Technavio, a tech-focused market research firm, has published a new report on the global EV transmission market, which is expected to grow at a CAGR of close to 47% during the forecast period 2016-2020.
Based on geographical segmentation, Technavio market researchers categorize the global EV transmission market into the following key regions: the Americas, APAC, and Europe.
Top three contributors for the global EV transmission market are elaborated below
EV transmission market in APAC: In APAC, China is the major contributor to the electric vehicle transmission market in terms of the number of units sold, followed by Japan. Factors such as government initiatives, stringent in carbon emission norms, and the rise in number of electric vehicle charging stations are likely to foster further growth of the EV transmission market in APAC during the forecast period.
According to Neelam Barua, a lead analyst at Technavio, specializing in research on powertrain, “OEMs in the market are improving their battery pack to enhance the average miles driven. Such advancements are expected to attract customers who were earlier reluctant to buy electric vehicles due to range anxiety.”
EV transmission market in Europe: Norway, the Netherlands, the UK, France, and Germany are the key contributors to the EV transmission market in Europe in terms of number of units sold. Stringent carbon emission norms imposed by the governments of several European countries is expected to contribute to the demand for EV transmittion in the region over the next four years.
EV transmission market in the Americas: Consumers in the Americas are still reluctant to buy electric vehicles because the technology is still not as efficient as IC engine cars and due to range anxiety. Such drawbacks are hindering the growth of the EV transmission market in the region. The launch of new models of EVs such as Tesla Model 3, Second generation Nissan Leaf, and new Chevrolet Bolt, however, is likely to encourage more consumers to purchase EVs, leading to the growth of the market.
The top vendors operating in the global EV transmission market are:
Other related reports:
- Global Automotive Hydro Mechanical Variable Transmission Systems Market 2016-2020
- Global Automotive Tiptronic Transmission Market 2016-2020
- Global Continuously Variable Transmission Market for Two-wheelers 2016-2020