The automotive industry has reached at a crossroad where decisions has to be made with regards to moving forward with electric vehicles or conventional IC engine vehicles. In the present scenario, innovations in the automotive industry are more focused towards the electric vehicles than the conventional vehicle implying a future where electric vehicles will eventually phase out the other types. This factor bodes well for the growth of the electric vehicles ancillaries market that include electric vehicle transmissions as well. Early transmission systems utilized in electric vehicles were usually equipped with single gears so as to cater the low power output, however, manufacturers are venturing into developing multi-gear transmissions on account of higher powered electric vehicles. Rise in sales and production of electric vehicles coupled with government regulations on automobile emissions are some of the key factors attributing to the growth of electric vehicle transmission market in the upcoming years.
Electric Vehicle Transmission Market: Dynamics
The electric vehicle transmission market depends upon the performance of electric vehicle’s sales within the automotive industry. Though the sales of electric vehicles in the current market is largely outperformed by conventional vehicles, the trend is poised for a shift towards electric vehicles in the near future, which can benefit the electric vehicles transmission market in the forecast period. Manufacturers of such electric vehicle transmissions are always on a constant lookout for developing materials that can reduce the overall weight of the system without compromising performance. Efficient utilization of power stored within the electric vehicle batteries is also of utmost importance prompting the manufacturers to design the transmission system to close tolerances. Stringent regulations on vehicular emissions has greatly helped in marketing electric vehicles as the transportation mode of the future hence, aiding the growth of the electric vehicles transmission market.
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The restraints associated with electric vehicle market are plenty and many which can have a domino effect on the electric vehicles transmissions market as well. It is a clear fact that the sale of electric vehicles determines the strength of the electric vehicles transmission market. Hence, the problems associated with electric vehicles such as high price, subpar performance, travel range anxiety, and lack of charging infrastructure, among others, can hamper the growth of the electric vehicles transmission market.
Electric Vehicle Transmission Market: Regional Outlook
From the regional perspective, the electric vehicles transmission market is anticipated for a steady growth in North America owing to aggressive promotion of electric vehicles by major players. The European region is also posed for a healthy growth due to various subsidies and incentives offered by the economies in the region on purchase of an electric vehicle, hence attracting more customers. The market in Asia Pacific is also expected to flourish well in the upcoming years especially in the Japan and China owing to push by the respective governments to place more emphasis on electric vehicles. The market in both Latin America and Middle East & Europe regions may grow on a stagnant phase, this is due to availability of low-cost fuels such as flex fuel in Brazil and abundance of petroleum in the Middle East.
Electric Vehicle Transmission Market: Key Participants
Examples of some of the participants involved in the manufacture of the global electric vehicle transmission are:
- Oerlikon Graziano SpA
- ZF Friedrichshafen AG
- Allison Transmission Inc.
- Eaton Corporation Plc
- Magna International (Getrag)
- GKN Plc
- BorgWarner Inc.
- Xtrac Ltd.
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