EV Transmission System Market to Surge at 17.8% CAGR, Reaching US$ 45282.3 Million by 2033 | Key data insights by Future Market Insights, Inc.

The global EV transmission system market is projected to register at a moderate-paced CAGR of 17.8% over the forecast period. The EV transmission system market is currently valued at US$ 8799.9 Million in 2023. By 2033, demand for EV transmission systems is expected to reach US$ 45282.3 Million.

The EV transmission industry is expanding due to several factors, including the increasing popularity of EVs and the growing demand for clean automobiles. The EV transmission system market is also expected to benefit from government programs that encourage the purchase of electric vehicles. However, the expensive price of EVs is slowing the expansion of the sales of the EV transmission system. In addition, developments in EV technology and the deployment of Vehicle-To-Grid (V2g) EV charging stations are anticipated to create

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Due to their lighter weight and smaller size, these engines generate fewer harmful emissions. These downsized small engines are multifaceted due to their compact and cost-effective design. As a result, major players in the EV transmission industry have a lot of room to grow owing to the advancement of transmission system technology for EVs.

Key Takeaways

In 2023, the European region will account for 46% of all revenue.
Over the period from 2023 to 2033, the demand for battery EVs is projected to exceed US$ 20,000 Mn.
In terms of total revenue, the AT transmission system segment is expected to account for almost 55% by 2023.
In 2023, vehicles made up 61% of the revenue pie by type of vehicle.
It is projected that the offline EV transmission system market would expand at a CAGR of 22.39% between 2023 and 2033.

Competitive Landscape

Leading companies in this industry include Dana Limited, ZF Friedrichshafen AG, AVL List GmbH, Continental AG, and Eaton. Most of these businesses are investing in expanding production to reduce emissions from cars and the auto industry.

Continental AG has started mass production of its electric powertrains in China, and it is already being used by both European and Chinese Original Equipment Manufacturers (OEMs). To further illustrate the quick shift in focus towards electrification in response to stricter emission laws, the company has ceased investing in components used in Internal Combustion (IC) engines. The major competitors in the EV transmission system market are investing heavily in R&D to create game-changing electric vehicle technology, which is projected to drive market growth.

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Key Segments in the EV Transmission System Market

Vehicle Type:

Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Hybrid Electric Vehicle

Transmission Type:

Single Speed
Multi-Speed

Transmission System:

AMT Transmission,
CVT Transmission,
AT Transmission
Others

Region:

North America
Latin America
Asia Pacific
MEA (Middle East and Africa)
Europe

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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This release was published on openPR.