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Electric Vehicle (EV) Transmission Market Expected to Reach $15.38 billion by 2026


quote Based on transmission type, the single speed segment dominated the global electric vehicle (EV) transmission market in 2018 in terms of revenue. In addition, based on vehicle type, the hybrid electric vehicle segment generated the highest revenue in 2018. Based on transmission system, the AT transmission segment contributed a major share in the market in terms of revenue. At present, Asia-Pacific is the highest revenue contributor, and is expected to garner the highest revenue in the global market during the forecast period, followed by Europe, North America and LAMEA. quote

According to Anvay Sonpimple
Research Analyst, Automotive and Transportation at Allied Market Research

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According to a recent report published by Allied Market Research, titled, "Electric Vehicle (EV) Transmission Market by Transmission Type, Vehicle Type, and Transmission System: Global Opportunity Analysis and Industry Forecast, 2018-2026," the global electric vehicle (EV) transmission market size was valued at $2.52 billion in 2018, and is projected to reach $15.38 billion by 2026, registering a CAGR of 25.8% from 2019 to 2026.

Asia-Pacific dominates the market, followed by Europe, North America, and LAMEA. China dominated the global electric vehicle (EV) transmission market share in 2018, whereas India is expected to grow at a significant rate in the Asia-Pacific during the electric vehicle (EV) transmission market forecast.

Electric vehicles are unique in terms of transmission as they do not have the feature of multi-speed gearbox such as the conventional petrol or diesel vehicles. Electric vehicle can work on single gear and exhibit significantly fast acceleration. For instance, The Tesla Model S Performance can reach from 0-60mph in just 2.4 seconds, which makes it faster than most of the supercars present in the market. Typically, electric vehicles can make revolutions up to 20,000rpm, which is much higher than the common 4,000-6,000rpm limit that is found in conventional cars. The important advantage of electric vehicles is that they are power efficient throughout this rev range, which means that they do not have to be in a small narrow rev band to achieve optimum performance.

It is true that electric vehicle works on a single gear system however, there are some applications where electric vehicles comes with multi speed gear box. In Formula E, the series of electric single-seater race, there are teams that incorporated use of multi speed gearbox for the vehicles. 

Manufacturers in electric vehicle (EV) transmission market are launching new transmission systems with advancements and innovations in the system. For instance, an engineering firm named GKN Driveline launched new two-geared eTwisterX electric driveline. This system is significantly smaller and is designed to fit from small cars such as VW e-up! To the large plug-in hybrid vehicles such as Mitsubishi Outlander PHEV. In addition, introduction of second gear allows faster acceleration and top-speed than single speed electric drive units. Electric vehicle operates in the first gear for low-speed acceleration, which helps the launch quicker. When on the motorway, the vehicle is projected to automatically shift to the second gear for higher top speed.

Transmission manufacturers for electric vehicles are introducing new multi speed transmission in the market with added features and advancements, which in turn will propel the growth of EV transmission market. For instance, on July 19, 2019, ZF Friedrichshafen AG introduced new electric two-speed drive solution for passenger cars in the market. ZF developed the new system with maximum power rating of 140 kW and two stage shift elements. In addition, vehicle with two-speed gear drive consume less energy due to which the range is extended by 5% as compared to the single-speed drive. This new two-speed drive offer two options for vehicle manufacturer to improve the energy conversion efficiency. The original equipment manufacturer (OEM) can either use a small accumulator or opt for extended range while adopting the same size of accumulator.

Factors such as rise in demand for fuel efficient and low-emission vehicles and increase in production of electric vehicles are driving the growth of the electric vehicle (EV) transmission market. In addition, government initiative to support adoption of electric vehicle is anticipated to boost the growth of the market. However, high cost of electric vehicles hampers the growth of the electric vehicle (EV) transmission market. Furthermore, technological advancements in electric vehicles and incorporation of Vehicle-To-Grid (V2g) EV charging stations are expected to provide remarkable growth opportunities for the key players operating in the electric vehicle (EV) transmission industry.

Key Findings of the Electric Vehicle (EV) Transmission Market:

  • Based on transmission type, the multi speed segment is expected to grow at a lucrative growth rate     in EV transmission market.
  • Based on vehicle type, the plug-in hybrid electric vehicle segment is expected to experience remarkable growth during the forecast period.
  • Based on transmission system, the AMT Transmission segment is anticipated to exhibit the highest CAGR during the forecast period.
  • Based on region, Asia-Pacific contributed the highest electric vehicle (EV) transmission market revenue in 2018, followed by Europe, North America, and LAMEA.

The key players in electric vehicle (EV) transmission market analysis are Aisin Seiki Co., Ltd., Allison Transmission Inc., AVL List GmbH, BorgWarner Inc, Continental AG, Dana Limited, Eaton, JATCO Ltd., Schaeffler Technologies AG & Co. KG, ZF Friedrichshafen AG, and others.

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quote Electric Vehicle (EV) Transmission Market by Transmission Type (Single Speed and Multi Speed), Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in hybrid Electric Vehicle, and Others) and Transmission System (AMT Transmissions, CVT Transmissions, DCT/DHT Transmissions, and AT Transmission): Global Opportunity Analysis and Industry Forecast, 2019–2026 quote

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