Overview and Scope
Electric vehicle (EV) transmission refers to the system or mechanism used to transmit power from the electric motor to the wheels of the vehicle. The purpose of an electric vehicle (EV) transmission is to manage the power output of the electric motor and regulate the distribution of power to the wheels.
Sizing and Forecast
The electric vehicle transmission market size has grown exponentially in recent years. It will grow from $7.55 billion in 2023 to $9.22 billion in 2024 at a compound annual growth rate (CAGR) of 22%. The growth in the historic period can be attributed to early innovations and experiments, rising popularity in EVs, environmental concerns, climate change.
The electric vehicle transmission market size is expected to see rapid growth in the next few years. It will grow to $18.85 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to regulatory policies and emission standards, focus on sustainability and environmental awareness, investments in infrastructure, and cost reduction efforts. Major trends in the forecast period include optimization for efficiency, motor and transmission integration, multi-speed transmission development, standardization and modularization, and adoption of advanced materials.
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Segmentation & Regional Insights
The electric vehicle transmission market covered in this report is segmented –
1) By Type: Single Speed, Multi-Speed
2) By Transmission system: Automated Manual Transmissions, Continuously Variable Transmissions, Dual Clutch Transmission/Dedicated Hybrid Transmission, Automatic Transmission
3) By Vehicle Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle
Asia-Pacific was the largest region in the electric vehicle transmission market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle transmission market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for electric vehicles is expected to propel the growth of the electric vehicle transmission market going forward. Electric vehicles (EVs) refer to automobiles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries or other energy storage devices. Electric vehicle transmissions are used for electric vehicles to transfer power from the electric motor to the wheels efficiently and effectively, addressing the unique characteristics of electric propulsion. For instance, in April 2023, according to reports published by the International Energy Agency, a France-based intergovernmental organization, global electric car sales exceeded 10 million units in 2022, with predictions for a 35% growth to 14 million units in 2023. Therefore, the increasing demand for electric vehicles is driving the growth of the electric vehicle transmission market.
Key Industry Players
Major companies operating in the electric vehicle transmission market are Hitachi Automotive Systems Ltd., BYD Company Limited, ZF Friedrichshafen AG, Continental AG, Hyundai Motor Company, Magna International Inc., Aisin Seiki Co. Ltd., Valeo SA, Eaton Corporation plc, Nidec Corporation, Schaeffler AG, Parker Hannifin Corporation, BorgWarner Inc., Dana Incorporated, Vitesco Technologies, NIO Inc., Voith Group, GKN Automotive Limited, Allison Transmission Holdings Inc., AVL Schrick GmbH, Punch Powertrain NV, Ricardo plc, Romax Technology Limited, Torqeedo GmbH
The electric vehicle transmission market report table of contents includes:
1. Executive Summary
2. Electric Vehicle Transmission Market Characteristics
3. Electric Vehicle Transmission Market Trends And Strategies
4. Electric Vehicle Transmission Market – Macro Economic Scenario
5. Global Electric Vehicle Transmission Market Size and Growth
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31. Electric Vehicle Transmission Market Other Major And Innovative Companies
32. Global Electric Vehicle Transmission Market Competitive Benchmarking
33. Global Electric Vehicle Transmission Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Vehicle Transmission Market
35. Electric Vehicle Transmission Market Future Outlook and Potential Analysis
36.Appendix
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