Dublin, March 12, 2024 (GLOBE NEWSWIRE) -- The "Global EV Transmission Systems Market (2023 Edition): Analysis By Type (Single Speed and Multi Speed), By EV Type, By Vehicle Type,By Transmission System, By Region, By Country: Market Insights and Forecast (2019-2029)" report has been added to ResearchAndMarkets.com's offering.
The Global EV Transmission Systems market showcased growth at a CAGR of 12.35% during 2019-2022. The market was valued at USD 7356.70 Million in 2022 which is expected to reach USD 35329.42 Million in 2029. The Global EV Transmission Systems Market is expected to grow in the forecast period and register a market value of USD 7356.70 Million in 2029 at a CAGR of 25.38% during the forecast period.
The report analyses the EV Transmission Systems Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Brazil, Germany, United Kingdom, France, Norway, China, South Korea, India).
The market for electric vehicles has been growing quickly worldwide, propelled by rising customer demand, regulatory backing, and improvements in EV technology. The production of EV components, such as transmission systems, is rising in tandem with the number of electric vehicles produced and sold. Automakers are introducing a wide range of electric vehicle models, including electric cars, SUVs, trucks, and commercial vehicles. The diversity in EV offerings requires a variety of transmission systems to meet the specific requirements of different vehicle types, contributing to increased production.
As the production volume of electric vehicles increases, economies of scale come into play. Higher production volumes often lead to cost reductions in manufacturing, making it more financially feasible for companies to produce electric vehicle transmission systems which will direct impact in increase for the sales of EV Transmission components.
Moreover, many governments around the world offer incentives, subsidies, and tax breaks to encourage the adoption of electric vehicles. These incentives make EVs more financially attractive for consumers, contributing to higher sales. Governments may implement regulations and standards that encourage or require automakers to produce a certain percentage of zero-emission vehicles. These regulations can push automakers to invest in electric vehicle technologies, including transmission systems, to comply with emission reduction targets.
Additionally, due to ongoing advancements in electric vehicle technology, including improvements in battery technology and charging infrastructure, have enhanced the overall performance, range, and efficiency of electric vehicles, making them more appealing to consumers. Furthermore, technological advancements have enabled the development of multi-speed transmissions for electric vehicles. Multi-speed transmissions can enhance efficiency and optimize performance by allowing the motor to operate more efficiently across a broader range of speeds and loads.
The total sale of battery electric commercial vehicles reached approximately 400,000 units in 2022 and is expected to grow to 7.6 million units by 2035, according to Global Data. The report finds that total EV vehicles sales globally are forecast to reach 51.6 million in 2035. As the overall production volume of electric vehicles rises, the demand for EV transmission systems follows suit. High production volumes lead to a higher requirement for transmission components and systems to meet the needs of various electric vehicle models.
Moreover, the expanding EV market has led to a diversification of electric vehicle models, including different types of passenger vehicles, commercial vehicles, and specialty vehicles. Each category may require specific transmission solutions, contributing to the overall demand for a variety of EV transmission systems. EV transmission systems play a crucial role in optimizing the range and efficiency of electric vehicles. As the market demands EVs with longer driving ranges and improved efficiency, manufacturers focus on developing transmission systems that contribute to achieving these goals.
Additionally, the growing demand for electric vehicles prompts continuous advancements in transmission technology. Manufacturers invest in research and development to create more efficient, lightweight, and advanced transmission systems that can meet the evolving requirements of electric mobility.
Scope of the Report
- The report analyses the Global EV Transmission Systems Market by Value (USD Million).
- The report analyses the EV Transmission Systems Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Brazil, Germany, United Kingdom, France, Italy, China, Japan, South India).
- The report presents the analysis of EV Transmission Systems Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
- The report analyses the EV Transmission Systems Market By Type (Single Speed and Multi Speed)
- The report analyses the EV Transmission Systems Market By EV Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle and Hybrid Electric Vehicle).
- The report analyses the EV Transmission Systems Market By Transmission System (AT (Automatic Transmission), CVT (Continuously Variable Transmissions), DCT (Dual Clutch Transmission) and Other Transmission System).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Types, by mode of operation & by end users.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
- Amplify proliferation of CVT EV Transmission
- Focus on Developing Affordable and Scalable Solutions For EV Transmission Systems
Competitive Positioning
- Companies' Product Positioning
- Market Position Matrix
- Market Share Analysis of EV Transmission Systems Market
Company Profiles
- ZF Friedrichshafen AG
- BorgWarner Inc.
- Aisin Corporation
- Dana Incorporated
- Schaeffler Group
- Eaton Corporation PLC
- Continental AG
- Magna International Inc.
- Ricardo PLC
- GKN Automotive Limited
For more information about this report visit https://www.researchandmarkets.com/r/afxrd9
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