The global EV Transmission System Industry, valued at USD 5157.3 Million in 2019, rose at a CAGR of 11.3% from 2019 to 2023. The market reached a value of USD 8799.9 Million by 2023. The market is expected to reach a value of USD 10366.2 Million in 2024 and USD 53342.8 Million by 2034.
The industry’s growth is driven by environmental concerns, government initiatives, and the increasing popularity of single-speed transmissions. Technological advancements and emerging economies are also pushing the market, with Asia emerging as the dominant sector due to its extensive production base and government support.
India is expected to dominate the EV transmission system sector from 2024 to 2034, with a CAGR of 26.5%. China is the global leader, with a CAGR of 19.9%. Spain’s industry is expected to rise by 13.4%. Battery electric vehicles will likely hold a 44.4% value share in 2024.
As autonomous driving technologies become more prevalent, transmission systems are projected to need intelligent interfaces. Technological advancements are driving the expansion of the electric vehicle transmission system market, with strategic partnerships between automakers and suppliers enhancing efficiency, weight reduction, and system performance to meet evolving vehicle requirements.
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Key Takeaways from the Market Report
- The EV transmission system market is set to reach USD 53342.8 Million by 2034 with a CAGR of 17.8%.
- By vehicle type, battery electric vehicles are leading the market with a value share of 44.4% in 2024.
- Based on transmission type, the single-speed transmission segment will likely account for a value share of 67.4% in 2024.
- India is estimated to record a CAGR of 26.5% between 2024 and 2034.
- China will likely remain dominant and expand at a CAGR of 19.9% by 2034.
“Asia Pacific is emerging as the dominant region for the electric automotive industry. Leading countries are anticipated to significantly contribute to the growth of the market in the coming decade,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Who’s Winning?
The EV transmission system industry is poised for steady growth, leading to surging competition among manufacturers. Key players, such as Allison Transmission Inc., Aisin Seiki Co., Ltd., AVL List GmbH, and Continental AG, will need to prioritize lightweight and affordable batteries to meet the evolving requirements of consumers.
The EV transmission system market is growing due to surging global sales. However, it is fragmented, thereby creating opportunities for new entrants. The race for superior transmissions is ongoing, leading to advancements in materials and designs. Manufacturers aim to extend EV range with minimal power loss. Balancing performance, affordability, and efficiency is also crucial. Market consolidation is expected with technology advancements.
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Industry Updates
- Hyundai and Kia, in November 2023, unveiled the novel EV drivetrain system called the “Uni Wheel,” which can be used on the wheel.
- Toyota, headquartered in the city of Toyota, in December 2023, announced the launch of a stimulated manual EV transmission featuring up to 14 gears.
Get More Insights into the EV Transmission System Market Research Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the EV transmission system market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the industry is segmented based on vehicle type (battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles), transmission type (single speed and multi-speed), transmission system (AMT transmission, CVT transmission, AT transmission, and others), and regions.
Key Segments of Market Report
By Vehicle Type:
By vehicle type, the industry is divided into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.
By Transmission Type:
Based on transmission type, the industry is segmented into single-speed and multi-speed.
By Transmission System:
By transmission system, the industry is divided into AMT transmission, CVT transmission, AT transmission, and others.
By Region:
By region, the EV transmission system industry is spread across North America, Latin America, Western Europe, Eastern Europe, the Middle East and Africa, South Asia, and East Asia.
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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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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