Press release
Electric Vehicle Transmission Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Electric Vehicle Transmission Market Size
The electric vehicle transmission market is anticipated to expand due to the rising demand for electric vehicles. Electric vehicles are cars powered by one or more electric motors that use electrical energy stored in rechargeable batteries or other storage devices. Electric vehicle transmissions, which transfer power from the motor to the wheels efficiently, are specifically designed to meet the specific features of electric propulsion. The International Energy Agency, a France-based intergovernmental organization, reported in April 2023 that global electric car sales surpassed 10 million units in 2022 and predicted a 35% increase to 14 million units in 2023. Consequently, the growing consumer interest in electric vehicles is fuelling the expansion of the electric vehicle transmission market.
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What is the future CAGR of the electric vehicle transmission market, and how will it impact industry expansion?
In recent times, the electric vehicle transmission market has seen an escalated expansion. The market size is anticipated to increase from a worth of $9.22 billion in 2024 to a value of $11.24 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 21.9%. The remarkable growth observed in the historical timeframe is a result of early pioneering efforts and trials, growing acceptance of EVs, along with environmental apprehensions and changes in climate.
In the coming years, the electric vehicle transmission market is projected to experience considerable growth, reaching a valuation of $22.25 billion by 2029 with a compound annual growth rate (CAGR) of 18.6%. The anticipated growth during the forecast period can be ascribed to factors such as regulatory policies and emission standards, emphasis on environmental consciousness and sustainability, infrastructure investments, and endeavors to reduce costs. Significant trends anticipated during the forecast period comprise efficiency optimization, integration of motor and transmission, development of multi-speed transmission, standardization and modularization, along with the utilization of advanced materials.
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What trends are poised to drive the future success of the electric vehicle transmission market?
Major firms in the electric vehicle transmission market are focusing on progressive developments such as electrified e-transmissions to cater to the requirements of electric and hybrid commercial vehicles and deliver efficient power. This EV transmission system is engineered for commercial vehicles, aiming to deliver top-tier efficiency and performance along with maximum startability, gradeability, and road speed. For example, in May 2023, a leading automotive industry company from the US, Dana Incorporated, launched spicer electrified e-transmissions, tailored for medium-duty electric vehicle use. Designed to deliver superior efficiency and performance, these e-Transmissions come equipped with a Dana high-efficiency motor, an integrated inverter system, a novel Dana Graziano clutch design actuation system, and a three-speed system with Ravigneaux gears that has been optimized for maximum output. Additionally, they come in two variants, the eS4700t and the eS7900t, providing 4,700 and 7,900 Nm of output torque, respectively.
Which key market segments comprise the electric vehicle transmission market and drive its revenue growth?
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 regions are at the forefront of electric vehicle transmission market expansion?
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.
Who are the leading players fueling growth in the electric vehicle transmission market?
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
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What Is Covered In The Electric Vehicle Transmission Global Market Report?
• Market Size Forecast: Examine the electric vehicle transmission market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric vehicle transmission market for a structured understanding.
• Key Players Overview: Analyze major players in the electric vehicle transmission market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle transmission market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle transmission market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle transmission market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle transmission market.
• Competitive Landscape: Review strategic developments in the electric vehicle transmission market, including expansions, agreements, and new product launches.
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