Pune, India, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The global electric vehicle transmission market size is expected to witness significant growth owing to increasing focus on electrification of vehicles and recent technological advancement in product across the globe. Fortune Business Insights, in its upcoming report, titled “Electric Vehicle Transmission Market Size, Share & Industry Analysis, By Transmission Type (Single Speed, Multi-Speed), By Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle) Others and Regional Forecast, 2019-2026.”, reports that the market will witness considerable growth in the forthcoming years.
The novel coronavirus, COVID-19, has cast an unprecedented effect on several businesses across industries. While some industries are experiencing significant loss owing to the lockdown announced by the federal governments globally, collective efforts from the government as well as the industries will ensure that the testing times may soon pass away.
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A vehicle transmission is necessary to propel the motion of the vehicle as the mechanical power gets transferred from the engine to the wheels of the vehicle. Generally, electric vehicles are powered by a single-speed transmission that provides maximum torque when it is combined with the motor. The technology involved in the production of electric vehicles has evolved over the years and is witnessing constant development. Along with manual transmission EV, the manufacturers are developing fully automated electric vehicle transmission to cater to the increasing demand for electric vehicles.
Increasing Impetus on Vehicle Electrification to Propel Demand
The rising fuel costs and the hazardous effects of the combustion of fossil fuels are driving the demand for electric vehicles. The global warming effect experienced across the globe has propelled the government agencies to implement strict regulations regarding the lowering of emission levels in the automotive. In addition to this, government agencies are providing subsidies and incentives to the manufacturers that are anticipated to boost the sales of electric vehicles. Increasing government support and growing demand for environmental pollution control is expected to drive the growth of the global electric vehicle transmission market in the forthcoming years.
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Stringent Government Regulations in Europe to Spur Demand
Among all regions, the market in Europe is expected to witness significant growth and register the highest global electric vehicle transmission market revenue during the forecast period. This is ascribable to factors such as strict government regulations regarding pollution control in the region. Asia-Pacific, on the other hand, is anticipated to witness substantial growth in the forthcoming years. This is attributable to high disposable income and favorable government policies that will favor market growth. China in Asia-Pacific is expected to witness steady growth for the demand of electric vehicles that will bode well for the growth of the market.
Product Launches by the Major Companies to Surge Demand
According to Fortune Business Insights, the market comprises several companies that are striving to gain a major chunk of the global electric vehicle transmission market share during the forecast period. The companies are adopting strategies such as the introduction of new products, partnerships, collaboration, and mergers and acquisitions to cement their position and maintain market stronghold during the forecast period. For instance, in June 2020, Kia, a leading automobile manufacturer, announced its launch of a new intelligent vehicle manual transmission that is developed in Europe. This launch consolidates Kia’s potential power train electrification solution across the European region. According to the company, the new clutch-by-wire system for hybrid electric vehicles efficiently boosts fuel economy and drastically reduces CO2 emissions to abide by the government regulations.
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List of the Companies Operating in the Market:
- BYD Company Limited
- Daimler AG
- Nissan Motors Co. Ltd.
- Tesla, Inc.
- Toyota Motor Corporation
- Volkswagen AG
- Among others
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