Portland, OR, Sept. 30, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric vehicle (EV) transmission market garnered $2.52 billion in 2018, and is expected to generate $15.38 billion by 2026, growing at a CAGR of 25.8% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, major segments, key winning strategies, and leading industry players.
Surge in demand for low-emission and fuel-efficient vehicles, increase in electric vehicles production, and supportive government initiatives for adoption of electric vehicles fuel the growth of the global EV transmission market. However, expensive nature of electric vehicles hinders the growth of the market. On the other hand, advancements in technology and installation of Vehicle-To-Grid (V2g) EV charging stations would offer lucrative opportunities for the market.
Based on transmission type, the single speed segment held the largest share in the global electric vehicle transmission market in 2018, accounting for nearly 98% of the total market share. This is attributed to the benefits including less space requirement, cheap & easy construction, and maximum torque offered when coupled with motor. On the other hand, the multi-speed transmission segment would grow at the largest CAGR of 45.3% from 2019 to 2026. This is due to the factors including higher range of efficiency, less noise, and better acceleration for launch.
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Based on vehicle type, the hybrid electric vehicle segment accounted for the largest market share in terms of revenue in 2018, accounting for more than two-fifths of the share. This segment is estimated to remain dominant during the forecast period. Contrarily, the plug-in hybrid electric vehicle segment is estimated to grow at the highest growth rate with a CAGR of 30.9% during the forecast period.
Based on region, Asia-Pacific accounted for nearly two-fifths of the total market share in 2018, and is expected to maintain its leadership status during the forecast period. On the other hand, North America accounted for nearly one-fourth of the total revenue share in 2018. However, LAMEA is estimated to grow at the largest CAGR of 30.7% from 2019 to 2026.
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Key market players analyzed in the research include Aisin Seiki Co., Ltd., AVL List GmbH, Allison Transmission Inc., Continental AG, BorgWarner Inc., Eaton, Dana Limited, Schaeffler Technologies AG & Co. KG, JATCO Ltd., ZF Friedrichshafen AG, and others.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.