Electric Vehicle Transmission Market (By Transmission System: AMT Transmission, CVT Transmission, AT transmission, Others; By Vehicle Type: Electric Vehicle Battery, Plug-in Hybrid Electric Vehicle, Hybrid Electric Vehicle; By Transmission Type: Single Speed, Multi Speed) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

The global electric vehicle transmission market size was exhibited at USD 6.00 billion in 2023 and is projected to hit around USD 25.90 billion by 2033, growing at a CAGR of 15.75% during the forecast period of 2024 to 2033.

Electric Vehicle Transmission Market Size 2024 To 2033

Key Takeaways:

  • The Europe region has made up 47% revenue share in 2023.
  • The battery EV is expected to hit an opportunity of more than USD 20,000 million from 2023 to 2033.
  • The AT transmission system segment has accounted revenue share of around 56% in 2023.
  • By vehicle, the cars segment accounted 61% revenue share in 2023.
  • The offline segment is expected to grow at a CAGR of 22.39% from 2023 to 2033.

Electric Vehicle Transmission Market: Overview 

The Electric Vehicle (EV) Transmission market is witnessing significant growth and transformation in tandem with the global shift towards sustainable transportation solutions. As the automotive industry transitions from internal combustion engine vehicles to electric powertrains, the role of transmissions in EVs is evolving to meet the unique requirements of electric propulsion systems.

Growth Factors

Factors such as increased demand for fuel-efficient and low-emission automobiles, as well as increased manufacturing of electric vehicles, are propelling the EV transmission industry forward. Furthermore, government measures to encourage the usage of electric cars are expected to drive the growth of the electric vehicle transmission market. Furthermore, technical developments in electric cars, as well as the introduction of Vehicle-To-Grid (V2g), electric vehicle charging station, are likely to generate significant growth prospects for major players in the electric vehicle transmission market.

Electric Vehicle Transmission Market Report Scope

 Report Coverage  Details
Market Size in 2024 USD 6.00 Billion
Market Size by 2033 USD 25.90 Billion
Growth Rate From 2024 to 2033 CAGR of 15.75%
Base Year 2023
Forecast Period 2024-2033
Segments Covered Transmission System,By Vehicle Type,By by Type,By and by region
Market Analysis (Terms Used) Value (US$ Million/Billion) or (Volume/Units)
Regional Scope North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa
Key Companies Profiled Allison Transmission Inc., Aisin Seiki Co., Ltd., AVL List GmbH, Continental AG, BorgWarner Inc., Dana Limited, EATON Corporation, Denso Corporation, GKN Plc, Hitachi Automotive Systems Ltd., Hewland Engineering Ltd., JATCO Ltd., Mando Corporation, Magna International, Porsche AG, Schaeffler Technologies AG & Co. KG, Robert Bosch GmbH, Xtrac Ltd, ZF Friedrichshafen AG.

 

Key Market Drivers

Growing demand for low-emission and fuel-proficient automobiles to spur growth: Because gasoline is a fossil fuel and not a renewable energy supply, it is expected to be depleted in the near future. In compared to typical autos, electric vehicles do not use fuel and emit minimal levels of pollution. Fuel-powered cars transfer around 16%-20% of the energy stored in fuel to wheels, whereas electric vehicles convert more than 50% of the electric energy from the power source to the wheels.

Increase in adoption of electric vehicles: The global increase in the purchasing of electric cars is boosting the growth rate of the EV transmission sector. For example, in the first half of 2021, Volkswagen Group's global deliveries of full-electric cars more than quadrupled, owing mostly to demand in Europe. Europe was the automaker's leading electric vehicle market, with 128,078, a 156 percent increase. As a result of such high demand, the global electric vehicle market's growth pace accelerates significantly.

Growing Concerns related to carbon emissions: With the present revolution centred on the depletion of fossil resources, several nations are seriously contemplating implementing measures to benefit the environment, and hence society and the community at large. Every year, 995 metric tonnes of CO2 are emitted in India. People are adopting EV strategies as a result of such worrying data, which indirectly raises demand for the EV transmission business.

Key Market Challenges 

Lack of charging infrastructure - The governments of several nations are encouraging the usage of electric cars for business purposes in order to minimize greenhouse gas emissions into the environment. However, the absence of electric car charging infrastructure is a barrier to the electric vehicle industry. For example, the Indian government intends to have exclusively electric automobiles on the road by 2033. However, one of the most important criteria for ensuring the adoption of electric vehicles is the development of a solid electric vehicle infrastructure. Unfortunately, most developing nations' electric vehicle charging infrastructure is still insufficient and has yet to catch up to satisfy the demand, stifling the expansion of the electric car industry. As a result, the absence of charging infrastructure is limiting the expansion of the electric car transmission industry.

