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Stringent environmental regulations and government incentives promoting the use of electric vehicles are fostering the growth of the oil-based electric drive unit market. Policies aimed at reducing carbon emissions and encouraging sustainable transportation are key factors in this regard.
In addition, rapid EV infrastructure development along with shifting concerns of consumers towards increasing conventional fuel prices are favoring the expansion of EVs, thereby catering to a significant demand in oil based electric drive unit having high operational efficiencies. Furthermore, growing consumer awareness about the environmental impact of traditional vehicles and the benefits of electric vehicles are influencing market dynamics. Consumers are increasingly opting for EVs, which in turn drives the demand for efficient electric drive units.
Aisin Corporation, BorgWarner Inc., DANA TM4 INC., GKN Automotive Limited, Integral Powertrain Limited, LG Magna e-Powertrain, Magna International Inc., Magnetic Systems Technology Limited, Nidec Corporation, Punch Powertrain nv, Robert Bosch GmbH, Schaeffler AG among others.
Asia Pacific market will reach USD 58.2 billion by 2032, owing to the region's booming automotive sector and significant investments in electric vehicle (EV) infrastructure.
The BEV segment will surpass USD 38.5 billion by 2032, due to the increasing adoption of battery electric vehicles (BEVs) worldwide.
The market size of oil based electric drive unit (EDU) reached USD 12.2 billion in 2023 and will expand at 24.5% CAGR between 2024 and 2032, led by the growing demand for energy-efficient vehicles, advancements in electric vehicle (EV) technology, and increasing investments in EV infrastructure.