Electric Vehicle Transmission Global Market Report 2024

The electric vehicle transmission market size has grown exponentially in recent years. It will grow from $7.55 billion in 2023 to $9.22 billion in 2024 at a compound annual growth rate (CAGR) of 22%. The growth witnessed during the historic period can be attributed to several factors, including early innovations and experimentation in electric vehicle (EV) technology, the increasing popularity of EVs among consumers, growing environmental concerns, and heightened awareness of climate change issues.

The electric vehicle transmission market size is expected to see rapid growth in the next few years. It will grow to $18.85 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The anticipated growth in the forecast period is expected to be driven by regulatory policies and stringent emission standards, along with a heightened focus on sustainability and environmental awareness. Investments in infrastructure and ongoing efforts to reduce costs will also contribute to this growth trajectory. Major trends expected during this period include optimization for efficiency, integration of motors and transmissions, development of multi-speed transmission systems, standardization and modularization of components, and the adoption of advanced materials across the electric vehicle (EV) industry.

The surge in demand for electric vehicles is poised to fuel the expansion of the electric vehicle transmission market in the foreseeable future. Electric vehicles, or EVs, are automobiles powered by electric motors, utilizing stored electrical energy from rechargeable batteries or similar devices. Electric vehicle transmissions play a crucial role in efficiently transferring power from the electric motor to the wheels, catering to the specific requirements of electric propulsion systems. For example, in April 2023, the International Energy Agency reported that global electric car sales surpassed 10 million units in 2022, with projections indicating a 35% increase to 14 million units in 2023. This growing demand for electric vehicles is a key driver behind the growth of the electric vehicle transmission market.

Prominent players within the electric vehicle transmission market are directing their efforts towards pioneering innovations such as electrified e-transmissions, tailored to meet the demands of electric and hybrid commercial vehicles while ensuring optimal power delivery. This EV transmission system for commercial vehicles is meticulously engineered to deliver peak efficiency and performance, boasting superior startability, gradeability, and road speed capabilities. A case in point is Dana Incorporated, a leading automotive industry player based in the United States, which unveiled the Spicer Electrified E-Transmissions in May 2023. These groundbreaking transmissions are specifically crafted for medium-duty electric vehicle applications, featuring cutting-edge components such as the Dana high-efficiency motor, integrated inverter system, electromechanical actuation system with a patented Dana Graziano clutch design, and an optimized three-speed system equipped with Ravigneaux gearing. Notably, they are available in two variants, namely the eS4700t and the eS7900t, offering output torques of 4,700 Nm and 7,900 Nm, respectively.

In August 2023, Gulf Oil Lubricants India Ltd., a prominent Indian lubricant manufacturer and distributor, completed the acquisition of a 51% stake in Tirex Transmission Private Limited for 75.19 billion rupees (approximately 103 crore rupees). This strategic acquisition represents Gulf Oil Lubricants India Ltd.'s proactive step towards solidifying its position as a frontrunner in the burgeoning electric vehicle (EV) market, aiming to provide a comprehensive array of EV solutions. Tirex Transmission Private Limited, an Indian firm specializing in lithium-ion battery binders and the production of automotive components, including electric vehicle transmissions, is now under the umbrella of Gulf Oil Lubricants India Ltd.

Major companies operating in the electric vehicle transmission market report are Hitachi Automotive Systems Ltd., BYD Company Limited, ZF Friedrichshafen AG, Continental AG, Hyundai Motor Company, Magna International Inc., Aisin Seiki Co. Ltd., Valeo SA, Eaton Corporation plc, Nidec Corporation, Schaeffler AG, Parker Hannifin Corporation, BorgWarner Inc., Dana Incorporated, Vitesco Technologies, NIO Inc., Voith Group, GKN Automotive Limited, Allison Transmission Holdings Inc., AVL Schrick GmbH, Punch Powertrain NV, Ricardo plc, Romax Technology Limited, Torqeedo GmbH.

Asia-Pacific was the largest region in the electric vehicle transmission market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle transmission market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric vehicle transmission market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric vehicle (EV) transmission refers to the mechanism responsible for transferring power from the electric motor to the vehicle's wheels. Its primary function is to regulate the power output of the motor and control the distribution of power to the wheels.

The two main types of electric vehicle transmission are single-speed and multi-speed. A single-speed transmission operates with a fixed gear ratio, directly connecting the electric motor to the wheels without the need for multiple gears. It can be integrated into various transmission systems, including automated manual transmissions, continuously variable transmissions, dual clutch transmissions, dedicated hybrid transmissions, and automatic transmissions. Single-speed transmissions are utilized across a range of vehicles, including battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.

The electric vehicle transmission market research report is one of a series of new reports that provides electric vehicle transmission market statistics, including electric vehicle transmission industry global market size, regional shares, competitors with an electric vehicle transmission market share, detailed electric vehicle transmission market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle transmission industry. This electric vehicle transmission market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric vehicle transmission market includes revenues earned by entities by providing services such as installation services, maintenance services, repair services, upgrade enhancements, consulting and advisory services, and training and education. The market value includes the value of related goods sold by the service provider or included within the service offering. The electric vehicle transmission market consists of sales of electric motors, gear boxes, power electronics, transmission fluids and lubricants, wiring harnesses and connectors, charging systems, and cooling systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.