The USA EV transmission system market Size is expected to hold 12.9% of the global market share. A few of the alluring incentives provided by several states in the United States to consumers to increase the sales of electric cars include free parking, zero or low registration fees, toll reductions, and a readily accessible charging infrastructure of EVs at numerous charging stations.
To lower vehicle carbon emissions, the American government has put in place a number of strict regulations. The adoption of electric vehicles might increase if more states enacted ZEV regulations. More than two thirds of purchases were made in states with ZEV laws in 2020.
In response to the objectives of electrification, automakers have expanded their investment in Research and Development (R&D) efforts. For instance, General Motors said that it will cease making gasoline-powered SUVs, vans, and passenger vehicles by 2035 and promised American consumers a future of new electric automobiles in a dramatic industry reversal.
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As a result, strict environmental rules are predicted to raise demand for electric automobiles in the US throughout the course of the forecast period.
During the forecast period, it is expected that the size of the global market for EV gearbox systems will grow at a moderate rate of 17.8% CAGR. In 2023, it is projected that the market for EV gearbox systems will be worth US$ 8799.9 million. The market for EV gearbox systems is anticipated to reach US$ 45282.3 million by 2033.
The market for EV gearboxes is expanding for a number of reasons, including the popularity of EVs and the increased demand for ecologically friendly vehicles. Government programmes to encourage the use of electric vehicles are predicted to benefit the market for EV gearbox systems. EV gearbox system sales are increasing, although they are being constrained by EVs’ high price. Advances in EV technology and the creation of V2g (grid-connected) EV charging stations are also projected to have a favourable effect.
These engines are lighter and smaller in size, which results in fewer amounts of dangerous emissions. The utilisation of these tiny engines has decreased due to their affordability and compact design, but they still perform a variety of tasks. Major players in the EV gearbox industry have lots of space to grow as a result of the advancement of EV gearbox system technology.
Key Takeaways
- In 2023, the European region will account for 46% of all revenue.
- Over the period from 2023 to 2033, the demand for battery EVs is projected to exceed US$ 20,000 Mn.
- In terms of total revenue, the AT transmission system segment is expected to account for almost 55% by 2023.
- In 2023, vehicles made up 61% of the revenue pie by type of vehicle.
- It is projected that the offline EV transmission system market would expand at a CAGR of 22.39% between 2023 and 2033.
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Competitive Landscape
Leading companies in this industry include Dana Limited, ZF Friedrichshafen AG, AVL List GmbH, Continental AG, and Eaton. Most of these businesses are investing in expanding production to reduce emissions from cars and the auto industry.
Continental AG has started mass production of its electric powertrains in China, and it is already being used by both European and Chinese Original Equipment Manufacturers (OEMs). To further illustrate the quick shift in focus towards electrification in response to stricter emission laws, the company has ceased investing in components used in Internal Combustion (IC) engines. The major competitors in the EV transmission system market are investing heavily in R&D to create game-changing electric vehicle technology, which is projected to drive market growth.
Key Segments in the EV Transmission System Market
Vehicle Type:
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
Transmission Type:
- Single Speed
- Multi-Speed
Transmission System:
- AMT Transmission,
- CVT Transmission,
- AT Transmission
- Others
Region:
- North America
- Latin America
- Asia Pacific
- MEA (Middle East and Africa)
- Europe
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