Global Electric Vehicle Transmission System Market Analysis Highlights the Impact of COVID-19 2020-2024 | Growing Adoption of the Multi-Speed Transmission to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Sep 7, 2020--
The global electric vehicle transmission system market size is expected to grow by USD 91.95 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Electric Vehicle Transmission System Market 2020-2024 (Graphic: Business Wire)
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Electric vehicles equipped with single-speed transmission systems have 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 rapid development of electrified luxury vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
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 compelling 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.
“Other factors such as the rapid development of electrified luxury vehicles, and the increase in popularity of e-axle system will have a significant impact on the growth of the electric vehicle transmission system market value during the forecast period,” says a senior analyst at Technavio.
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Electric Vehicle Transmission System Market: Segmentation Analysis
This market research report segments the electric vehicle transmission system market by type (multi-speed transmission and single-speed transmission) and geography (Europe, North America, APAC, South America, and MEA).
The European region led the electric vehicle transmission system market share in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to register the highest incremental growth due to the high adoption of EVs in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING MANUFACTURING AUTOMOTIVE ALTERNATIVE VEHICLES/FUELS
SOURCE: Technavio Research
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PUB: 09/07/2020 01:15 PM/DISC: 09/07/2020 01:15 PM