Published Date : 14 Jun 2023
The global electric vehicle transmission market size surpassed USD 6.71 billion in 2022 and is expected to attain around USD 21.6 billion by 2030, expanding at a strong CAGR of 15.73 percent throughout the projection period 2022 to 2030.
Electric vehicle transmission embraces the battery system, control system, and motor system. An electric vehicle transmission system can be made up of components that can drive the vehicle. Increasing government interventions will increase the growth of the electric vehicle transmission market.
Electrical vehicles are the new era of transportation medium. The electric vehicle is the future of the automobile industry. The increasing concern towards the environment in the population tends to the rising demand for the market. Increasing demand for fuel-efficient and lower carbon-emission vehicles in the market is expected to increase the demand for the market. The rising prices of petroleum products globally are one of the important factors for shifting consumer preferences toward electric vehicles.
Asia-Pacific dominated the market with the largest market share in 2022. The growth of the market is attributed to the rising adoption of the electric vehicle in the nation like India, China, South Korea, etc., such adoption of electric vehicles is expected to fuel th growth of the electric vehicle transmission market. Increasing concerns about the environment and the rising pollution across the region are shifting consumer preferences towards electric vehicle transmission.
North America is expected to hold a significant share of the market during the forecast period. The presence of leading manufacturing units for electric vehicles such as Tesla, resulted in the growth of the electric vehicle transmission market in North America. Increasing research and development programs tend to propel the growth of the market.
Electric Vehicle Transmission Market Report Scope:
|Market Revenue in 2023||USD 7.77 Billion|
|Projected Forecast Revenue in 2030||USD 21.6 Billion|
|Growth Rate from 2022 to 2030||CAGR of 15.73%|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Rising environmental concerns across the globe
Petroleum products are nonrenewable sources of energy so once it is exhausted it cannot be renewed again and continuously rising prices of petroleum products are the factors that consumers shift their interest towards electric vehicles. Electric vehicles do not consume energy from petroleum and gasoline products. Electric vehicles are more beneficial as per cost and for the environment also, the electric vehicle does not pollute the environment and provide lower emissions of carbon than other fueled vehicles. Though it is beneficial for the environment. Due to increasing concern for global warming, the government of several countries are investing large amounts in the growth of the electric vehicle transmission market.
Higher purchase cost
Although there are many benefits of using the electric vehicle as compared to other fueled vehicles the price remains one of the major limiting factors for the growth of the market. The price of electric vehicles is more than other conventional vehicles. The initial cost of purchase as well as the maintenance cost of the vehicle is higher than other petroleum or gasoline vehicles. EVs have higher costs of raw materials and engines thus it is pricier than conventional vehicles. This is the major hampering factor for the electric vehicle transmission market.
Increasing government initiatives for zero-emission vehicles
An increase in government investment in electric vehicles is expected to open a plethora of opportunities for the electric transmission market in the forecast period. Due to the zero-emission properties of electric vehicles, the government of several countries would likely boost investment in the manufacturing sectors of electric vehicles, and this will results increase in the demand for the electric vehicle in the upcoming period. Multiple governments offer offers, tax incentives and subsidies for the consumers as well as manufacturers of electric vehicles which promotes the growth of the market for the upcoming period.
Lack of charging points and low-range travel capacity
Electric vehicles had limitations like lower charging points due to the lesser availability of vehicle in many regions. Lack of awareness among people for electric vehicles results in the slower growth of the market in some regions which would result in the shortage of charging points for refueling the battery of the vehicle. Lower travel capacity is also one of the major challenges in the market. The EVs had lower travel and speed than conventional vehicles. These are one of the factors that consumers hesitate to buy electric vehicles and would result in the challenge in the growth of the market.
Major Key Players:
By Transmission System
By Vehicle Type
By Transmission Type
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