Portland, OR, June 23, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric vehicle transmission market generated $4.51 billion in 2019, and is expected to generate $20.08 billion by 2027, witnessing a CAGR of 27.3% from 2020 to 2027. The report provides an extensive analysis of drivers & opportunities, key segments, top winning strategies, major investment pockets, value chain, and competitive landscape.
Growth in demand for fuel-efficient and low-emission vehicles, rise in production of electric vehicles, and government initiatives to support adoption of electric vehicles drive the growth of the global electric vehicle transmission market. However, high cost of electric vehicles hinders the market growth. On the other hand, technological advancement in electric vehicles and incorporation in vehicle to grid (V2G) EV charging stations create new opportunities in the coming years.
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Covid-19 Scenario:
- The outbreak of the epidemic led to a significant impact on the global automotive industry, with a declined demand for new and old vehicles.
- The electric vehicle segment is massively hit during the pandemic as these automobiles are considered costlier enough for ownership.
- The lockdown issued by the government bodies has impacted the demand and supply chain for electric vehicles.
The report offers detailed segmentation of the global electric vehicle transmission market based on type, vehicle type, transmission system, and region.
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Based on type, the single-speed segment accounted for the largest market share, accounting for 95% of the market in 2019, and will maintain its lead position during the forecast period. However, the multi-speed segment is expected to portray the fastest CAGR of 40.1% from 2020 to 2027.
Based on vehicle type, the passenger electric vehicle segment contributed to the highest share in 2019, holding nearly half of the global electric vehicle transmission market, and is projected to witness its lead position in terms of revenue by 2027. However, the commercial electric vehicle segment would manifest the highest CAGR of 30.0% from 2020 to 2027.
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Based on region, Asia-Pacific contributed to the highest market share in 2019, accounting for nearly two-fifths of the total market, and will maintain its dominance throughout the forecast period. However, Europe is expected to grow at the largest CAGR of 29.8% during the forecast period. Other two provinces studied in the report include North America and LAMEA.
Leading players of the global electric vehicle transmission market analyzed in the research include AVL List GmbH, BorgWarner Inc, Aisin Seiki Co., Ltd., Allison Transmission Inc., Continental AG, Dana Limited, Eaton, JATCO Ltd., ZF Friedrichshafen AG, and Schaeffler Technologies AG & Co. KG.
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