Electric Vehicle Reducer Market by Product Type (Single-stage Type, Multi-stage Type) by Vehicle Type (Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Hybrid Electric Vehicles (HEVs), Fuel Cell Electric Vehicles) by Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

Using high-efficiency reducers can save energy significantly, which is expected to drive the growth of the global electric vehicle reducer market. In addition, using reducers, such as gear reducers, can reduce motor power consumption, thereby augmenting the development of the global electric vehicle reducer market. Also, technological advancements in EVs have boosted the growth of the global electric vehicle reducer market over the forecast period.

However, frequent replacement of reducer components is a factor that is expected to hinder the global electric vehicle reducer market. On the other hand, the adoption of speed reducers to reduce fuel cost and greenhouse emissions, coupled with technological advancements in electric vehicles, is expected to create potential opportunities for the prominent manufacturers operating in the market.

Impact of COVID 19

The electric vehicle reducer market will show considerable growth on the back of the global pandemic. However, due to the COVID-19 outbreak, an international or partial shutdown had a negative impact on the supply chain and product demand. In addition, the decline in trading activities and transport restrictions in this pandemic has impacted the market growth negatively and hampered its growth.

The Asia Pacific to Dominate the global electric vehicle reducer market

The global electric vehicle reducer market covers six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. However, the Asia Pacific is dominated by the global market and accounts for more than 32.3% of the target market. This is attributed to increasing demand for electric vehicle reducers and rising collaboration among players to enhance market penetration.

Multi-stage type would continue to dominate the global electric vehicle reducer market in terms of product type.

Single-stage type and multi-stage types are the product type of the electric vehicle reducer market. In 2020, the multi-stage type segment accounted for the largest share of the global electric vehicle reducer market, owing to growing demand in the commercial and residential sectors.

Battery electric vehicle is the major segment in the global electric vehicle reducer market in terms of vehicle type.

Battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles are the vehicle type of electric vehicle reducer market. In 2020, the battery electric vehicles segment accounted for the largest share of the global electric vehicle reducer market.

Aftermarket is Sales Channel's significant segment in the global electric vehicle reducer market.

Based on sales channels, the global electric vehicle reducer market is segregated into original equipment manufacturer (OEM) and aftermarket. In 2020, the aftermarket segment accounted for a significant share 2020 of the global electric vehicle reducer market.

Frequently asked questions about global electric vehicle reducer market