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EV Transmission System Market Set to Total USD 53342.8 Million by 2034 Amid Rising Requirement for Lightweight and Efficient Battery Solutions
The industry's growth is driven by environmental concerns, government initiatives, and the increasing popularity of single-speed transmissions. Technological advancements and emerging economies are also pushing the market, with Asia emerging as the dominant sector due to its extensive production base and government support.
India is expected to dominate the EV transmission system sector from 2024 to 2034, with a CAGR of . China is the global leader, with a CAGR of Spain's industry is expected to rise by Battery electric vehicles will likely hold a 44.4% value share in 2024.
As autonomous driving technologies become more prevalent, transmission systems are projected to need intelligent interfaces. Technological advancements are driving the expansion of the electric vehicle transmission system market, with strategic partnerships between automakers and suppliers enhancing efficiency, weight reduction, and system performance to meet evolving vehicle requirements.
says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
The EV transmission system industry is poised for steady growth, leading to surging competition among manufacturers. Key players, such as Allison Transmission Inc., Aisin Seiki Co., Ltd., AVL List GmbH, and Continental AG, will need to prioritize lightweight and affordable batteries to meet the evolving requirements of consumers.
The EV transmission system market is growing due to surging global sales. However, it is fragmented, thereby creating opportunities for new entrants. The race for superior transmissions is ongoing, leading to advancements in materials and designs. Manufacturers aim to extend EV range with minimal power loss. Balancing performance, affordability, and efficiency is also crucial. Market consolidation is expected with technology advancements.
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the EV transmission system market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the industry is segmented based on vehicle type (battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles), transmission type (single speed and multi-speed), transmission system (AMT transmission, CVT transmission, AT transmission, and others), and regions.
The Automotive division of FMI offers extensive coverage and valuable insights about the automation industry, including areas such as robotics, artificial intelligence, machine learning, and process automation. Our market research findings and competitive intelligence help various industry stakeholders, including manufacturers, technology providers, distributors, and service providers, make informed decisions and stay updated with the latest market trends and developments.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India . FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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