The EV Transmission Market size is projected to reach US$ 5,232.4 million by 2031 from US$ 2,869.7 million in 2023. The market is expected to register a CAGR of 7.8% in 2023–2031. The growing development in the electric vehicle industry is having a positive impact on the demand for EV transmission systems globally. The major purpose of EV transmission systems is to manage the power output of electric vehicles and also to distribute the power to wheels. The growing technological advancement in the vehicle industry is projected to drive the growth of the market over the forecast period.
The growing sales of electric vehicles are owing to the rising focus on fuel efficiency and increasing concern about mitigating environmental pollution. The growing consumer interest in electric vehicles is anticipated to propel the growth of the EV transmission market at the global level. The government's emphasis on adopting cleaner alternatives in daily life is another major factor boosting the sales of electric vehicles, which is having a positive impact on the growth of the market globally.
The EV Transmission Market is classified in terms of type and driveline type. Based on the type, the market is categorized into single speed and multi-speed. On the basis of driveline type, the market is bifurcated into battery electric vehicle (BEV) and hybrid electric vehicle (HEV). Growing production of electric vehicles as the demand is witnessing an upsurge trend is anticipated to drive the market over the forecast period.
The growing environmental pollution due to fossil fuels is one of the major concerns for the government. To reduce the level of environmental pollution, various governments are emphasizing consumers adopting cleaner, sustainable, and environment-friendly alternatives in daily life by giving special rebates on sales, incentives, lucrative offers, and tax benefits. China, Japan, the European Union, India, Canada, and South Korea are some of the major geographies where governments are actively working towards boosting the adoption of passenger electric vehicles, which is anticipated to drive the growth of the EV transmission market over the forecast period.
The rising proliferation of heavy-duty electric vehicles for long-haul transportation is anticipated to foster opportunities for the EV transmission market over the forecast period. The transportation sector is one of the major contributors to environmental pollution. The growing usage of electric vehicles in the passenger or commercial vehicles sphere is a major driver for the market globally. China is aggressively emphasizing electric buses, followed by Europe and the US. The increasing commercialization of heavy-duty electric vehicles are major growth opportunity provider for the market globally.
Key segments that contributed to the derivation of the EV transmission market analysis are transmission type and driveline type.
The geographic scope of the EV Transmission Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific dominated the EV transmission market in 2023. The Asia Pacific region includes China, India, Australia, Japan and South Korea. The high presence of automotive companies and the developing automotive and transportation sectors is acting as a major driver for the market. The automobile companies in the region are focusing on plug-in-hybrid varieties, which shows the consumers’ interest in environment-friendly and sustainable electric vehicles. Some of the major companies, such as Mercedes-Benz, BMW, Volvo, Mitsubishi, Volkswagen, and Ford among others, have already concentrated on the fabrication of the plug-in-hybrid versions of the present IC engine vehicle models. China is one of the largest producers of PHEVs in the Asia Pacific. The country is one of the leading markets for electric vehicles, with the presence of manufacturers, namely BAIC, BYD, and SAIC. Thus, the rising concern for environmental pollution, growing production of electric vehicles and increasing supportive government policies to support the purchase of electric vehicles are major drivers for the market in the Asia Pacific region.
The EV Transmission Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for EV Transmission Market and strategies:
The “EV Transmission Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The regional trends and factors influencing the EV Transmission Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses EV Transmission Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2,869.7 Million |
| Market Size by 2031 | US$ 5,232.4 Million |
| Global CAGR (2023 - 2031) | 7.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Transmission Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The EV Transmission Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the EV Transmission Market are:
Disclaimer: The companies listed above are not ranked in any particular order.