Electric Vehicle Transmission Market Size, Growth | Industry Report, 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.
Key Takeaways:
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.
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.
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
Some of the prominent players in the electric vehicle transmission market include:
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
By Vehicle Type
By Transmission Type
By Region
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
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers