Global Electric Vehicle EV Transmission Market to Grow at a CAGR of 22.30% During 2021 –2031

Introduction

An electric vehicle's gearbox transmits the power from the electric traction motor to the wheels. Since a single-speed transmission is necessary for efficient operation in the modern world, most electric automobiles only have one; however, there are other vehicle kinds for a multi-speed message. Many of the leading manufacturers on the market are working on creating multi-speed transmission sailing operation and load-shifting capabilities for electric vehicles and plan to release them soon. The development of electric vehicles is accelerating quickly due to the need to meet government emission standards and predicted fuel usage.

Market Dynamics

Escalating Demand for Low Emissions and Fuel-Efficient Vehicles Drives the Global Market

Gasoline cannot be replenished as an energy source because it is a fossil fuel. Hence it will ultimately run out. To encourage sustainable development, alternative fuel sources must be developed and used. One of the ways to do this is to use electric automobiles, which are cheaper and more fuel-efficient than conventional vehicles. Only about 17% to 21% of the fuel's energy can be converted by a gas-powered car. There is a higher demand for fuel-efficient vehicles due to the sharp increase in the price of gasoline and diesel. The decline of fossil fuel reserves and a rise in firms wanting to maximize revenues from these oil supplies are to blame for this.

Advancements in Electric Car Technology Creates Tremendous Opportunities

The automotive industry's primary focus is the production of improved electric vehicle systems, which are predicted to have lower emissions at comparable costs. Companies are already making smaller engines for autos to comply with the upcoming BHARAT STAGE VI emission rules. They produce fewer emissions than heavier and larger engines, which explains why. The use of these smaller mini engines is also increased by their inexpensive and portable design. As a result, the leading electric vehicle (EV) transmission suppliers are given several opportunities to create superior EV transmissions.

Regional Analysis 

Asia-Pacific is the highest revenue contribution and is anticipated to grow at a CAGR of 26.80% over the forecast period. When analyzing the market for electric vehicle (EV) transmissions, the term "Asia-Pacific" has been used to include China, Japan, India, South Korea, and the rest of the region. Businesses like JATCO Ltd., AISIN SEIKI CO., and others that operate throughout Asia-Pacific and sell their products there have created the opportunity for the industry to grow. With China dominating the EV fleet market, Asia-Pacific has the largest market share in the global electric vehicle (EV) transmission sector. Due to higher adoption rates of intelligent mobility services, governmental regulations, rising fuel prices, and a growing trend toward the use of non-fossil fuel-based vehicles, the adoption of electric vehicles is increasing in developing countries like India, China, and Indonesia, creating lucrative opportunities for the market in this area.

North America is anticipated to grow at a CAGR of 26.80% over the projection period. The United States, Canada, and Mexico are the North American nations examined for the global electric vehicle (EV) transmission market research. Businesses in the area have created fresh products and introduced them, assisting the growth of the North American market. As more electric cars are sold in the area, the need for electric vehicle (EV) transmissions is anticipated to climb dramatically. In North America, the market for electric vehicle (EV) transmissions is also predicted to expand due to manufacturer developments and government initiatives to encourage the adoption of EVs.

Key Highlights

• The global electric vehicle EV transmission market was valued at USD 7.50 billion in 2022. It is projected to reach USD 45.91 billion by 2030, growing at a CAGR of 22.30% during the forecast period (2022-2030). 
• Based on type, the global electric vehicle EV transmission market is bifurcated into single-speed and multi-speed. The single-speed segment is the highest contributor to the market and is estimated to grow at a CAGR of 26.80% during the forecast period.
• Based on vehicle type, the global electric vehicle EV transmission market is bifurcated into passenger, commercial, and Off-highway Electric vehicles. The passenger electric vehicle segment is the highest contributor to the market and is estimated to boost at a CAGR of 27.60% during the forecast period.
• Based on transmission systems, the global electric vehicle EV transmission market is bifurcated into Automated Manual Transmissions, Continuously Variable Transmissions, Dual Clutch Transmission/Dedicated Hybrid Transmissions, and Automatic Transmissions. The segment is the major contributor to the market and is estimated to grow at a CAGR of % during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 26.80% during the forecast period.

Competitive Players

Competitive Players

The global electric vehicle EV transmission manufacturers are Continental AG, AISIN SEIKL CO, LTD., ZE Friedrichshafen AG, AVL List GmbH, BorgWarner Inc., Allison Transmission Inc., Dana Limited., JATCO Ltd, Schaeffler Technologies AG and Co. KG, and Eaton.

Recent Developments

Market News

• In January 2023, Inmotive entered into a joint development agreement with Suzuki for the implementation of its Ingear Two-Speed EV Transmission.
• In January 2023, Allison Transmission collaborated with Nikola to Drive Next-Generation Vehicle Development at Allison’s Vehicle Electrification + Environmental Test Center.

Segmentation

Global Electric Vehicle EV Transmission Market: Segmentation

By Type

• Single Speed
• Multi-Speed

By Vehicle Type

• Passenger Electric Vehicle
• Commercial Electric Vehicle
• Off-highway Electric Vehicle

By Transmission System

• Automated Manual Transmissions
• Continuously Variable Transmissions
• Dual Clutch Transmission/Dedicated Hybrid Transmission
• Automatic Transmission

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA