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Driving Forces Behind the Growth of the Electric Vehicle Transmission Market: Major Factor in the Transformation of the Electric Vehicle Transmission Market in 2025
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The electric vehicle transmission market will grow from $9.22 billion in 2024 to $11.24 billion in 2025, at a CAGR of 21.9%. Growth factors include early innovations in EVs, rising popularity, environmental concerns, and climate change awareness.
The electric vehicle transmission market will reach $22.25 billion by 2029 at a CAGR of 18.6%, due to regulatory policies, sustainability focus, infrastructure investments, and cost reduction. Trends include efficiency optimization, motor-transmission integration, multi-speed development, and adoption of advanced materials.
What Key Elements Are Boosting Growth in the Electric Vehicle Transmission Market?
The rising demand for electric vehicles is expected to propel the growth of the electric vehicle transmission market. Electric vehicle transmissions are designed to transfer power from the electric motor to the wheels efficiently, considering the unique characteristics of electric propulsion. In 2023, the International Energy Agency reported that global electric car sales exceeded 10 million units in 2022, with a projected 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.
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Who Are the Major Industry Players Fueling Electric Vehicle Transmission Market Expansion?
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
How Is the Segmentation of the Electric Vehicle Transmission Market Defined?
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 Or Dedicated Hybrid Transmission, Automatic Transmission
3) By Vehicle Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle
Subsegments:
1) By Single Speed: Direct Drive Transmission, Fixed Gear Transmission
2) By Multi-Speed: Dual-Speed Transmission, Multi-Ratio Transmission, Continuously Variable Transmission (CVT) For Electric Vehicles
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What Is the Leading Region in the Electric Vehicle Transmission Market?
Asia-Pacific was the largest region in the electric vehicle transmission market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle transmission market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Vehicle Transmission Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle Transmission Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle Transmission Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle Transmission Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle Transmission Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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