Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle transmission market size was USD 5.26 billion in 2020. The market is projected to grow from USD 7.14 billion in 2021 to USD 20.90 billion in 2028 at a CAGR of 16.6% in 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Electric Vehicle Transmission Market, 2021-2028.”According to our analysts, the rising requirement to avert environmental crisis and safeguard natural resources has motivated the attentiveness of producers and manufacturers regarding the development of electric vehicles.
Industry Developments:
- January 2020: Dana presented and extended TM4 SUMOTM HP Motor and Inverter Series, transforming electrification technologies into being more implementable.
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Growing Demand for Fuel-Proficient and Low-Emission Automobiles to Spur Growth
As gasoline is a fossil fuel and is not a renewable energy resource, it is projected to be drained in the upcoming period. Electric vehicles refrain from using gasoline and offer low emission, in comparison with traditional automobiles. Gasoline-motorized vehicles transform nearly 16%-20% of the energy stored in gasoline to wheels, whereas electric vehicles convert over 50% of electric energy from the power source to the wheels. This is expected to bolster the electric vehicle transmission market growth during the forecast period. However, high costs of electric vehicles may hinder market growth.
COVID-19 to Deteriorate Demand Stoked by Provisional Lockdown of Industrial Units
The outbreak of the COVID-19 pandemic has activated a fright for Europe as well as the international automotive industry. As per the Czech Automotive Industry Association, the production plants are moderately shut down, and the demand is anticipated to decline by as much as 20% in 2020. Several automobile producers are concerned regarding the fact that this coronavirus pandemic is likely to terminate production procedures. Moreover, global EV sales are potentially weakening.
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AT Transmission Segment to Dominate the Market
On the basis of transmission systems, the market is separated into AMT transmission, CVT transmission, AT transmission, and others. The AT transmission segment holds the major share in the global market.
In terms of transmission type, the market is classified into single speed and multi-speed.
On the basis of vehicle type, the market is categorized into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.
Geographically, the global market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
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Asia Pacific to Hold the Lion’s Share
Asia Pacific was worth USD 2.63 billion in 2020 and held the largest electric vehicle transmission market share. Based on regional analysis, this region is dominant in the global market and is also anticipated to display sudden growth in the upcoming years.
Furthermore, vital players, such as Tesla, are spending on research and development activities of transmission systems in North America, subsequently bolstering the market growth in this region.
Europe is probable to exhibit augmented growth, owing to the imposition of strict emission guidelines in this region.
Important Companies to Embrace Smart Approaches and Expand their Market Existence
Automotive companies operate significantly on the importance of the product and its demand in the market. Moreover, in order to upraise their market size & share, and to achieve a competitive advantage, several dominating players are affianced in numerous tactical contracts in order to promote their brand as well as strengthen company sales.
List of Key Players Mentioned in the Electric Vehicle Transmission Report:
- Continental AG (Hanover, Germany)
- AISIN SEIKI CO., LTD. (Aichi, Japan)
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- AVL List GmbH (Graz, Austria)
- BorgWarner Inc. (Michigan, U.S.)
- Allison Transmission Inc. (Indiana, U.S.)
- Dana Limited. (Ohio, U.S.)
- JATCO Ltd (Shizuoka, Japan)
- Schaeffler Technologies AG & Co. KG (Herzogenaurach, Germany)
- Eaton (Dublin, Ireland)
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Impact Of Covid-19
- Global Electric Vehicle Transmission Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Transmission System
- AMT Transmission
- CVT Transmission
- AT Transmission
- Others
- Market Analysis – By Transmission Type
- Single Speed
- Multi Speed
- Market Analysis, Insights and Forecast – By Vehicle Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Electric Vehicle Transmission Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Transmission System
- AMT Transmission
- CVT Transmission
- AT Transmission
- Others
- Market Analysis – By Transmission Type
- Single Speed
- Multi Speed
- Market Analysis – By Vehicle Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
- Market Analysis – By Country
- U.S.
- By Vehicle Type
- Canada
- By vehicle Type
- Mexico
- By Vehicle Type
- U.S.
TOC Continued…
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