Electric Vehicle Transmission Market

Electric Vehicle Transmission Market

Growth Factors of Electric Vehicle (EV) Transmission Market

The electric vehicle (EV) transmission market size was valued at USD 9.69 billion in 2023, and the market is now projected to grow from USD 11.32 billion in 2024 to USD 28.99 billion by 2032, exhibiting a CAGR of 12.5% during the forecast period of 2024-2032.

The outbreak of COVID-19 affected the EV transmission market in many ways including the disruption of the supply chain; factory shut down and delays in manufacturing. Another factor that affected sales of EVs was the decline in consumers’ appetite for automobiles occasioned by economic instability. Yet, as economies became more stable and stabilized, people turned their attention to sustainability and as a result the governments of various countries sought to promote the use of EVs. This culminated into upturn in the market, thus more venture into clean energy and infrastructure for EV transmission which as a whole triggered growth in the development of new transmission technologies on the aspect of green mobility.

The market for electric vehicle (EV) transmission is displaying some significant moves such as the trend for going multi-speed to improve the efficiency and output of the cars. There is increased research on lightweight materials to minimize the weight of the vehicle hence increasing the range of the electric vehicle. There is developing trends for applying integrated motor transmission systems equipped with both motors and power electronics. Also, the innovations in Solid state battery and Wireless charging are the contributions to the design of the transmission. The increasing popularity of electrical commercial trucks and governmental subsidies for environmentally friendly transportation also entail the development of new and improved EV transmission systems and thus advance the market towards the achievement of improved efficiency and sustainability. The above-mentioned factors are driving the electric vehicle (EV) transmission market growth.

Several factors have provided the necessary impetus to the electric vehicle (EV) transmission market, especially the move towards decreasing carbon emission all across the world and the incentives offered by government bodies to opt for EV transmission. Recent innovations by players in battery and electric motor technology have enhanced efficiency of EVs hence increasing the need for effective electric transmission. Other reasons include increase in fuel prices and the trend in the market where consumers are now inclined to go for environmentally friendly cars. Moreover, increasing spending on setting up electric automobile charging equipments like, charging stations, battery storage etc. is boosting the emergence of more sophisticated, lightweight and highly efficient transmission systems for electric automobiles.

Comprehensive Analysis electric vehicle (EV) transmission Market

The electric vehicle (EV) transmission market consists of a number of transmission systems which may range from those needed for specific EV applications, to commonly use for general consumer vehicles. AMT systems are easy to implement and relatively cheaper than other complex systems of gear franchises for vehicles while CVT systems allow superior acceleration to be achieved and also improves the fuel economy of the vehicle. Electronically controlled AT systems are commonly used in conventional vehicles and are slowly becoming incorporated into EVs to improve driving experience. Others include dual clutch system or even direct drive systems are also involved in the transmission models. Transmission types are available in basic single speed design, which means that the design is succinct and the weight of the system is as well lower, to the more complex multi-speed system, which provide better performance and efficiency levels. There are different categories of vehicles: Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs), and every type needs an efficient and suitable transmission system that would allow the vehicle to work optimally, deliver the necessary power, and use electricity effectively.

Currently, Asia-Pacific is the most prominent region as far as the transmission of electric vehicles market share is concerned, this is due to the rapid expansion of the automobile industry in China, Japan, and South Korea. This is due to China having favorable government policies in the use of EVs, a well-developed manufacturing industry and increasing the rate of deployments of EV infrastructure. Japan and South Korea give it through new technologies and technologies of electric drive trains, and investments. This region remains on top as many of the EV makers began experiments here and boast large manufacturing capabilities putting them in a strategic position in the market.

Key players in this sector include Continental AG (Hanover, Germany), AISIN SEIKI CO., LTD. (Aichi, Japan), ZF Friedrichshafen AG (Friedrichshafen, Germany), AVL List GmbH (Graz, Austria), BorgWarner Inc. (Michigan, U.S.), Allison Transmission Inc. (Indiana, U.S.), Dana Limited (Ohio, U.S.)

The latest information about this market identified in 2023 is integration drive unit, especially IDU, which unites the electric motor, transmission, and power electronics in one product. This trend has advantages of increasing efficiency and decreasing car weight due to the reduction of the parts count and the simplification of the powertrain design. The technological developments occurred based on perceived growth requirements for greater performance, energy efficient, and reduction of costs in IDUs. Furthermore, trends in update of cooling technologies and advanced smart transmission control systems are enhancing the overall reliability as well as flexibility of the integrated solutions.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 12.5% over 2024 to 2032

Unit Value (USD Billion) & Volume (Thousand units)

Segmentation By Transmission System

- AMT Transmission

- CVT Transmission

- AT Transmission

- Others

By Transmission Type

- Single Speed

- Multi-Speed

By Vehicle Type

- Battery Electric Vehicle

- Plug-in Hybrid Electric Vehicle

- Hybrid Electric Vehicle

By Geography

- North America (By Transmission System, Vehicle Type, and By Transmission Type)

• U.S. (By Vehicle Type)
• Canada (By Vehicle Type)
• Mexico (By Vehicle Type)

- Europe (By Transmission System, Vehicle Type, and By Transmission Type)

• U.K. (By Vehicle Type)
• Germany (By Vehicle Type)
• France (By Vehicle Type)
• Rest Of Europe (By Vehicle Type)

- Asia Pacific (By Transmission System, Vehicle Type, and By Transmission Type)

• China (By Vehicle Type)
• Japan (By Vehicle Type)
• India (By Vehicle Type)
• South Korea (By Vehicle Type)
• Rest Of APAC (By Vehicle Type)

- Rest of the World (By Transmission System, Vehicle Type, and By Transmission Type)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.