Global Electric Vehicles Market: Key Highlights
Global Electric Vehicles Market: Key Market Dynamics
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Global Electric Vehicles Market: Regional Overview
The electric vehicles market in the North America region is projected to witness high demand due to the high production of aircraft in the region.
The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. In the same year, the aerospace and defense exports of the country were USD 151 billion, which was an increase of 5.81% as compared to 2017. Moreover, extensive R&D spending in the aerospace & defense industry is likely to propel the demand for electric vehicles in the coming years.
Owing to the rapid growth of the aerospace & defense industry in Europe, the demand for electric vehicles is expected to increase. According to the Aerospace & Defense Industries Association of Europe, the total turnover stood at USD 281.67 billion in 2018. The country invested USD 21.76 billion in aerospace & defense R&D.
Global Electric Vehicles Market: Key Players Overview
Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. It operates through major business segments, i.e., aerospace, Honeywell building technologies, performance materials and technologies, and safety and productivity solutions. In January 2018, the company came into agreement with a metal additive manufacturing company, Sintavia, to manufacture aerospace components. These components include gas turbine auxiliary power units (APUs), turboshaft engines, turbofan engines, and engine control valves, among others.
Eaton is a diversified power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: electrical products, electrical systems and services, hydraulics, aerospace, vehicle, and eMobility. The company has a global reach with its services in around 175 countries. In June 2019, the company announced the use of additive manufacturing to supply the aluminum housing and valve for the ram air valve assembly on Aerospace Industrial Development Corporation’s advanced jet trainer.
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