The USA EV transmission system market Size is expected to hold 12.9% of the global market share. A few of the alluring incentives provided by several states in the United States to consumers to increase the sales of electric cars include free parking, zero or low registration fees, toll reductions, and a readily accessible charging infrastructure of EVs at numerous charging stations.
The American government has implemented several stringent rules to reduce vehicle carbon emissions. If more states passed Zero-Emission Vehicle (ZEV) legislation, the adoption of electric vehicles might rise. In states with ZEV laws, more over two thirds of purchases were made in 2020.
Automakers have increased their investment in Research and Development (R&D) activities in response to the goals of electrification. For instance, in a startling reversal for the industry, General Motors said that it will stop making gasoline-powered SUVs, vans, and passenger cars by 2035 and promised American consumers a future of new electric cars.
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As a result, over the course of the projection period, stringent pollution regulations are anticipated to increase demand for electric cars in the US.
Over the forecast period, the size of the global market for EV gearbox systems is anticipated to grow at a moderate rate of 17.8% CAGR. In 2023, the market for EV gearbox systems is expected to be worth US$ 8799.9 million. The market for EV gearbox systems is anticipated to grow to US$ 45282.3 million by 2033.
The EV gearbox market is expanding for a variety of factors, including the popularity of EVs and the increased demand for ecologically friendly automobiles. It is projected that government programmes to encourage the adoption of electric vehicles will benefit the market for EV gearbox systems. Sales of EV gearbox systems are increasing, although this is being held back by the high price of EVs. Additionally, it is projected that improvements in EV technology and the advent of EV charging stations that connect to the grid (V2g) will
Because they are lighter and smaller in size, these engines emit fewer harmful emissions. These little engines have a variety of purposes and have been decreased due to their affordable and small design. Leading players in the EV gearbox market have lots of space to grow as a result of the advancement of EV gearbox system technology.
Key Takeaways
- In 2023, the European region will account for 46% of all revenue.
- Over the period from 2023 to 2033, the demand for battery EVs is projected to exceed US$ 20,000 Mn.
- In terms of total revenue, the AT transmission system segment is expected to account for almost 55% by 2023.
- In 2023, vehicles made up 61% of the revenue pie by type of vehicle.
- It is projected that the offline EV transmission system market would expand at a CAGR of 22.39% between 2023 and 2033.
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Competitive Landscape
Leading companies in this industry include Dana Limited, ZF Friedrichshafen AG, AVL List GmbH, Continental AG, and Eaton. Most of these businesses are investing in expanding production to reduce emissions from cars and the auto industry.
Continental AG has started mass production of its electric powertrains in China, and it is already being used by both European and Chinese Original Equipment Manufacturers (OEMs). To further illustrate the quick shift in focus towards electrification in response to stricter emission laws, the company has ceased investing in components used in Internal Combustion (IC) engines. The major competitors in the EV transmission system market are investing heavily in R&D to create game-changing electric vehicle technology, which is projected to drive market growth.
Key Segments in the EV Transmission System Market
Vehicle Type:
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
Transmission Type:
- Single Speed
- Multi-Speed
Transmission System:
- AMT Transmission,
- CVT Transmission,
- AT Transmission
- Others
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Region:
- North America
- Latin America
- Asia Pacific
- MEA (Middle East and Africa)
- Europe
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