Electric Vehicle (EV) Transmission System Market size is set to grow by USD 52.59 billionn from 2024-2028, Increasing demand for bevs boost the market, Technavio

NEW YORK, June 17, 2024 /PRNewswire/ — The global electric vehicle (EV) transmission system market size is estimated to grow by USD 52.59 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 36.38%  during the forecast period. Increasing demand for bevs is driving market growth, with a trend towards increase in popularity of E-axle system  However, lack of adequate supporting infrastructure for EVs  poses a challenge. Key market players include 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 Driver

The Electric Vehicle (EV) transmission system market is experiencing growth due to the rising demand for high-efficiency EVs with extended driving ranges. Lightweighting and larger battery sizes are key factors in improving efficiency. Integrating electric motors into rigid rear axles can reduce vehicle weight by up to 100 kg. The development of e-axle systems, which integrate electric motors and rigid rear axles into a single streamlined module, further enhances efficiency.

These systems enable the elimination of traditional propulsion systems and allow for easier battery installation, contributing to increased EV sales during the forecast period.

The Electric Vehicle (EV) Transmission System market is experiencing significant growth due to the increasing demand for sustainable transportation solutions. Motors, vectors, and power electronics are key components of EV transmission systems. These systems enable efficient energy transfer from the battery to the wheels. The market is driven by factors such as government incentives for EV adoption, advancements in battery technology, and the growing concern for reducing carbon emissions.

Additionally, the trend towards smart and connected vehicles is expected to further boost market growth. Cost-effective and high-performance transmission systems are essential for making EVs more affordable and competitive with traditional vehicles. Companies are focusing on developing innovative solutions to address the challenges of EV transmission systems, such as improving energy efficiency and reducing weight. 

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Market Challenges

The electric vehicle (EV) transmission system market faces challenges due to insufficient charging infrastructure. Long charge times and limited availability of fast-charging ports are major obstacles. The majority of publicly accessible chargers are slow-charging, and most fast-chargers are located in urban areas. Continuous monitoring of fast chargers and lack of standardization further complicate matters. These issues hinder the widespread adoption of EVs, including electric motorcycles, negatively impacting market growth.The Electric Vehicle (EV) Transmission System market faces several challenges. One key challenge is the need for cost-effective and efficient charging infrastructure. Another challenge is the development of high-performance batteries with longer ranges and faster charging times.Additionally, the integration of EVs into existing power grids requires smart transmission systems to manage the variable power output. Furthermore, regulatory frameworks and standards for EV transmission systems need to be established and enforced. Lastly, the scalability of EV transmission systems to meet increasing demand is a significant challenge. Companies must address these challenges to drive growth in the EV Transmission System market.

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Segment Overview

Type 1.1 Single-speed transmission1.2 Multi-speed transmissionApplication 2.1 Battery electric vehicle (BEV)2.2 Plug-in hybrid electric vehicle (PHEV)2.3 Fuel cell electric vehicle (FCEV)Geography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Single-speed transmission-  The single-size transmission segment dominates the electric vehicle (EV) transmission system market due to the simplicity of its design and the electric motor’s ability to generate maximum torque at low speeds. This segment’s growth is driven by the increasing demand for all-EVs, government incentives, and declining battery prices.

However, the market faces competition from multi-speed transmission systems, which some EV manufacturers have started adopting. Despite this challenge, the single-size transmission segment is expected to continue its growth trajectory in the forecast period.

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Research Analysis

The Electric Vehicle (EV) Transmission System Market encompasses the production and supply of electric traction motors, multi-speed transmissions, e-axles, and hybrid transmissions for various EV types, including BEVs and PHEVs. These components facilitate the efficient transfer of power from the electric motor to the wheels, ensuring optimal vehicle performance. The market is driven by the increasing demand for zero-emission vehicles and the implementation of stringent pollution standards.

New materials and advancements in battery management systems, signal isolation, and EV battery packs are key factors propelling market growth. The transmission business is also witnessing significant developments in high-speed motors and renewable energy integration. The IEA forecasts a substantial increase in the adoption of electric vehicles, further boosting market expansion.

Market Research Overview

The Electric Vehicle (EV) Transmission System Market encompasses the production and supply of transmission systems specifically designed for electric vehicles. These systems convert electrical energy from the battery into mechanical energy to propel the vehicle. The market is driven by the increasing demand for sustainable transportation solutions and government initiatives to reduce carbon emissions.

EV transmission systems utilize various technologies such as Continuously Variable Transmission (CVT), Single Speed Transmission, and Dual Motor Transmission. The systems are designed to optimize energy efficiency and enhance vehicle performance. The market is expected to grow significantly due to advancements in battery technology and the increasing popularity of electric vehicles.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeSingle-speed TransmissionMulti-speed TransmissionApplicationBattery Electric Vehicle (BEV)Plug-in Hybrid Electric Vehicle (PHEV)Fuel Cell Electric Vehicle (FCEV)GeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio