Electric Vehicle (EV) Transmission Market Statistics - 2027
The global electric vehicle (EV) transmission market was valued at $4.51 billion in 2019, and is projected to reach $20.08 billion by 2027, registering a CAGR of 27.3%.
Electric vehicle transmission in electric vehicle is used to transfer mechanical power from the electric traction motor to the wheels. Majority of the electric vehicles are installed with single speed transmission as they are enough for efficient working in today’s date. However, there are also vehicle types for which the use of multi-speed transmission is advantageous.
In addition, many leading players operating in the EV transmission market are working on multi-speed transmission sailing operation and load shifting capability for electric vehicle and planning to launch the same in future. The development of electric vehicle is gathering momentum at a significant rate, owing to the need to meet government emission targets and future fuel consumption. Attributed to this remarkable growth and continuous development in battery driven automobiles, restraints related to vehicle weight, battery capacity, and others that hinder the growth of the electric vehicle industry are expected to be eliminated during the forecast period.
Factors such as rise in demand for fuel efficient and low-emission vehicles and growth in production of electric vehicles are driving the EV transmission market growth. In addition, government initiatives to support adoption of electric vehicle are anticipated to boost the growth of the market. However, high cost of electric vehicles is hindering the growth of the electric vehicle (EV) transmission market. Furthermore, technological advancements in electric vehicles and incorporation of Vehicle-To-Grid (V2g) EV charging stations are expected to provide remarkable growth opportunities for the key players operating in the EV transmission market.
The global electric vehicle (EV) transmission market is segmented based on type, vehicle type, transmission system, and region. Based on type, the electric vehicle (EV) transmission industry is bifurcated into single speed and multi speed. Based on vehicle type, it is divided into passenger electric vehicle, commercial electric vehicle and off-highway electric vehicle. Based on transmission systems, it is categorized as automated manual transmissions, continuously variable transmissions, dedicated hybrid transmission/dual clutch transmissions and automatic transmissions. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players including Aisin Seiki Co., Ltd., Allison Transmission Inc., AVL List GmbH, BorgWarner Inc, Continental AG, Dana Limited, Eaton, JATCO Ltd., Schaeffler Technologies AG & Co. KG, ZF Friedrichshafen AG and others account for a major electric vehicle (EV) transmission market share.
By Type
Multi Speed is projected as the most lucrative segments
Rising demand for fuel efficient & low-emission vehicles
Gasoline being a fossil fuel is not a renewable source of energy and is projected to exhaust in the future. To support sustainable development, it is important to develop and use alternative sources of fuel. This involves use of electric vehicles that do not use gas and are more economical than conventional vehicles. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas gas-powered vehicle only manages to convert about 17%–21% of the energy stored in gasoline. The demand for fuel-efficient vehicles has increased recently, owing to rise in price of petrol and diesel. This is attributed to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. Therefore, these factors give rise to the need for electrically powered vehicles for travel, which, in turn, is anticipated to propel the growth of the electric vehicle (EV) transmission market.
By Transmission System
Automatic Transmission is projected as the most lucrative segments
Growth in production of electric vehicles
In recent years, demand and production of electric vehicles have increased significantly as electric vehicles have several advantages over fuel-powered automobiles. Components, such as fan belts, oil, air filters, head caskets, timing belts, cylinder heads, and spark plugs, do not require replacement, thereby making them cheaper and efficient for fuel-powered automobiles. This makes electric vehicle a preferred choice, thereby restraining the fuel-powered automobile market growth. Therefore, increase in production of electric vehicles boosts the growth of the electric vehicle (EV) transmission market.
High cost of electric vehicles
Electric vehicles are advantageous over conventional vehicles; however, their cost is higher than traditional vehicles. The additional cost of buying an electric vehicle instead of fuel-powered vehicle is mainly due to the high cost of battery. Involvement of expensive manufacturing process and use of costly raw materials are the major reasons for the high cost of electric vehicles. Therefore, these factors add up to the cost of electric vehicle, which, in turn, hinders the growth of the electric vehicle (EV) transmission market.
By Vehicle Type
Commercial Electric Vehicle is projected as the most lucrative segments
Technological advancement in electric vehicles
Automobile companies focus on the production of advanced electric vehicle systems that are expected to have lower emission at relatively lower costs. Companies have also started producing downsized engines to be implemented in vehicles as smaller engines help achieve the upcoming BHARAT STAGE VI emission norms.
