Technical Textiles Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Technical Textiles Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LANDON, GREATER LANDON, UK, June 19, 2024 /EINPresswire.com/ -- The global electric vehicle transmission market is poised for significant growth, with projections indicating a rise from $7.55 billion in 2023 to $9.22 billion in 2024, marking a compound annual growth rate (CAGR) of 22%. This exponential growth trajectory underscores the market's evolution driven by innovations in electric vehicles (EVs), environmental concerns, and the increasing adoption of electric propulsion systems.

Increasing Demand for Electric Vehicles Propels Market Growth

The surge in demand for electric vehicles (EVs) worldwide is a primary driver fueling the expansion of the electric vehicle transmission market. EVs, powered by electric motors and rechargeable batteries, require efficient transmission systems to optimize power delivery to the wheels. Reports from the International Energy Agency highlight a significant uptick in global electric car sales, exceeding 10 million units in 2022 and expected to grow by 35% to 14 million units in 2023. This robust growth underscores the pivotal role of electric vehicle transmissions in meeting the evolving needs of the automotive industry.

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Key Players and Market Trends

Leading companies such as Hitachi Automotive Systems Ltd., ZF Friedrichshafen AG, and Continental AG are at the forefront of innovation within the electric vehicle transmission market. These key players focus on advancing technologies to enhance transmission efficiency, integrate motors seamlessly, and develop multi-speed transmission systems. For instance, Dana Incorporated introduced the Spicer Electrified e-Transmissions, tailored for medium-duty electric vehicle applications. These transmissions are engineered with high efficiency, featuring Dana's patented clutch design, electromechanical actuation system, and optimized three-speed system to maximize performance and torque output.
In strategic moves, major companies are investing in electrified e-transmission technologies to cater to electric and hybrid commercial vehicles' needs. This includes ensuring optimal power delivery, startability, and road speed capabilities, thereby supporting the transition towards sustainable transportation solutions.

Segments of the Electric Vehicle Transmission Market

Type: Single Speed, Multi-Speed
Transmission System: Automated Manual Transmissions, Continuously Variable Transmissions, Dual Clutch Transmission/Dedicated Hybrid Transmission, Automatic Transmission
Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
Geographical Insights: Asia-Pacific Leading the Market
In 2023, Asia-Pacific emerged as the largest region in the electric vehicle transmission market and is anticipated to maintain its dominance as the fastest-growing region through the forecast period. The region's leadership is driven by significant investments in EV infrastructure, supportive regulatory frameworks, and a burgeoning market for electric mobility solutions.

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Electric Vehicle Transmission Global Market Report 2024 from TBRC covers the following information:

Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Electric Vehicle Transmission Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric vehicle transmission market size, electric vehicle transmission market drivers and trends, electric vehicle transmission market major players, competitors' revenues, market positioning, and market growth across geographies. The electric vehicle transmission market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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