Press release
Electric Vehicle Transmission Market Anticipated To Witness Robust Growth, Surpassing $22.25 Billion By 2029
Electric Vehicle Transmission
What Is the Current Electric Vehicle Transmission Market Size and Its Estimated Growth Rate?
The electric car transmission market has seen a substantial expansion over the past few years. Predictions show it rising from $9.22 billion in 2024 to $11.24 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 21.9%. Its growth in the historic period is because of initial innovations and experiments, increasing popularity of electric vehicles, environmental issues, and climate change.
In the next several years, the market size for electric vehicle transmissions is predicted to experience swift expansion. It is anticipated to reach a value of $22.25 billion in 2029, increasing at a compound annual growth rate (CAGR) of 18.6%. Various factors will contribute to this growth in the forecast period, including regulatory policies, emission standards, a drive towards sustainability and environmental consciousness, infrastructure investments, and initiatives aimed at reducing costs. The forecast period will also be defined by major trends such as efficiency optimization, the integration of motors and transmissions, the development of multi-speed transmissions, standardization and modularization, and the use of advanced materials.
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How Are Emerging Segments Shaping the Electric Vehicle Transmission Market Landscape?
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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Which Growth Factors Are Influencing Electric Vehicle Transmission Market Expansion?
The surge in popularity of electric vehicles is set to drive the expansion of the electric vehicle transmission market in the near future. Defined as vehicles propelled by one or more electric engines, which source power from batteries or other energy storage systems, electric vehicles (EVs) use electric vehicle transmissions to facilitate the efficient and effective transference of power from the electric engine to the wheels, resolving the unique needs of electric propulsion. As an example, data released by the International Energy Agency, an intergovernmental organization based in France, in April 2023 confirmed that global sales of electric vehicles had surpassed 10 million units in 2022. Prospects of a 35% surge to 14 million units in 2023 were also forecasted. Thus, escalating demand for electric vehicles is stimulating the expansion of the electric vehicle transmission market.
Who Are the Dominant Players Across Different Electric Vehicle Transmission Market Segments?
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
What Are the Latest Developing Trends in the Electric Vehicle Transmission Market?
The significant players in the market for electric vehicle transmission are focusing on innovative developments such as electrified e-transmission. This is to cater to the requirements of electric and hybrid commercial vehicles, and to offer an effective power supply. This commercial vehicle's EV transmission system is designed to deliver outstanding efficiency and performance, featuring maximum startability, gradeability, and road speed. For example, in May 2023, Dana Incorporated, a company from the US automotive industry, launched spicer electrified e-transmissions tailored for medium-duty electric vehicle use. These e-Transmissions are designed for superior efficiency and performance, integrating a Dana high-efficiency motor, an inverter system, an electromechanical actuation system with a Dana Graziano patented clutch design, and an optimized three-speed system with Ravigneaux gearing. Furthermore, two models are available, the eS4700t and the eS7900t, which deliver 4,700 and 7,900 Nm of output torque, respectively.
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Which Geographic Regions Are Expected to Dominate the Electric Vehicle Transmission Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Vehicle Transmission Market?
2. What is the CAGR expected in the Electric Vehicle Transmission Market?
3. What Are the Key Innovations Transforming the Electric Vehicle Transmission Industry?
4. Which Region Is Leading the Electric Vehicle Transmission Market?
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