The global EV transmission system market is projected to register at a moderate-paced CAGR of 17.8% over the forecast period. The EV transmission system market is currently valued at US$ 8799.9 Mn in 2023. By 2033, demand for EV transmission systems is expected to reach US$ 45282.3 Mn.
The EV transmission industry is expanding due to several factors, including the increasing popularity of EVs and the growing demand for clean automobiles. The EV transmission system market is also expected to benefit from government programs that encourage the purchase of electric vehicles. However, the expensive price of EVs is slowing the expansion of the sales of the EV transmission system. In addition, developments in EV technology and the deployment of Vehicle-To-Grid (V2g) EV charging stations are anticipated to create
Due to their lighter weight and smaller size, these engines generate fewer harmful emissions. These downsized small engines are multifaceted due to their compact and cost-effective design. As a result, major players in the EV transmission industry have a lot of room to grow owing to the advancement of transmission system technology for EVs.
Key Takeaways EV Transmission System Market
· In 2023, the European region will account for 46% of all revenue.
· Over the period from 2023 to 2033, the demand for battery EVs is projected to exceed US$ 20,000 Mn.
· In terms of total revenue, the AT transmission system segment is expected to account for almost 55% by 2023.
· In 2023, vehicles made up 61% of the revenue pie by type of vehicle.
· It is projected that the offline EV transmission system market would expand at a CAGR of 22.39% between 2023 and 2033.
· The US EV transmission system market is expected to hold 12.9% of the global market share.
· Electric vehicles are becoming more and more popular in Europe thanks to improvements in the infrastructure for charging, falling production costs, and government programs to cut carbon emissions related to transportation.
· South Korea leading the growth of EV Transmission Systems in Asia-Pacific.
· Japan’s result represented a significant increase, with nearly three times as many new EVs being registered abroad.
Leading companies in this industry include Dana Limited, ZF Friedrichshafen AG, AVL List GmbH, Continental AG, and Eaton. Most of these businesses are investing in expanding production to reduce emissions from cars and the auto industry.
Continental AG has started mass production of its electric powertrains in China, and both European and Chinese Original Equipment Manufacturers (OEMs) are already using it. To further illustrate the quick shift in focus towards electrification in response to stricter emission laws, the company has ceased investing in components used in Internal Combustion (IC) engines. The major competitors in the EV transmission system market are investing heavily in R&D to create game-changing electric vehicle technology, which is projected to drive market growth.
Therefore, while the Japanese government and car manufacturers continue to prioritize hydrogen vehicles over EVs, it is unlikely that there will be much real progress in Japan’s auto and EV transmission system industry. This lack of progress could have potentially negative consequences for both the environment and the economy.
These insights are based on a report on the EV Transmission System Marketby Future Market Insights