(MENAFN- EIN Presswire) E-Drive for Automotive industry
Asia-Pacific is expected to dominate the global e-drive for automotive market.
PORTLAND, OR, UNITED STATES, May 15, 2023 /einpresswire.com / -- According to a new report published by Allied market Research, titled,“e-drive for automotive market ," The e-drive for automotive market was valued at $9.6 billion in 2021, and is estimated to reach $21.5 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.
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The growth of the global e-drive for automotive market is propelling, due to stringent government rules and regulations toward vehicle emission and rise in demand for electric vehicles. However, high cost of e-drive systems is the factor hampering the growth of the market. Furthermore, technological advancements is the factor expected to offer growth opportunities during the forecast period.
Covid-19 Scenario:
The Covid-19 pandemic and followed lockdown regulations resulted in supply-chain disruptions and low sales of passenger cars.
The temporary suspension of production of vehicles across the globe and the shortage of component of semiconductor chips hampered the market.
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Factors such as superior traction than other drivetrain systems, less expensive type of drivetrain than that of RWD or AWD, better handling performance than other drivetrain types, and reduced power consumption, owing to significant traction propel the growth of the FWD segment in e-drive for automotive market. Moreover, lower maintenance cost, greater fuel-efficiency, owing to its reduced weight, better traction over slippery roads, and adoption of FWD vehicles in snowy region propel the growth of the FWD segment in market. In addition, several companies are launching new e-drives in the market, which fuel the growth of the market. For instance, in 2020, General Motors introduced five e-drives units under the name Ultium Drive for General Motors' electric cars. The e-drive will be able to power vehicles equipped with front wheel drive, rear wheel drive, and four-wheel drive.
Asia-Pacific is expected to dominate the global e-drive for automotive market. E-drive for automotive industry gained immense traction across Asia-Pacific due to increased demand for vehicles equipped with advanced components & technologies. Moreover, the Asia-Pacific e-drive for automotive industry is controlled by government policies that encourage sustainable manufacturing and investments in the sector. Furthermore, increased passenger car and vehicle registration in Asia-Pacific creates lucrative opportunities for the expansion of the market. Further, various technological advancements related to electric vehicles are taking place, due to government initiatives, which further propel the e-drive for automotive market growth.
KEY FINDINGS OF THE STUDY
By electric vehicle type, the battery electric vehicle segment is anticipated to exhibit significant e-drive for automotive industry growth in the near future.
By vehicle drive type, the rear wheel drive segment is anticipated to exhibit significant growth in the near future.
By application, the commercial vehicles segment is anticipated to exhibit significant growth in the near future.
By region, Europe is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global e-drive for automotive market include Aisin Corporation, BorgWarner Inc., Continental AG, Hitachi Ltd., Magna International Inc., Melrose Industries PLC, Nissan Motor Co., Ltd., Robert Bosch GmbH, Schaeffler AG, Siemens AG, Toyota Motor Corporation, and ZF Friedrichshafen AG.
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