According to the report by Expert Market Research (EMR), “The Global Electrical Vehicle (EV) Transmission Market Size, Share, Analysis, Report and Forecast 2024-2032″,the global electrical vehicle (EV) transmission market is projected to grow at a CAGR of 29.20% between 2024 and 2032. Aided by the electrification of transport becoming an imperative move for a sustainable future, the market is expected to grow significantly by 2032.
EV transmissions are pivotal components in the architecture of electric vehicles, serving as the bridge between the motor and the wheels. These sophisticated systems are designed to ensure efficient power transfer, enabling smooth acceleration and optimal vehicle performance. Unlike traditional internal combustion engine vehicles, EVs demand transmissions that can handle high torque levels generated by electric motors and deliver it effectively to the drive shaft.
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The surge in the electrical vehicle (EV) transmission market growth is predominantly fuelled by the escalating global push towards reducing carbon emissions and mitigating the environmental impact of transportation. Governments across the world are implementing stringent emission regulations and providing subsidies to encourage the adoption of electric vehicles, which directly stimulates the demand for EV transmissions.
Technological advancements in EV powertrain systems have also contributed significantly to electrical vehicle (EV) transmission market size. Modern EV transmissions are becoming more compact, lightweight, and capable of handling the high torque output of electric motors, making them well-suited for a broad range of electric vehicles, from passenger cars to heavy-duty trucks.
Additionally, consumer awareness regarding the environmental benefits and lower operating costs of electric vehicles is growing, resulting in a greater preference for EVs over traditional vehicles. This shift is another pivotal factor driving the market growth. As per the electrical vehicle (EV) transmission market analysis, the rising investment in charging infrastructure, the development of battery technology, and the overall reduction in the cost of EV ownership are further bolstering the market growth.
The market is expected to witness the advent of innovative transmission technologies that enhance the efficiency and performance of electric vehicles. Moreover, the integration of advanced materials and electronics is set to further optimise the weight and functionality of EV transmissions. With the continuous evolution of autonomous and connected vehicle technologies, transmissions capable of handling the high-performance requirements of these advanced vehicles are also anticipated to develop, which further propels the electrical vehicle (EV) transmission market demand.
Market Segmentation
The market can be divided based on type, vehicle, transmission system, and region.
Market Breakup by Type
- Single-Speed Transmission
- Multi-Speed Transmission
Market Breakup by Vehicle
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Others
Market Breakup by Transmission System
- Automated Manual Transmissions
- Continuously Variable Transmission
- Automatic Transmission
- Dedicated Hybrid Transmission/Dual Clutch Transmission
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electrical vehicle (EV) transmission market. Some of the major players explored in the report by Expert Market Research are as follows:
- Aisin Corporation
- AVL List GmbH
- BorgWarner Inc.
- Allison Transmission, Inc
- Eaton Corporation plc
- ZF Friedrichshafen AG
- Others
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