Global Electric Vehicle Transmission Market to Total US$ 55.4 Billion by 2031, Anticipated to Incline at a Whopping 23.7% CAGR: TMR Report

Nov 02, 2023

Wilmington, Delaware, United States, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for electric vehicle transmission was estimated to have garnered a global market valuation around US$ 8.2 billion in 2022. The market is anticipated to grow with a booming 23.7% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 55.4 billion.

The shift to electric transportation is increasing as worries about environmental sustainability, climate change, and the necessity to cut greenhouse gas emissions grow. Governments all across the world are enacting strict pollution laws and providing incentives to encourage the use of electric cars. In turn, this is increasing the demand for EVs globally, which is driving automakers to constantly advance the technology of electric vehicles, particularly transmission systems, to increase overall performance and economy. The market value for electric vehicle transmissions is increasing as more electric vehicles are being used.

Automakers are spending in research and development on creating transmission systems that optimize the vehicle's range and fuel consumption as the competition in the marketplace for electric vehicles heats up, eventually enhancing the allure of electric vehicles to consumers. The expansion of the electric vehicle transmission industry is being accelerated by the increased focus on increasing driving range as well as overall vehicle economy.

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Market Snapshot:

Key Findings of Market Report

Market Trends for Electric Vehicle Transmission

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Global Electric Vehicle Transmission Regional Market Outlook

Global Electric Vehicle Transmission Market: Key Players

For improved performance, top industry companies are creating cutting-edge electric car transmission technology. The leading suppliers in the electric vehicle transmission market include Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Hitachi Automotive Systems Ltd., Siemens AG, Toyota Industries Corporation, Magna International, BorgWarner Inc., DENSO Corporation, HL Mando Corporation, GKN Automotive Limited, Xtrac Ltd., Allison Transmission Inc., EATON Corporation, Dana Limited, and JATCO Limited.

Some developments by the key players in the global market for electric vehicle transmission are:

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Global Electric Vehicle Transmission Market Segmentation

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