BANGALORE, India, May 15, 2023 /PRNewswire/ — Electric Vehicle (EV) Transmission Market with COVID-19 Impact, Size, Trends, Growth, Share Analysis, By Vehicle Type (Single Speed, Multi-Speed), By Transmission System (Automated manual transmissions, Continuously variable transmissions, Dedicated hybrid transmission/dual-clutch transmission, Automatic transmission): Global Opportunity Analysis and Industry Forecast 2021–2028. It is published in Valuates Reports under the Autos & Vehicles Category.
The global electric vehicle (EV) transmission market was valued at USD 4.51 billion in 2019, and is projected to reach USD 20.08 billion by 2027, registering a CAGR of 27.3%.
Major Factors Driving The Growth Of The Electric Vehicle (EV) Transmission Market
The EV gearbox market is expanding due to factors including the rise in demand for fuel-efficient and low-emission cars and the expansion of electric vehicle production. Government programs to encourage the use of electric vehicles are also projected to accelerate industry expansion.
The market for electric vehicle (EV) transmissions is growing but is being constrained by the high cost of electric cars. Additionally, the development of Vehicle-To-Grid (V2g) EV charging stations and technical improvements in electric cars are anticipated to offer significant potential prospects for the major competitors in the Electric Vehicle (EV) Transmission Market
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TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC VEHICLE (EV) TRANSMISSION MARKET
Although single-speed gearboxes are frequently utilized in EVs, multi-speed transmissions for high-performance EVs are becoming more and more popular. Multi-speed transmissions can be advantageous for high-performance applications, even though single-speed gearboxes are more typical in EVs due to their simplicity and efficiency. By providing numerous gear ratios for various speed needs, multi-speed transmissions provide greater flexibility than single-speed systems. This enables drivers to choose the best gear ratio for the conditions they are currently driving in, improving control and acceleration. This factor is expected to drive the growth of the Electric Vehicle (EV) Transmission Market
As a result, several businesses have created two- or three-speed gearboxes for EVs. The EM and power electronics are often fully integrated with the EV gearbox to increase efficiency and decrease weight. Due to its straightforward vehicle architecture and excellent drive efficiency, the distributed electric drive has garnered a lot of interest in the research and development (R&D) of EVs. An increasingly common form of gearbox in recent years is the automated manual gearbox (AMT). It offers a smoother driving experience while also consuming less gasoline since it blends the convenience of an automated gearbox with the effectiveness of a manual gearbox. This factor is expected to drive the growth of the Electric Vehicle (EV) Transmission Market
Due to rising environmental concerns, more models being available, higher cost competitiveness with conventional petrol vehicles, and enhanced vehicle ranges, demand for EVs has surged significantly. During the forecast period, these reasons are anticipated to continue to drive growing adoption, and the widespread availability of tax incentives and other government programs will only serve to strengthen this trend. This factor is expected to drive the growth of the Electric Vehicle (EV) Transmission Market
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ELECTRIC VEHICLE (EV) TRANSMISSION MARKET SHARE ANALYSIS
Multi-speed gearbox development for high-performance electric vehicles (EVs) is anticipated to be one of the most profitable market areas. Multi-speed transmissions can be advantageous for high-performance applications, even though single-speed gearboxes are more typical in EVs due to their simplicity and efficiency.
The most profitable market is expected to be the automatic gearbox. Due to its availability in both automatic and manual gearbox modes, the AMT gearbox category is also predicted to expand significantly. These gearboxes provide the necessary extra power in the manual transmission while also providing the comfort of long-distance travel in the automated gearbox.
The most profitable market is expected to be commercial electric vehicles. The global availability of high-performance cars has increased the need for commercial electric vehicles.
Due to a rise in demand for electric cars, Europe will have the highest CAGR of 29.8% between 2020 and 2027. The electric vehicle gearbox market is also being driven by the regionally quick expansion of producers of electric vehicle components.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- AISIN SEIKI CO., LTD.,
- ALLISON TRANSMISSION INC.,
- AVL LIST GmbH,
- BORGWARNER INC.,
- CONTINENTAL AG,
- DANA INCORPORATED,
- EATON CORPORATION PLC,
- JATCO LTD.,
- SCHAEFFLER TECHNOLOGIES AG & CO. KG,
- ZF FRIEDRICHSHAFEN AG
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