The global market is expected to cross market value of USD 4.80 Million Units in 2027 from USD 3.9 Million Units in 2020. It is expected to grow at a CAGR of over 3.9% during the forecast period.
Increased government funding for EVs, cost savings achieved through IDU adoption, and IDU's ability to make EVs more competitive through weight reduction are driving the market. Furthermore, increased government funding for electric vehicles is expected to fuel market growth. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Hybrid and Electric Vehicle Integrated Drive Unit Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
Impact of COVID-19 on this Market
COVID-19 has the potential to have three major effects on the global economy: causing supply chain and consumer instability, having a financial impact on businesses and financial markets, and directly influence on production and demand. COVID-19 has had a wide range of consequences, including quarantines, restaurants closing, flight cancellations, travel bans, and all indoor activities being limited in over forty countries. A significant slowing of the Hybrid and Electric Vehicle Integrated Drive Unit market instability, declining business morale, increasing fear among the population, and confusion about the future have all been recorded as a result of the outbreak.
Asia-Pacific to Dominate the global market
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. Asia-Pacific dominated with over 54.32% share in 2020. In the upcoming years too, Asia Pacific is projected to have the fastest growth in the industry. Increased fleet and traffic, the deployment of new production facilities, and a rise in automobile sales due to growing expenditures and upcoming passenger and commercial vehicles are all contributing to Asia Pacific's growth.
BEVs continue to dominate the global market in terms of Application
HEVs and BEVs are the two various applications of this market. BEVs has dominated the market in 2020 compared to HEVs market growth rate. This is due to amalgamation of various factors like costs and convenience (charging time, autonomy, available infrastructure). While, hybrid technology solutions may act as the bridge between new and mature technologies.
Frequently asked questions about global industry
Which are the different Applications of this market? Ans: HEVs and BEVs are the different applications available in the market
Who are the key players in the global industry? Ans: BorgWarner Inc., Hitachi Ltd., Meritor Inc., Meidensha Corp., Continental AG, Siemens A, Magna International Inc., Melrose Industries Plc, Robert Bosch GmbH are the key players operating in this market
Which is the fastest growing Application segment for global industry? Ans: BEVs Application offers tremendous opportunities to players
Which is the leading regional market for global industry? Ans: Asia-Pacific has the largest share owing to various developments happening in this space
What will be the CAGR (2021 - 2027) of in global industry? Ans: The market is anticipated to grow at a CAGR of 3.9% throughout the forecast period
