PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565696
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565696
EV Transmission System Market size was evaluated at USD 11,542.2 million in 2023, rising at a CAGR of 14.20% between 2024 and 2032.
Electric vehicle transmission In an electric vehicle, mechanical power is transferred from the electric traction motor to the wheels. The majority of electric vehicles are equipped with a single-speed gearbox, which is sufficient for effective operation in today's world. However, there are some vehicle types where the usage of multi-speed transmission is favorable.
EV Transmission System Market- Market Dynamics
Increase in Adoption of Electric Vehicles
One of the major growth driving factors in the EV Transmission System Market is the rapidly increasing adoption of electric vehicles. Consumers are increasingly opting for environmentally friendly and pollution-free transport, thus increasing demand for electric vehicles. Increased demand pushes manufacturers to design more energy-efficient transmission systems that will effectively transfer energy to the vehicle and provide better performance. It is further catalyzed by government policies and incentives offering subsidies along with charging infrastructure expansion in place. Therefore, automobile and supplier companies lay more emphasis on innovative technologies to ensure better reliability and efficiency for transmission systems. In a nutshell, all these factors contribute to the remarkable growth of the EV Transmission System Market. For instance, in the first half of 2021, Volkswagen Group's global deliveries of full-electric vehicles more than doubled, driven primarily by demand in Europe. Europe was the automaker's top electric vehicle market, with 128,078, representing a 156% increase.
EV Transmission System Market- Key Insights
Our research analyst predicts an 14.20% CAGR for the global market from 2024 to 2032.
In 2023, the Automatic Transmission (AT) sector led the global market, according to Transmission System segmentation research.
In 2023, the Battery Electric Vehicles (BEVs) sector dominated the worldwide EV Transmission Systems market by Vehicle Type segmentation.
According to region, North America had the most revenue in 2023.
The global release liner market is divided into four groups: Transmission System, Vehicle Type, Transmission Type, and geography.
The market is divided into four divisions according to the transmission system: AMT Transmission, AT transmission, CVT Transmission, And Others. The Automatic Transmission is dominating the EV Transmission System Market as it has a prime requirement for efficiency in improving performance. The EVs can undergo smooth gear shifting along with enhanced delivery of torque to be used in this vehicle, thereby boosting the driving experience. Moreover, such systems include energy efficiency, which is critical to improving range and battery life within an electric vehicle.
The market is classified into two segments depending on the Vehicle Type: Battery Electric Vehicle, Hybrid Electric Vehicle, And Plug-in Hybrid Electric Vehicle. Battery Electric Vehicles (BEVs) lead the EV Transmission System Market, as they have wholly electric powertrains, making it not necessary to use multi-speed traditional transmissions. BEVs come with only single-speed transmission, thus making the drivetrain simpler and more efficient. It releases torque at instant acceleration, providing better acceleration and smooth motoring.
EV Transmission System Market- Geographical Insights
This market is geographically diversified across Europe, the Middle East, North America, Asia Pacific, and Africa, Latin America. The regions are further divided by the nations that bring commerce.
The North American EV Transmission Systems Market dominated this market in 2023 (45.80%). North American countries covered for the global electric vehicle (EV) transmission market study include the United States, Canada, and Mexico. Companies across the region have developed and introduced new items, allowing the North American market to thrive. As electric vehicle (EV) sales increase, the region's need for EV gearboxes is likely to skyrocket. The electric vehicle (EV) transmission market in North America is also expected to increase as a result of government initiatives to encourage the use of electric vehicles and company advances.
The Asia-Pacific EV Transmission Systems market is expected to grow significantly between 2023 and 2032, owing to an increase in electric vehicle manufacturing across the region. Asia Pacific has a strong presence in the electric vehicle component manufacturing sectors of China, India, and Japan, which is projected to enhance the Asia Pacific electric vehicle transmission market.
The competition in the EV Transmission System Market is acute and has several main players. Some of the top companies contributing to this market include Continental AG, BorgWarner Inc., Aisin Seiki Co., Ltd., and Dana Incorporated focus on advanced electric drivetrains and innovative transmission technologies. The role played by suppliers such as ZF Friedrichshafen AG and BorgWarner in their high-performance transmission systems and their components also dominates it. Strategies and newness from such companies make the highly competitive and constantly evolving EV Transmission System Market.
In January 2023, Allison Transmission worked with Nikola to advance next-generation vehicle development at Allison's Vehicle Electrification + Environmental Test Center.