Global Electric Vehicle Transmission Market To Surge From US$ 10.38 Billion In 2023 To US$ 64.01 Billion By 2032

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Global electric vehicle transmission market was valued at US$ 10.38 billion in 2023 and is projected to attain market size of US$ 64.01 billion by 2032

CHICAGO, CA, UNITED STATES, September 13, 2024 /EINPresswire / -- The global electric vehicle (EV) transmission marke t is set for exponential growth, with a projected increase from US$ 10.38 billion in 2023 to US$ 64.01 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 22.4% during the forecast period of 2024–2032. This significant expansion highlights the accelerating shift towards electric vehicles and the growing demand for advanced transmission technologies.

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The accelerating shift towards sustainable transportation solutions and advancements in EV technology are driving the demand for innovative transmission systems. Electric vehicles, equipped with state-of-the-art transmission technologies, are becoming increasingly popular due to their efficiency and environmental benefits. This growing preference is fueling the expansion of the EV transmission market globally.

Market Dynamics

Driver: Growing Popularity of Electric Vehicles Due to Environmental Awareness

The growing popularity of electric vehicles is driven significantly by rising environmental awareness. In 2023, global CO2 emissions from the transport sector were a major concern, pushing consumers and governments towards cleaner alternatives like EVs. As a result, EV sales in China reached 9 million units, leading the global market, while Europe saw 3.2 million sales, reflecting increasing consumer preference for sustainable transport options. The U.S. also noted significant growth, with 1.4 million EVs sold in 2023. These numbers are influenced by ambitious government targets; for example, the EU aims to reduce transport emissions by 90% by 2050, while California plans to ban new gasoline car sales by 2035.

Public sentiment in the electric vehicle transmission market is aligning with these goals, as surveys show that 70% of consumers consider environmental impact when purchasing vehicles, further boosting EV adoption. Automakers are responding, with over 150 new electric models launched in 2023, offering more choices to environmentally conscious buyers. Additionally, more than 20 countries have announced plans to phase out fossil fuel vehicles in the coming decades. The transition is supported by investments in renewable energy, as global solar power capacity reached 1,000 gigawatts in 2023, reducing the carbon footprint of electric charging. These efforts are critical in reducing the 7 million deaths annually attributed to air pollution, emphasizing the importance of cleaner transport solutions.

Major Players in Electric Vehicle Transmission Market

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

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Market Segmentation Overview:

By Transmission Type

.Single Speed
.Multi Speed
o2 Speed EV Transmission
o3 Speed EV Transmission
o4 Speed EV Transmission

By Transmission System

.AMT Transmissions
.AT Transmission
.CVT Transmissions
.DCT/DHT Transmissions

By Vehicle Type (Power)

.Battery EV
.Plug-In EV
.Hybrid EV

By Vehicle Type (Design/Model)

.Cars
.Buses
.Trucks
.Other

By Distribution Channel

.Online
.Offline
oOEMs
oAftermarket

By Region

.North America

oThe U.S.
oCanada
oMexico

.Europe

oWestern Europe
U.K.
Germany
France
Spain
Italy
Rest of Western Europe
oEastern Europe
Poland
Russia
Rest of Eastern Europe

.Asia Pacific

oChina
oIndia
oJapan
oAustralia & New Zealand
oASEAN
oRest of Asia Pacific

.Middle East & Africa (MEA)

oUAE
oSaudi Arabia
oSouth Africa
oRest of MEA

.South America

oArgentina
oBrazil
oRest of South America

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Astute Analytica
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