Electric Vehicle Transmission Market to Document CAGR worth 16.6% from 2021-2028; Increasing Demand for EVs Set to Promote Growth

The global electric vehicle transmission market size was USD 5.26 billion in 2020. The market is projected to grow from USD 7.14 billion in 2021 to USD 20.90 billion in 2028 at a CAGR of 16.6% in 2021-2028. This information is provided by Fortune Business Insights in its report titled, “Electric Vehicle Transmission Market Size, Share & COVID-19 Impact Analysis, By Transmission System (AMT Transmission, CVT Transmission, AT Transmission, and Others), By Transmission Type (Single Speed and Multi-Speed), By Vehicle Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Hybrid Electric Vehicle) and Regional Forecasts, 2021-2028.” The rising demand for low-emission and fuel-efficient vehicles is likely to boost the market growth.

COVID-19 to Depreciate Demand Stoked by Conditional Lockdown of Industrial Plants

The outbreak of the COVID-19 pandemic has commenced a terror for Europe as well as the worldwide present automotive industry. According to the Czech Automotive Industry Association, the production divisions are reasonably shut down, and the demand is estimated to weaken by around 20% by 2020. Various automobile producers are anxious concerning the aspect that this coronavirus pandemic is probable to dismiss vital production procedures. Moreover, global EV sales are possibly weakening.

Schaeffler India Creates Original Two-speed EV Gearbox

Schaeffler, which is a German Tier 1 auto component major, is involved in making progressions in the area of electric movability. The company group has numerous mechanisms comprising silent-drive bearings, e-motors, as well as transmissions that it is at present providing on high-end sports automobiles such as Taycan, which is Porsche's all-electric vehicle.

Schaeffler India, which the Indian subsidiary, is initiating advances in local design and development of EV-linked solutions, considering the rising approval of electric vehicles across diverse fragments in the country.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/electric-vehicle-transmission-market-102213

Rising Manufacturing and Implementation of Electric Vehicles to Bolster Growth

Electric vehicles have numerous benefits over fuel-driven vehicles. On account of this, the demand and production of EVs have enormously risen in the past years. Moreover, growing investment of electric vehicle producers in a few regions would augment the electric vehicle transmission market growth.

Elevated Cost of Electric Vehicles May Constrain Growth

The cost of electric vehicles is greater in comparison with traditional vehicles. The major motive for this is the utilization of costly raw materials in battery manufacturing and the association of expensive procedures in the manufacturing of batteries.

Innovative Product Launch Statements by Prime Players to Spur Market Growth

The significant players existing in the market often inflict various tactics to uplift their position in the market as dominating companies. One such substantial tactic is acquiring companies to push the brand value among users. Another prominent tactic is recurrently endorsing innovative products with a systematic evaluation of the market and its targeted audience.

Industry Developments:

• January 2021: Aisin Seiki Co., Ltd. created a drive unit for ultra-small electric automobiles mounted in Toyota Motor Corporation's C+pod.

List of Key Players Mentioned in the Electric Vehicle Transmission Report:

• Continental AG (Hanover, Germany)
• AISIN SEIKI CO., LTD (Aichi, Japan)
• ZF Friedrichshafen AG (Friedrichshafen, Germany)
• AVL List GmbH (Graz, Austria)
• BorgWarner Inc. (Michigan, U.S.)
• Allison Transmission Inc. (Indiana, U.S.)
• Dana Limited (Ohio, U.S.)
• JATCO Ltd (Shizuoka, Japan)
• Schaeffler Technologies AG & Co. KG (Herzogenaurach, Germany)
• Eaton (Dublin, Ireland)

Further Report Findings:

• Based on transmission system, the market is segmented into AMT transmission, CVT transmission, AT transmission, and others. The AT transmission segment holds the major share in the global market.
• Asia Pacific stood at USD 2.63 billion in 2020 and held the maximum electric vehicle transmission market share. Based on regional analysis, this region holds dominance in the global market and is also expected to display sudden growth in the upcoming years.

Table of Segmentation: