The Global EV Speed Reducer market is projected to register a 41.9% CAGR in terms of revenue, the global market size will reach US$ 1340 million by 2024, from US$ 160 million in 2019.

EV Speed Reducers are devices between the motor and Differential, transferring the power to axle.

The classification of EV Speed Reducer includes single Stage speed reducer and multi stage speed reducer. Generally, most EVs are equipping the single stage type, while multi stage type are mainly used in the PHEV.

China is the largest consumption place as its fast growing electric vehicle industry, with a consumption market share nearly 60% in 2017. Following China, Europe is the second largest consumption place with the consumption market share nearly 20%.

Competitors in the market are Borgwarner, Bosch, GKN, ZF, Getrag, AVL and others.

-Report by FiorMarkets