E-Gear Multispeed Transmission Market: Introduction
E-Gear multispeed transmission technology enables high peak power and efficiency over significantly wider electric power range, as compared to existing motors and generators that are using traditional speed control or frequency converter technology
Key Drivers of E-Gear Multispeed Transmission Market
- Enhanced compact design and energy-efficient features are likely to drive the e-gear multispeed transmission market. E-gear multispeed transmission consumes less energy and travels longer distances for each battery charge, which extends the range by up to 5%, as compared e-gear single speed transmission unit. Additionally, the modular design of the e-gear multispeed transmission extends its use to compact cars, sports, and performance vehicles classes, thereby boosting its market share.
Challenges in E-Gear Multispeed Transmission Market
- The COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations, thus hampering the automotive industry. Post first wave of COVID-19, global economies have started opening automotive manufacturing and supply chain operations, thus the COVID impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has forced governments to impose a second round of lockdown restrictions. Consequently, the uncertainty in the automotive industry continues. A gradual recovery in the demand for automotive and ancillaries is anticipated in the next few months despite concerns around the risk of second wave of infection.
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Opportunities in E-Gear Multispeed Transmission Market
- The adoption of electric vehicles has increased due to favorable government policies and technological developments that provide better alternative to I.C engine powered vehicles. The Global EV Outlook 2019 report of International Energy Agency stated that sales of electric cars witnessed 40% year-on-year growth in 2019, with a total sale of 2.1 million electric cars worldwide. The coming decade is expected to be the decade of fully electric cars.
- Battery prices have been declined by 73% since 2010; consequently, electric cars are expected to be as cheap as fuel-powered cars in the foreseeable future. More than 10 million electric vehicles are estimated to hit the road in 2024, a number that is expected to rise consistently in the next few years. Countries such as the U.S. and China have been offering financial incentives, including tax credits, rebates, and registration fee reductions designed to promote the adoption of EVs. While countries such as the U.K., France, Norway, and India are looking to adopt e-mobility on a larger scale, having expressed the desire to phase out petrol and diesel engines entirely in the coming decades. This scenario showcases the growth opportunity for E-gear multispeed transmission.
Europe to Dominate E-Gear Multispeed Transmission Market
Based on geography, the market in Europe is estimated to expand significantly and is likely to offer numerous opportunities. Popularity of electric vehicles is projected to continue in Europe and around the world, as production costs have been decreasing, charging infrastructure is being deployed, and the urgency to reduce the transport sector’s climate emissions increases. The European Union’s CO2 emission standards and investments in infrastructure and manufacturing have fueled the market in the region. Supported by generous incentives and better supply of new and improved EVs, Europe witnessed strong sales during the first half of 2024, which is much likely to lead the growth during the entire 2024. The impact of COVID-19 on vehicle markets was highly severe in Europe; despite the pandemic, EV sales continue to be robust. The largest volume growth contributors were Germany, France, and the U.K. Except for Norway, all prominent EV markets in Europe posted gains this year. The region is anticipated to witness robust increase in sales in the next few years, and thus Europe remains a key region for the global E-gear multispeed transmission market.
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Key Players Operating in E-Gear Multispeed Transmission Market
The E-Gear multispeed transmission market is moderately consolidated. A few of the key players operating in the E-Gear multispeed transmission market are:
- GKN Automotive Limited
- Quantum Works
- ZF Friedrichshafen AG
- ITS International
- BorgWarner
- Eaton
