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Electric Vehicle Transmission Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
Electric Vehicle Transmission Market Size
As per the report, the electric vehicle transmission market size has grown exponentially in recent years. It will grow from $7.55 billion in 2023 to $9.22 billion in 2024 at a compound annual growth rate (CAGR) of 22%. The electric vehicle transmission market size is expected to see rapid growth in the next few years. It will grow to $18.85 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%.
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Driving Forces Behind the Growth of the Electric Vehicle Transmission Market
The increasing demand for electric vehicles is expected to propel the growth of the electric vehicle transmission market going forward. Electric vehicles (EVs) refer to automobiles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries or other energy storage devices. Electric vehicle transmissions are used for electric vehicles to transfer power from the electric motor to the wheels efficiently and effectively, addressing the unique characteristics of electric propulsion. For instance, in April 2023, according to reports published by the International Energy Agency, a France-based intergovernmental organization, global electric car sales exceeded 10 million units in 2022, with predictions for a 35% growth to 14 million units in 2023. Therefore, the increasing demand for electric vehicles is driving the growth of the electric vehicle transmission market.
Technological Advancements In Electric Vehicle Transmission Systems For Commercial Vehicles
Major companies operating in the electric vehicle transmission market are concentrating on innovative advancements such as electrified e-transmission to meet the needs of electric and hybrid commercial vehicles and provide efficient power delivery. It is an EV transmission system for commercial vehicles designed to provide the highest level of efficiency and performance with maximum startability, gradeability, and road speed. For instance, in May 2023, Dana Incorporated, a US-based automotive industry company, introduced spicer electrified e-transmissions, which are designed for medium-duty electric vehicle applications. These e-Transmissions are engineered to provide high efficiency and performance, with features such as a Dana high-efficiency motor and integrated inverter system, an electromechanical actuation system with a patented Dana Graziano clutch design, and an optimized three-speed system with Ravigneaux gearing. Additionally, it is available in two models, the eS4700t and the eS7900t, offering 4,700 and 7,900 Nm of output torque, respectively.
The electric vehicle transmission market covered in this report is segmented -
1) By Type: Single Speed, Multi-Speed
2) By Transmission system: Automated Manual Transmissions, Continuously Variable Transmissions, Dual Clutch Transmission/Dedicated Hybrid Transmission, Automatic Transmission
3) By Vehicle Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle
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Major companies operating in the electric vehicle transmission market are Hitachi Automotive Systems Ltd., BYD Company Limited, ZF Friedrichshafen AG, Continental AG, Hyundai Motor Company, Magna International Inc., Aisin Seiki Co. Ltd., Valeo SA, Eaton Corporation plc, Nidec Corporation, Schaeffler AG, Parker Hannifin Corporation, BorgWarner Inc., Dana Incorporated, Vitesco Technologies, NIO Inc., Voith Group, GKN Automotive Limited, Allison Transmission Holdings Inc., AVL Schrick GmbH, Punch Powertrain NV, Ricardo plc, Romax Technology Limited, Torqeedo GmbH
Contents of the report:
1. Executive Summary
2. Electric Vehicle Transmission Market Report Structure
3. Electric Vehicle Transmission Market Trends And Strategies
4. Electric Vehicle Transmission Market - Macro Economic Scenario
5. Electric Vehicle Transmission Market Size And Growth
…..
27. Electric Vehicle Transmission Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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