The global EV transmission system market is projected to register at a moderate-paced CAGR of 17.8% over the forecast period. The EV transmission system market is currently valued at US$ 8799.9 Million in 2023. By 2033, demand for EV transmission systems is expected to reach US$ 45282.3 Million.
The EV transmission market is rising as a result of numerous causes, including the growing popularity of EVs and the growing demand for environmentally friendly vehicles. Government programmes encouraging the adoption of electric vehicles are also likely to assist the EV gearbox system industry. However, the high cost of EVs is restricting the growth of EV gearbox system sales. Furthermore, advancements in EV technology and the implementation of Vehicle-to-Grid (V2g) EV charging stations are expected to produce jobs.
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These engines emit fewer hazardous emissions due to their reduced weight and smaller size. Because of their tiny and cost-effective construction, these little engines are versatile. As a result of the progress of EV gearbox system technology, leading players in the EV gearbox market have a lot of space to grow.
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
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Region:
- North America
- Latin America
- Asia Pacific
- MEA (Middle East and Africa)
- Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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