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.
To lower vehicular carbon emissions, the American government has put in place a variety of strict laws. The adoption of electric vehicles might increase if more states adopted Zero-emission Vehicle (ZEV) regulations. In 2020, over two thirds of purchases were made in states with ZEV laws.
In response to the goals of electrification, automakers have expanded their investment in Research and Development (R&D) efforts. For instance, General Motors stated that it would stop producing gasoline-powered SUVs, vans, and passenger vehicles by 2035 and promised American consumers a future of new electric automobiles in an extraordinary turnabout for the industry.
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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 popularity of EVs and the rising demand for environmentally friendly vehicles are only two reasons why the EV gearbox market is growing. The market for EV gearbox systems is anticipated to gain from government initiatives that promote the adoption of electric vehicles. However, the high cost of EVs is delaying the growth of the EV gearbox system’s sales. Additionally, EV technology advancements and the introduction of Vehicle-to-Grid (V2g) EV charging stations are anticipated to create
These engines produce fewer hazardous emissions since they are lower in weight and smaller in size. Due to their cost-effective and compact construction, these little engines have been reduced and have many different uses. As a result of the development of EV gearbox system technology, leading participants in the EV gearbox sector have plenty of room to expand.
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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