According to the new research report published by The Insight Partners, titled “EV Transmission Market - Global Analysis and Forecast to 2027”, the global encoder market is expected to reach US$ 3,860.7 Mn by 2027, registering a CAGR of 14.0% during the forecast period 2020-2027.
Asia-Pacific encoders market account for highest market share in 2019
The EV market as well as EV transmission sector in Asian continent is heavily driven by China, followed by Japan. The huge fluctuations in fuel prices and a decline in the subsidies offered on the PHEVs in the regional market, namely in the China, are hindering the sales of the vehicles. Also, the automakers in the region are introducing the plug-in-hybrid varieties, which indicates the shifting of interest of the masses toward eco-friendly electric vehicles. Some of the well- known manufacturers, such as BMW, Mercedes-Benz, Volvo, Volkswagen, Mitsubishi, and Ford among others, have already focusing on the development of the plug-in-hybrid versions of the present IC engine vehicle models. China is one of the largest manufacturer of PHEVs in the region. The country comprises the largest market for these vehicles, with the presence of manufacturers, namely BYD, BAIC, and SAIC.
According to the International Renewable Energy Association (IRENA) evaluations by 2025, approx. one fifth of vehicles in South East Asia will comprise EV. The region is one of the fast-growing consumer base for the development of EVs along with the government support which is rapidly boosting the PEV industries. Japan and South Korea are countries which is leading the region in the production of electric vehicles whereas, China is the fastest-growing market in the region. China consist of high population, heavy government involvement, and low oil production in the EV industry which is boosting the PEV adoption. For instance, the Chinese Central Government is announced an exceptional US$15 billion investment to boost the support and development of PEV in the country. The rising awareness among the masses about the CO2 vehicle emissions, lower operating and maintenance costs, is encouraging the adoption of electric vehicles in the region, may help in driving the growth in the adoption of electric vehicle transmission. The rising consumer awareness as well as inclination towards purchasing EVs to drive the demand of EVs in the countries, namely: China, Japan, and Korea. China and Japan are the one of the major contributors for the EV transmission market in the region. China is constantly witnessing an increase in the adoption of BEVs owing to rising awareness among the population about the environmental issues.
Key findings of the study:
In the past few years, electric mobility has been growing at an unprecedented rate. The sales of electric vehicles are expanding at a fast pace owing to increasing concerns regarding environmental protection and favorable government policies to boost the adoption of electric vehicles worldwide. As per Global EV Outlook 2019 of International Energy Agency (IEA), electric vehicles in freight transport especially light-commercial vehicles (LCVs) reached 2, 50,000 units in the year 2019. Medium electric truck sales also reached to around 1,000 to 2,000 units in the same year. Presently, China is the leading market for electric vehicles followed by Europe and the US. Government polies plays a crucial role in the development and growth of electric vehicle market worldwide. Countries that are leading in electric mobility have various measures in place for the promotion of electric mobility such as fuel economy standards and zero & low emission vehicle incentives. In addition to this, continuous technology advancements in battery chemistry and expanding production capacity of electric vehicle manufacturing plants are leading to cost cuts and hence driving the growth of electric vehicles.
In the past few years, government initiatives to promote the adoption of cleaner transportation options have been growing at an impressive rate. European Union, China, Japan, Canada, India, and South Korea are some of the major geographies where governments are proactively taking steps to increase the adoption of electric vehicles especially cars. For instance, in the European Union there were some significant policy changes were made. These initiatives include improvements in fuel economy standards for trucks and ‘Clean Vehicles Directive’ that is focused on the procurement of electric buses by government.
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