Key Market Opportunities

Downsizing of transmission system is a vital trend

Because of their potential to emit zero emissions, electric vehicles are expected to outperform conventional vehicles during the projection period. It will consequently increase demand for electric car transmission. Furthermore, manufacturers of electric car transmissions are always exploring for materials that might minimize the entire weight of the transmission system without sacrificing performance. All of these things will very certainly increase demand for electric automobiles.

Aside from that, effective utilization of the power stored in EV battery packs is critical, prompting manufacturers to design specific transmission systems to satisfy the performance and close tolerances of batteries. Volkswagen, for example, launched an effort to build superlight automobiles by decreasing their weight by 85 kg using a multi-material strategy.

Increase in the manufacturing of electric vehicles

Electric car demand and manufacturing have increased dramatically in recent years due to various benefits that electric vehicles have over gasoline-powered autos. Fan belts, air cleaners, oil, timing belts, head caskets, cylinder heads, and spark plugs do not need to be replaced, making them less expensive and more efficient for the expansion of the fuel-powered automotive industry. As a result, increased electric car manufacturing fuels the growth of the electric vehicle transmission industry.

Segments Insight

Transmission System Insights

The global market for electric transmission market is dominated by automotive transmission category. AT has several advantages, including a smoother driving experience with minimal gear shift hassle and improved performance.

Electric Vehicle Transmission Market Share, By End-use, 2023 (%)

The AMT transmission category is also anticipated to grow considerably because to its availability in both automatic and manual gearbox modes. These transmissions offer the convenience of long-distance travel in the automatic gearbox and the necessary additional power in the manual transmission. The CVT transmission category is anticipated to grow slowly over the course of the forecast period as a result of declining demand for these gearboxes in electric automobiles.

Vehicle Type Insights

The global market for electric transmission is dominated by the BEV sector. The growing popularity of BEVs due to their numerous benefits, such as zero-emission cars and inexpensive maintenance, will fuel the expansion of this market.

Furthermore, the plug-in hybrid electric vehicle sector is expected to rise rapidly in the market throughout the projected period due to increased PHEV acceptance in various developed nations. The hybrid electric vehicle category is also expected to increase exponentially due to its increasing popularity in Asia.

Transmission Type Insights

The single-speed transmission is boosting the market for electric vehicle transmission in terms of transmission type. The growing usage of single-speed transmission systems in popular model electric vehicles is propelling the electric vehicle transmission industry forward. Manufacturers are increasingly using single-speed transmission systems due to their low cost, which is fuelling market expansion. Furthermore, the system decreases volume, energy waste, and drivetrain mass, allowing it to take up less space. Furthermore, it provides high-performance automobiles with a simpler gear system and quick torque when paired with a motor. Furthermore, the multi-speed transmission system is likely to boost the market throughout the forecast period due to its capacity to attain a vehicle's peak speed while keeping the electric motor efficient during electric vehicle operation. The inclusion of multi-gears in electric cars for dynamic performance is expected to boost the market for multi-speed transmission systems.

Regional Insights

Europe is expected to occupy a significant part of the worldwide electric vehicle transmission market due to an increase in demand for electric vehicles. The rapid expansion of electric car component manufacturers throughout the area is also driving the electric vehicle transmission industry.

Electric Vehicle Transmission Market Share, By Region 2023 (%)

Following Europe, Asia Pacific is expected to have a considerable proportion of the worldwide electric vehicle transmission market due to a rise in electric car manufacturing throughout the region. Asia Pacific has a significant presence of electric vehicle components manufacturing sectors in China, India, and Japan, which is expected to boost the Asia Pacific electric vehicle transmission market.

Recent Developments

  • In February 2023, Dana unveiled a brand-new electronic Gearbox and electronic Clutch for off-road vehicles. A new e-hearbox and e-clutch for off-road vehicles were presented by Dana. These technologies are combined with the company's industry-leading selection of motors, control systems, and investors to enable electric propulsion inside the present vehicle design. Customers will be able to fulfil their needs for efficiency, performance, safety, and flexibility with the aid of these electrodynamic technologies.
  • Shell Unveils New E-Fluid for Better EV Performance in May 2023 For BEVs, Shell revealed new e-fluids. The performance of the EV battery will be improved by the e-fluids and e-grease. Additionally, they will support electric vehicles and provide customers with greater energy alternatives.