This is attributed to the fact that they produce lesser emissions compared to heavier and larger engines. The compact and cost-effective design of these downsized small engines also adds another dimension to their usefulness. Therefore, the development of advanced electric vehicles transmission presents various opportunities for leading players operating in the electric vehicle (EV) transmission market.
By Region
Europe would exhibit the highest CAGR of 29.8% during 2020-2027.
COVID-19 IMPACT ANALYSIS
- COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge.
- Rapid spread of the disease has led to a significant impact on the global automotive industry, with a downturn in demand for new and old vehicles.
- The electric vehicle segment is hit hard by this pandemic as these automobiles are mostly considered as modern day mobility and at the same time are costlier enough for ownership.
- Due to the pandemic and its rapid spread across the globe, the demand & supply chain for numerous products came to a halt due to the unavailability of transportation medium.
- Moreover, during the end of 2020, the situation came in control in some countries due to which the demand & supply gap was fulfilled and there was significant growth in the registration of new vehicles due to the need to avoid public transport to commute from one place to another.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global electric vehicle (EV) transmission market analysis along with the current trends and future estimations to depict the imminent investment pockets.
- The overall EV transmission market opportunity is determined by understanding the profitable EV transmission market trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global electric vehicle (EV) transmission market with a detailed impact analysis.
- The current electric vehicle (EV) transmission market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Electric Vehicle (EV) Transmission Market Report Highlights
| Aspects | Details |
 By Type |
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 By Vehicle Type |
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 By Transmission System |
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 By Region |
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 Key Market Players | DANA INCORPORATED, BORGWARNER INC., EATON CORPORATION PLC, ALLISON TRANSMISSION INC., SCHAEFFLER TECHNOLOGIES AG & CO. KG, CONTINENTAL AG, AISIN SEIKI CO., LTD., ZF FRIEDRICHSHAFEN AG, AVL LIST GmbH, JATCO LTD. |
Analyst Review
Transmission is a part inside a vehicle that acts as a connection between the engine and wheels and transfers power from the engine to the wheels. The primary function of the transmission is to transfer the power created by the engine to rotate the wheel. The transmission in the vehicle also keeps the engine in the range of certain revolutions per minute. Every vehicle requires different range of revolutions per minute, so transmission needs to be tuned to the vehicle. Electric vehicles do not have the feature of multi-speed gearbox and they can work with just a single gear. However, many electric vehicle manufacturers are working on multi speed transmission that is expected to be launched in the coming years.
Factors such as rise in demand for fuel efficient and low-emission vehicles and increase in production of electric vehicles are driving the growth of the electric vehicle (EV) transmission market. In addition, government initiative to support adoption of electric vehicle is anticipated to boost the growth of the market. However, high cost of electric vehicles is hindering the growth of the electric vehicle (EV) transmission market. Furthermore, technological advancement in electric vehicles and incorporation of Vehicle-To-Grid (V2G) EV charging stations are expected to provide remarkable growth opportunities for the key players operating in the market.
Among the analyzed regions, currently, Asia-Pacific is the highest revenue contributor, and is expected to maintain its lead during the forecast period, followed by Europe, North America, and LAMEA.
The global electric vehicle (ev) transmission market was valued at $4.51 billion in 2019, and is projected to reach $20.08 billion by 2027, registering a CAGR of 27.3%
Post COVID scenario provides a lucrative opportunities for the growth of EV transmission industry as the global electric vehicle industry is expected to register lucrative growth opportunities in the near future.
The sample for global EV transmission market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
The upcoming trends includes the introduction of different multi speed transmission to be used in vehicles.
The key growth strategies adopted by the EV transmission industry players includes business expansion, collaboration, product launch, agreement and partnership. These strategies opted by various industry players is leading to the growth of the EV transmission market as well as the players.
The company profiles of the top market players of EV transmission industry can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the EV transmission market.
Asia-Pacific is holding majority of market share in the EV transmission market and China holds majority of market share in Asia-Pacific due to the increased penetration in the EV industry.
Transmission system is the most influencing segment in the EV transmission market.
China, Germany, U.S. and India are the key matured markets in the global EV transmission market due to the increased penetration in the electric vehicle industry.
Technological advancement in EV transmission and increasing government initiatives for the development of greem mobility infrastructure have strong impact on the global EV tyransmission market.
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