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Electric Vehicle Transmission System Market: Regional Growth Analysis and Market Trends 2021-2025
The electric vehicle transmission system market is set to grow by $ 10.40 bn, accelerating at a CAGR of almost 27.69% during the forecast period. This research report analyses the growth trajectory of the market with a purview to the prevalent market scenario, trends, and drivers. It also provides competitive benchmarking of the key market players and their product portfolios.
APAC to lead market growth during the forecast period
- 50% of the market growth will originate from APAC during the forecast period.
- One of the key drivers that is likely to drive market growth is the increasing demand for battery electric vehicles.
- Market is segmented by Type (Single-speed transmission and Multi-speed transmission) and Geography (APAC, Europe, North America, South America, and MEA).
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Aisin Corp., BorgWarner Inc., Eaton Corporation Plc, GKN Automotive Ltd., Hewland Engineering Ltd., OC Oerlikon Corp. AG, Ricardo Plc, Schaeffler AG, Xtrac Ltd., and ZF Friedrichshafen AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
The electric vehicle transmission system market is fragmented with several players. The market growth is expected to change if the market structure changes due to industry consolidation or if some vendors exit the market. The analysts estimate the market to grow at a CAGR of 44.65% by 2024. During the forecast period, the market will show an accelerating growth of $91.95 billion.
Strong adoption of EVs in China and Japan will facilitate the electric vehicle transmission system market growth in APAC over the forecast period.
Electric Vehicle Transmission System Market: Top Trends, Drivers, Challenges to drive Market Recovery
- Increasing demand for battery electric vehicles will be a significant factor in driving the growth of the Electric Vehicle Transmission System Market.
- Another factor that will boost the market will be the Reduction in battery pack prices.
- Lack of adequate supporting infrastructure for electric vehicles is a challenge that needs to be overcome to persist on the path to growth and recovery from the impact of the pandemic.