Pune, India, March 23, 2021 (GLOBE NEWSWIRE) -- According to the report, Electric Vehicle Transmission market size is projected to reach USD 17.56 Billion at 18.8% CAGR by 2027. The global electric vehicle transmission market is set to gain impetus from the increasing shift of people towards electric vehicles because of their ability to provide zero emission.
The COVID-19 pandemic has dealt severe blows on the automotive industry. When the pandemic erupted, governments announced lockdowns and social distancing measures to contain the spread of the virus. As a result, several carmakers, such as Fiat and PSA Group, were forced to close down their plants to comply with the new regulations. These adverse developments triggered by the pandemic will have repercussions for markets associated with the auto industry, including this one.
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Surging Demand for Electric Vehicles to Stymie Market Growth
A major benefit of using electric vehicles is that they provide low emission and do not require gasoline. Gasoline-powered vehicles are able to convert around 16%-20% energy present in the fuel to wheels, whereas electric vehicles can convert approximately more than 50% of electric energy from the power source. Apart from that, the increasing prices of diesel and petrol is compelling the masses to shift towards low-emission and fuel-efficient vehicles. Also, government bodies of various countries are implementing strict norms to control emissions. These factors are set to propel the electric vehicle transmission market growth in the near future. However, unlike conventional vehicles, electric vehicles are expensive. It may obstruct growth.
Based on transmission systems, the AT transmission segment currently holds the major electric vehicle transmission market share because of its possession of numerous beneficial properties. It does not require gear shift hustle and provides a smooth riding experience. The AMT transmission segment held 19.8% in terms of share in 2019 on account of its ability to provide two modes, namely, manual and automatic transmission.
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In 2019, Asia Pacific procured USD 2.98 billion in terms of revenue. It is set to retain its dominant position throughout the forthcoming years stoked by the increasing sales and production of electric vehicles in this region. Also, the rising adoption of mini electric vehicles in China is set to bolster the demand for electric vehicle transmission systems in the region.
In North America, reputed companies, such as Tesla are investing heavily in the research and development of electric vehicle transmission systems. Europe, on the other hand, would exhibit an exponential growth fueled by the implementation of strict rules by regulatory bodies. The European Union, for instance, has set a target of 95g CO2 per Km for 2020/2021.
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The market for electric vehicle transmission is fragmented with the presence of a large number of companies. Some of them are aiming to introduce novel electric vehicle transmission systems in the market by partnering up with leading firms.
- Continental AG (Hanover, Germany)
- AISIN SEIKI CO., LTD. (Aichi, Japan)
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- AVL List GmbH (Graz, Austria)
- BorgWarner Inc. (Michigan, United States)
- Allison Transmission Inc. (Indiana, United States)
- Dana Limited. (Ohio, United States)
- JATCO Ltd (Shizuoka, Japan)
- Schaeffler Technologies AG & Co. KG (Herzogenaurach, Germany)
- Eaton (Dublin, Ireland)
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Global Electric Vehicle Transmission Market Segmentation:
By Transmission System:
- AMT Transmission
- CVT Transmission
- AT Transmission
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 (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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