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 industry is expanding due to several factors, including the increasing popularity of EVs and the growing demand for clean automobiles. The EV transmission system market is also expected to benefit from government programs that encourage the purchase of electric vehicles. However, the expensive price of EVs is slowing the expansion of the sales of the EV transmission system. In addition, developments in EV technology and the deployment of Vehicle-To-Grid (V2g) EV charging stations are anticipated to create
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Due to their lighter weight and smaller size, these engines generate fewer harmful emissions. These downsized small engines are multifaceted due to their compact and cost-effective design. As a result, major players in the EV transmission industry have a lot of room to grow owing to the advancement of transmission system technology for EVs.
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.
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
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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