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The global electric vehicle [EV] transmission system market size is estimated to grow by USD 2,4604.48 million between 2022 and 2027 accelerating at a CAGR of 25.84%.
The demand for electric vehicle transmissions systems such as BEV and PHEV market is exponentially growing. For instance, in 2021, the global sales of BEVs inclined to 4.2 million compared with approximately 2.5 million in 2020. In the global EV market, BEV contributed to 6% of the market sales. Additionally, the reduction of price for battery power packs, and the adoption of multi-speed transmission are also driving the market growth.
Regions such as Norway, Iceland, and Sweden have a high demand for battery electric vehicles which is driving the market growth. The global electric vehicle transmission system market is steadily becoming more competitive due to evolving standards, significant changes in smart technologies, rising product awareness among end-users, and product launches in line with customer requirements. The vendors in the market are focusing on launching new and innovative products, cost-effective production cycles, and technological developments. In addition, the competition among the existing vendors in the market is high concerning business expansion, customer base, aftermarket services, and others. Some of the renowned market players in the market are Tesla Motors, Inc., Mitsubishi Motors Corporation, Nissan LEAF, and Chevrolet Bolt EV which contributed to the market growth.
This report extensively covers market segmentation by Type (single-speed transmission and multi-speed transmission), Application (battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV)), and Geography ( APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Single-speed transmission is the largest segment of the global electric vehicle transmission system market and will continue to remain the largest segment during the forecast period. The single-speed transmission segment was valued at USD 3,782.71 million in 2017 and continued to grow until 2021. Prominent single-speed EV manufacturers such as General Motors Co., Ford Motor Co., and Volkswagen AG.
The increase in the adoption of hybrid electric vehicles (HEVs) fuels the sales of multi-speed transmission systems. In addition, the adoption of multi-speed transmission systems will gain traction in the all-EVs segment during the forecast period. Stringent government regulations on emission levels and fuel economy support the adoption of HEVs. For instance, the EU set a target of 95 grams of CO2 per kilometer by 2021 to reduce the carbon footprint. Similarly, China set a target of 117 grams of CO2 per kilometer by 2020. Hence, to meet these requirements, automotive manufacturers are investing in hybrid technology, as the adoption of all-EVs is challenged by the lack of charging infrastructure, high upfront costs, low mile range, and other issues.
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The BEV is the largest segment of the global electric vehicle transmission system market and will continue to remain the largest segment during the forecast period. Industry manufacturers' quick investments in R and D efforts to provide cutting-edge battery solutions for BEVs would promote the market's expansion. For instance, in order to boost its profit margin, Tesla announced in October 2021 that all of its standard-range electric cars would employ lithium iron phosphate (LFP) based batteries.
A PHEV is a hybrid car having an onboard ICE-powered generator and a battery pack that can be recharged both internally and externally by connecting a charging cable to an external electric power source. The majority of PHEVs are passenger cars, but they are also available as buses, scooters, utility trucks, trains, and even military vehicles. The growth of the PHEV segment growth will be primarily fueled by factors like consumer attraction to more appealing alternatively-fueled vehicles.
APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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APAC is the largest geographical segment of the global market. This is due to the strong adoption of EVs in China and Japan. There are multiple factors contributing to the growth of the EVs sales in China, such as various government initiatives to go green, increasing stringent carbon emission norms, increase in the number of EV charging stations, and the increase in participation by foreign as well as local OEMs to make EV technology more efficient and cost-effective. Similarly, tax incentives for EVs have been crucial for the rapid adoption of EVs in Japan. In addition, the automobile industry made aggressive efforts to improve the fuel efficiency of vehicles by raising public awareness of environment-friendly driving practices, developing, and promoting alternative energy-powered vehicles. The efforts to increase charging infrastructure were also deployed in Japan. Hence, the growing adoption of EVs in these two countries is driving the revenue growth of the electric vehicle [EV] transmission market in APAC.
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Due to the COVID-19 outbreak in 2020, most industries across APAC were impacted negatively. However, the initiation of mass vaccination drives and the opening of manufacturing units for EV transmission revived the growth of the market in APAC in 2021. The EV industry in APAC, especially in India and China, is expected to grow significantly during the forecast period. For instance, India experienced the highest growth in EV sales among APAC nations in 2022. Moreover, the increasing adoption of industry 4.0 in the automobile industry and the inclusion of digital technologies in supply chain operations will further propel the growth of the electric vehicle [EV] transmission market in APAC during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Electric Vehicle Transmission System Market.
Allison Transmission Holdings Inc. - The company operates under one segment. The company under this segment focuses on the manufacture and distribution of vehicle propulsion solutions. The key offerings of the company include electric vehicle transmission systems.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The global electric vehicle transmission system market is highly dependent on the adoption of EVs. Hence, factors driving EV adoption are crucial drivers for the global electric vehicle [EV] transmission system market. As EVs are powered and driven by battery-powered systems, the battery cost is among the most important factors contributing to the upfront cost of EVs; batteries account for approximately 40% of the total EV cost. In addition, high-torque motors used in single-speed transmission systems require high-capacity battery packs. Hence, a reduction in battery prices will be beneficial for the market in focus.
The rising concern about reducing vehicular emissions is increasing the adoption of electrified vehicles, which include pure EVs, PHEVs, and HEVs. Electrified vehicles are gaining popularity among luxury vehicle manufacturers. In November 2021, BMW Group (BMW) announced its plans to launch 25 electrified vehicles (13 plug-in hybrid vehicles and 12 pure EVs) by 2023. Supercar manufacturers are also investing in electrifying their vehicles. For instance, in October 2022, BMW announced two significant EV-related investments in South Carolina, valued at USD 1.7 billion. Up to 450,000 automobiles can be produced annually at the plant, and more than 6 million units have already been produced. Similarly, in November 2022, BMW announced an investment of USD 2.1 billion in the Hungary EV plant. The plans for the plant are a part of BMW's and the German auto industry's overall push toward electrification.
The demand for electric motorcycles is increasing across all regions. Also, the demand for other types of EVs, like electric cars and electric scooters, is increasing, which poses a major challenge in terms of the lack of proper charging infrastructure. The long charge times, as well as the inability to support different charging ports, are some of the other major challenges associated with the adoption of electric motorcycles. The lack of charging infrastructure has remained a persistent barrier to the rapid uptake of electric motorcycles. The increasing popularity of high-performance electric motorcycles is hindered by the non-availability of proper charging infrastructure, which is adversely affecting the purchase of electric motorcycles among mainstream customers.
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The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Electric Vehicle Transmission System Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Electric Vehicle Transmission System Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 25.84% |
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Market growth 2023-2027 |
USD 2,4604.48 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
23.95 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 49% |
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Key countries |
US, China, Norway, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aisin Corp., Allison Transmission Holdings Inc., AVL List GmbH, BorgWarner Inc., Divgi TorqTransfer Systems, Eaton Corp. Plc, GKN Automotive Ltd., Hewland Engineering Ltd., Hitachi Ltd., JATCO Ltd., Magna International Inc., Magnetic Systems Technology, Marposs Spa, Mitsubishi Electric Corp., OC Oerlikon Corp. AG, Ricardo Plc, Robert Bosch GmbH, Schaeffler AG, Xtrac Ltd., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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