Electric Vehicle Transmission Market to Record 18% CAGR Growth Through 2029 | Global Analysis Report

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Electric Vehicle Transmission Market Outlook: How is the Market Expected to Grow by 2025?
The market size of the electric vehicle transmission industry has seen an explosive growth in the past few years. The expansion is expected to go from $9.22 billion in 2024 to $11.1 billion in 2025, with a compound annual growth rate (CAGR) of 20.4%. The significant growth observed during the historical period can be associated with pioneering innovations and experiments, increasing popularity of electric vehicles (EVs), growing environmental awareness and the impact of climate change.

Electric Vehicle Transmission Market Forecast: What Size Will It Reach By 2029?
In the forthcoming years, the electric vehicle transmission market is projected to undergo swift expansion, reaching a size of $21.55 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 18.0%. This predicted growth in the forecast period is due to regulations and emission standards, a focus on sustainability and environmental consciousness, investments in infrastructure, and efforts to reduce the cost. Key trends over the forecast period comprise efficiency optimization, integration of motor and transmission, development of multi-speed transmission, standardization and modularization, and the use of advanced materials.

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Which Key Market Drivers Will Shape Electric Vehicle Transmission Industry Trends in 2025-2029?
The rising popularity of electric vehicles is anticipated to boost the expansion of the electric vehicle transmission market. Electric Vehicles (EVs) are automobiles operated by one or more electric motors that derive their power from rechargeable batteries or other energy-storing devices. Transmissions in these vehicles serve to efficiently and effectively transfer power from the electric motor to the wheels, tailored to the unique traits of electric propulsion. For example, in April 2023, the International Energy Agency, a France-based intergovernmental organization, disclosed in a report that global sales of electric cars surpassed 10 million units in 2022. Additionally, they project a 35% increase, equaling 14 million units, in 2023. Hence, this escalating demand for electric vehicles is driving the expansion of the electric vehicle transmission market.

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What Are the High-Growth Segments in the Electric Vehicle Transmission Market?
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

Which Global Trends Are Driving Electric Vehicle Transmission Market Expansion?
Leading businesses in the sphere of electric vehicle transmission are focusing on progressive enhancements like electrified e-transmission to cater to the demands of electric and hybrid commercial vehicles, ensuring efficient power transmission. The system is tailored for commercial vehicles, aiming to deliver unparalleled efficiency, performance, startability, gradeability, and road speed. For instance, in May 2023, Dana Incorporated, an American car industry corporation, unveiled its spicer electrified e-transmissions apt for medium-duty electric vehicle uses. The e-Transmissions are built to offer top-notch efficiency and performance incorporating features such as a high-efficiency Dana motor, an inverter system integrated into the design, an electromechanical actuation system boasting a patented Dana Graziano clutch, and a three-speed system optimised with Ravigneaux gearing. Moreover, it is offered in two variants, the eS4700t and the eS7900t, delivering an output torque of 4,700 and 7,900 Nm respectively.

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Who Are the Fastest-Growing Companies in the Electric Vehicle Transmission Industry?
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 Is the Regional Outlook for the Electric Vehicle Transmission Market by 2029?
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.

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