Global Electric Vehicle Transmission Market to Total US$ 55.4 Billion by 2031, Anticipated to Incline at a Whopping 23.7% CAGR: TMR Report

Wilmington, Delaware, United States, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for electric vehicle transmission was estimated to have garnered a global market valuation around US$ 8.2 billion in 2022. The market is anticipated to grow with a booming 23.7% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 55.4 billion.

The shift to electric transportation is increasing as worries about environmental sustainability, climate change, and the necessity to cut greenhouse gas emissions grow. Governments all across the world are enacting strict pollution laws and providing incentives to encourage the use of electric cars. In turn, this is increasing the demand for EVs globally, which is driving automakers to constantly advance the technology of electric vehicles, particularly transmission systems, to increase overall performance and economy. The market value for electric vehicle transmissions is increasing as more electric vehicles are being used.

Automakers are spending in research and development on creating transmission systems that optimize the vehicle's range and fuel consumption as the competition in the marketplace for electric vehicles heats up, eventually enhancing the allure of electric vehicles to consumers. The expansion of the electric vehicle transmission industry is being accelerated by the increased focus on increasing driving range as well as overall vehicle economy.

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Market Snapshot:

Key Findings of Market Report

• According to estimates, from 2023 to 2031, the battery electric vehicle category will represent the majority of all electric vehicle types.

• The global increase in battery electric car usage is responsible for the segment's growth.

• During the anticipated period, the passenger car vehicle type segment was dominant in the market.

• The category is booming as passenger car sales increase globally.

• From 2023 to 2031, Asia Pacific is anticipated to have the greatest share.
  

Market Trends for Electric Vehicle Transmission

• Performance has been enhanced and power delivery has been optimized as a consequence of developments in electric vehicle technology, particularly more effective motors and power electronics. This has benefited the advancement of transmission structures, with producers of electric vehicle transmissions concentrating on developing effective and dependable transmission options for electric passenger vehicles.

• The rise in popularity of electric passenger cars has been largely attributed to advancements in battery technology. Electric vehicles are turning more accessible and inexpensive for a wider variety of consumers as the price of batteries continue to fall. Consumer interest in electric automobiles is rising as a result of this.

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Global Electric Vehicle Transmission Regional Market Outlook

• From 2023 to 2031, Asia Pacific is anticipated to hold a significant proportion in the global market. In 2022, the area dominated the sector. Increased manufacturing and the sale of electric vehicles are driving the local market's dynamics. The favorable government regulations, incentives, and active investments in the infrastructure for charging stations have made China one of the biggest buyers of electric vehicles in this region.

• Electric car adoption is also quite strong in other Asia-Pacific nations. To encourage the use of electric vehicles, South Korea, Japan, and India are making investments in the necessary infrastructure and providing incentives. This is, in turn, accelerating market expansion in the area.

• The market statistics in Europe as well as North America are being driven by the rise in popularity of electric vehicles, the expansion of government programs to restrict the emission of dangerous gasses from combustion-engine-powered cars, and the presence of large OEMs.

• The progressive growth in the usage of electric cars is driving the market in the Middle East, South America, and Africa. Local regulations, the development of the infrastructure, along with consumer awareness are anticipated to have a significant impact on how the electric car transmission industry develops in these areas.

Global Electric Vehicle Transmission Market: Key Players

For improved performance, top industry companies are creating cutting-edge electric car transmission technology. The leading suppliers in the electric vehicle transmission market include Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Hitachi Automotive Systems Ltd., Siemens AG, Toyota Industries Corporation, Magna International, BorgWarner Inc., DENSO Corporation, HL Mando Corporation, GKN Automotive Limited, Xtrac Ltd., Allison Transmission Inc., EATON Corporation, Dana Limited, and JATCO Limited.

Some developments by the key players in the global market for electric vehicle transmission are:

• The most recent generation of electric drives for automobiles and light trucks from ZF, with exceptional power density as well as energy economy, was presented in November 2022.

• Nissan selected Hitachi Astemo and Japan Automatic Transmission Company (JATCO) to provide EV drivetrains in November 2022.

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Global Electric Vehicle Transmission Market Segmentation

• Electric Vehicle Type
  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
    • Micro Hybrid
    • Mild Hybrid
    • Full Hybrid
    • Plug-in Hybrid
  • Fuel Cell Electric Vehicle
• Vehicle Type
  • Passenger Cars
    • Hatchbacks
    • Sedans
    • Utility Vehicles
  • Light Commercial Vehicles
  • Heavy Trucks
  • Buses and Coaches
  • Others
• Type
  • Single Speed
  • Multi-speed
• Transmission Type
  • Automated Manual Transmission (AMT)
  • Automatic Transmission (AT)
  • Continuously Variable Transmission (CVT)
  • Dedicated Hybrid Transmission/Dual Clutch Transmission (DHT/DCT)
• Drive Type
  • Front Wheel Drive (FWD)
  • Rear Wheel Drive (RWD)
  • All Wheel Drive (AWD)
• Sales Channel
  • OEM
  • Retrofit
• Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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