience in market research and business consulting. It has effectively completed more than 1,500 visitor assignments, primarily in the automotive, chemical, commercial equipment, oil, and gas and service industries.
Its core competencies come with the progression of a research methodology, the creation of a unique analytical framework, statistical knowledge models for value analysis, competitor mapping, and market feasibility analysis. His experience also extends beyond analysis, advising clients on identifying expansion prospects in established companies. and niche market segments, investment/divestment decisions, and market access decision-making.
Nikhil holds an MBA in Marketing and Computer Science and a bachelor’s degree in Mechanical Engineering. Nikhil is the author of several publications and quoted in magazines such as EMS Now, EPR Magazine and EE Times.
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