Global Electric Vehicle Transmission System Market 2019-2023 | 46% CAGR Projection Over the Forecast Period | Technavio
LONDON--(BUSINESS WIRE)--Oct 14, 2019--
The global electric vehicle transmission system market is expected to post a CAGR almost 46% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global electric vehicle transmission system market 2019-2023. (Graphic: Business Wire)
EVs equipped with single-speed transmission systems are proved to lack efficiency at high speeds. As a result, manufacturers of EV transmission systems are focusing on manufacturing high-performance EVs by embedding multi-speed transmission systems. Integration of multi-speed transmission systems in EVs improves the performance by minimizing the weight of the vehicle. The adoption of multi-speed transmission systems is increasing with the growing demand for high-performance vehicles among consumers and growing advancements in electric vehicles. Thus, the adoption of multi-speed transmission will boost the growth of the electric vehicle transmission system market during the forecast period.
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As per Technavio, the use of lightweight transmission design, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Electric Vehicle Transmission System Market: Use of Lightweight Transmission Design
EV manufacturers are focusing on increasing the mile range of their vehicles by reducing the weight of the vehicles. This is encouraging vendors to adopt high-strength aluminum metal matrix composite for manufacturing planetary carriers in the transmission system. This minimizes the weight of the component by 50% in comparison to metal-based components. The demand for lightweight transmission component system is increasing due to the growing number of stringent regulations. Thus, with the growing use of lightweight transmission design, the market for electric vehicle transmission system is expected to showcase a positive outlook during the forecast period.
“Apart from the use of lightweight transmission design, growing adoption of power-split CVT systems is another factor that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Electric Vehicle Transmission System Market: Segmentation Analysis
This market research report segments the global electric vehicle transmission system market by type (multi-speed transmission and single-speed transmission) and geographical regions (APAC, Europe, North America, South America, and the Middle East and Africa).
The APAC region led the market in 2018, followed by Europe, North America, South America, and Middle East and Africa respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the increase in participation by the foreign as well as local OEMs to make the EV technology more efficient and cost-effective.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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