by Electric vehicle (EV) transmission systems play a vital role in transferring power from an electric motor to wheels. EV transmission systems comprise different types of power electronics and gears that facilitate optimal torque delivery for various driving conditions. Transmission systems are integrated with motor controllers and battery packs in EV powertrains. Continuously variable transmissions (CVTs) and dual-clutch transmissions (DCTs) are the commonly used transmission types in electric cars and trucks. CVTs provide smooth gear shifts and efficient energy recovery during braking. On the other hand, DCTs offer fast gear changes and improved acceleration performance.
The Global Electric Vehicle Transmission Market is estimated to be valued at US$ 15.26 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Electric Vehicle Transmission market are Aisin Seiki Co., Ltd., Allison Transmission Inc., AVL List GmbH, BorgWarner Inc., Continental AG, Dana Incorporated, Eaton Corporation plc, GKN Automotive Limited, JATCO Ltd., Magna International Inc., Nidec Corporation, Schaeffler AG, Valeo SA, Vitesco Technologies, ZF Friedrichshafen AG.
The key opportunities in the market include growing sales of EVs across major economies, increasing adoption of CVTs and DCTs, and expansion of EV production facilities by OEMs.
The Electric Vehicle Transmission Market Trends emission norms and government incentives for electric mobility. Major automakers are investing heavily in EV production worldwide to strengthen their foothold in this lucrative market.
Market Drivers
One of the major drivers for the electric vehicle transmission market is the increasing demand for EVs owing to stringent emission regulations and tax incentives for electric vehicles provided by various governments globally. Government policies are promoting electric mobility to reduce vehicular pollution. Rising adoption of EVs will subsequently fuel demand for EV transmission systems in the upcoming years.
PEST Analysis
Political: The government has introduced subsidies and tax benefits for electric vehicles which has boosted the electric vehicle transmission market. Strict emission norms have also increased the demand for electric vehicles.
Economic: Rising fuel costs and energy security concerns are compelling automakers to focus on electric powertrains. The falling battery prices are making electric vehicles more affordable.
Social: Growing environmental awareness among consumers is driving the adoption of electric vehicles. Consumer preference for low maintenance vehicles is also supporting the electric vehicle transmission market.
Technological: Advancements in battery technologies are improving the driving range of electric vehicles. Thinner and more durable electric motors are enabling efficient transmission of power. Manufacturers are also developing integrated drivetrains with fewer moving parts.
Geographical Regions with High Market Concentration
The market for electric vehicle transmission is highly concentrated in Asia Pacific region, particularly in China. This is due to the large consumer base for electric vehicles and support from the Chinese government through incentives and policies. China accounted for over 45% of the global electric vehicle sales in 2021.
Fastest Growing Geographical Region
Europe is currently the fastest growing market for electric vehicle transmission globally. The EU regulations mandate OEMs to reduce fleet-wide carbon emissions by 37.5% by 2030 which is driving automakers to invest more in electric vehicle production and technologies. Countries like Germany, UK and Norway are witnessing high demands for electric vehicles due to growing charging infrastructure and purchase incentives.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