Some of the prominent players in the electric vehicle transmission market include:

  • Allison Transmission Inc.
  • Aisin Seiki Co.
  • Ltd.,
  • AVL List GmbH
  • Continental AG,
  • BorgWarner Inc.,
  • Dana Limited,
  • EATON Corporation,
  • Denso Corporation,
  • GKN Plc,
  • Hitachi Automotive Systems Ltd.
  • Hewland Engineering Ltd.
  • JATCO Ltd.
  • Mando Corporation
  • Magna International
  • Porsche AG
  • Schaeffler Technologies AG & Co. KG
  • Robert Bosch GmbH
  • Xtrac Ltd
  • ZF Friedrichshafen AG

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global electric vehicle transmission market.

Transmission System

  • AMT Transmission
  • CVT Transmission
  • AT transmission
  • Others

By Vehicle Type

  • Electric Vehicle Battery
  • Plug-in Hybrid Electric Vehicle
  • Hybrid Electric Vehicle

By Transmission Type

  • Single Speed
  • Multi Speed

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Frequently Asked Questions

The global electric vehicle transmission market size was exhibited at USD 6.00 billion in 2023 and is projected to hit around USD 25.90 billion by 2033

The global electric vehicle transmission market is poised to grow at a CAGR of 15.75% from 2024 to 2033.

The major players operating in the electric vehicle transmission market are Allison Transmission Inc., Aisin Seiki Co., Ltd., AVL List GmbH, Continental AG, BorgWarner Inc., Dana Limited, EATON Corporation, Denso Corporation, GKN Plc, Hitachi Automotive Systems Ltd., Hewland Engineering Ltd., JATCO Ltd., Mando Corporation, Magna International, Porsche AG, Schaeffler Technologies AG & Co. KG, Robert Bosch GmbH, Xtrac Ltd, ZF Friedrichshafen AG

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Electric Vehicle Transmission Market 

5.1. COVID-19 Landscape: Electric Vehicle Transmission Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Electric Vehicle Transmission Market, By Transmission System

8.1. Electric Vehicle Transmission Market, by Transmission System, 2024-2033

8.1.1 AMT Transmission

8.1.1.1. Market Revenue and Forecast (2021-2033)

8.1.2. CVT Transmission

8.1.2.1. Market Revenue and Forecast (2021-2033)

8.1.3. AT transmission

8.1.3.1. Market Revenue and Forecast (2021-2033)

8.1.4. Others

8.1.4.1. Market Revenue and Forecast (2021-2033)

Chapter 9. Global Electric Vehicle Transmission Market, By Vehicle Type

9.1. Electric Vehicle Transmission Market, by Vehicle Type, 2024-2033

9.1.1. Electric Vehicle Battery

9.1.1.1. Market Revenue and Forecast (2021-2033)

9.1.2. Plug-in Hybrid Electric Vehicle

9.1.2.1. Market Revenue and Forecast (2021-2033)

9.1.3. Hybrid Electric Vehicle

9.1.3.1. Market Revenue and Forecast (2021-2033)

Chapter 10. Global Electric Vehicle Transmission Market, By Transmission Type 

10.1. Electric Vehicle Transmission Market, by Transmission Type, 2024-2033

10.1.1. Single Speed

10.1.1.1. Market Revenue and Forecast (2021-2033)

10.1.2. Multi Speed

10.1.2.1. Market Revenue and Forecast (2021-2033)

Chapter 11. Global Electric Vehicle Transmission Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.1.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.1.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.1.4.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.1.4.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.1.5.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.1.5.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.2.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.2.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.2.4.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.2.4.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.2.5.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.2.5.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.2.6.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.2.6.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.2.7.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.2.7.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.3.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.3.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.3.4.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.3.4.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.3.5.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.3.5.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.3.6.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.3.6.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.3.7.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.3.7.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.4.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.4.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.4.4.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.4.4.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.4.5.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.4.5.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.4.6.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.4.6.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.4.7.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.4.7.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.5.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.5.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.5.4.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.5.4.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Transmission System (2021-2033)

11.5.5.2. Market Revenue and Forecast, by Vehicle Type (2021-2033)

11.5.5.3. Market Revenue and Forecast, by Transmission Type (2021-2033)

Chapter 12. Company Profiles

12.1. Allison Transmission Inc.

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Aisin Seiki Co., Ltd.

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. AVL List GmbH

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. Continental AG

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. BorgWarner Inc.

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Dana Limited

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. EATON Corporation

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Denso Corporation

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. GKN Plc

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. Hitachi Automotive Systems Ltd.

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

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