Two Speed Gearbox Market Forecast and CAGR
According to the latest research from Fact.MR, two speed gearbox market is projected to grow steadily between 2021 and 2031 at a CAGR of 5% to 7%. In the short term, the market will gradually rebound, with an ambitious long-term growth outlook. The market growth has been driven by the increasing demand of electric vehicles worldwide.
What is Driving Demand for Two Speed Gearbox?
The two speed gearbox is largely used in the electric vehicles. The growth of the market is aided by factors such as rising demand for fuel-efficient, high-performance, and low-emission vehicles, as well as strict government emission rules and regulations. During the forecast era, technical advances and constructive government policies will aid the growth market.
The increase in fuel prices and conventional vehicles' environmental effects have paved the way for alternative fuel vehicles to enter the market. The demand is expected to be driven by consumer preference for electric and hybrid vehicles. The demand is expected to develop at a rapid pace during the forecast period, thanks to rising customer demand for smooth and a better driving experience.
The demand is expected to rise in response to rising demand for luxury and ride comfort. Infrastructure development is driving up demand for commercial vehicles for freight logistics, which in turn is driving up demand for two speed gearbox. The fastest-growing in the forecast period in the market is projected to be Asia Pacific, followed by Europe and North America.
Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020. However, it is estimated that the market will show positive growth from 2021 onwards.
Growing Adoption of Electric Vehicles is Expected to Drive Two Speed Gearbox Sales
The commercial vehicle market is expected to rise at the fastest pace. The growth of the electric commercial vehicle segment has been aided by the growing adoption of electric buses, especially in China and India. Electric buses are set to replace current fuel-based bus fleets in a number of countries. During the forecast period, the growth of e-commerce, logistics, and shared mobility would also drive the growth of two speed gearbox.
US and Canada Two Speed Gearbox Demand Outlook
One of the fastest-growing market is projected to be North America. In countries like USA and Canada, the automotive industry is geared toward advanced gearbox innovation, technology, and growth. The growing demand to reduce carbon emissions and build more advanced and fast charging stations is expected to drive two speed gearbox development. Premium and luxury cars are in high demand in North America, which is expected to improve the two speed gearbox industry in this region.
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Europe Two Speed Gearbox Market Outlook
Due to strong year-on-year growth in passenger car sales, the Europe region is expected to be the one of the most promising market in the forecast period. The growth of the market in the area is being driven by demand in countries such as UK, Germany, and Italy. Vehicle sales are surging in Europe due to rapid economic growth. As a result, demand for two speed gearbox is increasing in these areas. Growing passenger vehicle sales in Europe are expected to be a key driver for the rising demand.
Two Speed Gearbox Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
An Adaptive Approach to Modern-day Research Needs
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By Vehicle Type
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Poland, Russia)
- South Asia and Pacific (India, ASEAN, ANZ)
- East Asia (China , Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Rest of MEA)
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.