Market Outlook
According to the report by Expert Market Research (EMR), the global electric vehicle (EV) transmission market size is projected to grow at a CAGR of 29.20% between 2024 and 2032. Aided by the burgeoning demand for electric vehicles and advancements in EV technologies, the market is expected to grow significantly by 2032.
Electric vehicle transmissions differ significantly from their internal combustion counterparts. While EVs traditionally required no transmission system, the latest developments have seen the integration of sophisticated transmission systems to enhance efficiency, range, and performance. These systems are designed to manage the torque generated by electric motors and optimise the power delivery to the wheels.
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The primary driver of the electric vehicle (EV) transmission market growth is the global surge in electric vehicle adoption. Environmental concerns, governmental incentives, and advancements in EV technology are encouraging consumers to switch to electric vehicles.
Innovations in transmission technology, aiming to maximise the efficiency and driving experience of EVs, are fuelling the growth of the EV transmission market. Developments in multi-speed transmissions and gear systems are particularly noteworthy.
According to the electric vehicle (EV) transmission market analysis, stringent emission norms and supportive governmental policies worldwide are compelling automotive manufacturers to invest in electric vehicle technology, including advanced transmission systems.
In North America, especially the United States, the market is driven by increasing EV sales, supportive regulatory frameworks, and the presence of leading EV manufacturers and tech companies. Meanwhile, the Asia-Pacific region, led by China, Japan, and South Korea, is accounting for a significant portion of the electric vehicle (EV) transmission market share. This growth is fuelled by increasing environmental awareness, governmental incentives for EVs, and the presence of major EV and battery manufacturers.
The global market for electric vehicle transmission is poised for robust growth, driven by the accelerating shift towards electric mobility, technological advancements, and supportive regulatory environments. While challenges such as high development costs persist, the integration of transmission systems in next-generation electric and autonomous vehicles offers promising avenues for market expansion. As the automotive industry continues its transition towards electrification, EV transmissions are set to play a crucial role in shaping the future of sustainable and efficient mobility.
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Market Segmentation
The market can be divided based on type, vehicle, transmission system, and region.
Market Breakup by Type
- Single-Speed Transmission
- Multi-Speed Transmission
Market Breakup by Vehicle
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Others
Market Breakup by Transmission System
- Automated Manual Transmissions
- Continuously Variable Transmission
- Automatic Transmission
- Dedicated Hybrid Transmission/Dual Clutch Transmission
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric vehicle (EV) transmission market. Some of the major players explored in the report by Expert Market Research are as follows:
- Aisin Corporation
- AVL List GmbH
- BorgWarner Inc.
- Allison Transmission, Inc
- Eaton Corporation plc
- ZF Friedrichshafen AG
- Others
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