About EV Drive Systems
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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 37.1% |
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. Analyst at AMA Research estimates that German Vendors will contribute the maximum growth to Global EV Drive Systems market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global EV Drive Systems market by Type (LV electric drive systems, MV electric drive systems and HV electric drive systems), Application (Electric Vehicles, Hybrid Vehicles and Fuel Cell Vehicle) 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). If we see Market by Vehicle Type, the sub-segment i.e. Passenger Cars will boost the EV Drive Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Evolution of Next-Generation Electric Drive Systems and Increased Focus on the Innovation of Electric Drives to Lower the Cost and Improve Performance
Market Growth Drivers:
Growing Adoption of BEVs and HEVs Due to Increasing Awareness About Environmental Concerns and Demand for Sustainable Vehicles and Need for EV Drive System with High Frequency and High-Temperature Operation Capability Due to Demand for Maximum Speed and Power
Challenges:
Slow Adoption of Short Range Electric Vehicles Among the Consumers
Restraints:
Less Acceptance of Electric Vehicles Due to Inadequate EV Charging Infrastructure Facilities in Some Developing and Underdeveloped Countries
Opportunities:
Rapid Growth of Battery Electric Vehicles in the European Market and Increasing Demand for EV Drive Systems for Electric Cars due to Rising Demand for Passenger Cars
Market Leaders and their expansionary 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.
In December 2023, BorgWarner, a leading provider of automotive components, and Stellantis, the automaker behind Peugeot, Jeep, and Chrysler, announced a collaboration to develop and manufacture electric drive systems for Stellantis' future EV models. This partnership aims to accelerate the adoption of EVs in the European and North American markets.
Key Target Audience
New 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
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.