Asia Pacific Electric Vehicle (EV) Transmission Market is projected to be worth USD 46.40 billion by 2032 and is anticipated to expand at a CAGR of 30.46%.
Due to rising consumer demand for electric vehicles, supportive government policies, and rapid technological improvements in transmission systems, the Asia Pacific EV transmission market is expected to expand annually during the projected period.
The development of the EV transmission market is being fuelled by elements like rising consumer demand for fuel-efficient and low-emission vehicles and rising production of electric vehicles. The market for electric vehicle transmissions is also anticipated to develop as a result of government initiatives to promote the use of electric vehicles. Furthermore, the advent of Vehicle-To-Grid (V2g) electric vehicle charging stations and technical advancements in electric vehicles are projected to create considerable growth opportunities for market leaders in the transmission for electric vehicles.
The effects of COVID 19 have been unprecedented and devastating, and manufacturers in the market have seen a negative demand shock across all regions as a result of the epidemic. According to study, the market's COVID showed a sharp fall in comparison to the usual year-over-year rise prior to the pandemic. The market's growth and demand, which will resume to pre-epidemic levels once the pandemic is gone, are what caused the abrupt increase in CAGR. For the car sector, the COVID 19pandemic outbreak has raised a red flag. The possibility that this pandemic could interrupt manufacturing operations worries several automakers. As well, EV sales are declining.
Asia Pacific Electric Vehicle (EV) Transmission Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Aisin Seiki Co. Ltd., Allison Transmission Inc., AVL List GmbH, BorgWarner Inc, Continental AG, Dana Limited, Eaton Corporation plc, JATCO Ltd., Schaeffler Technologies AG & Co. KG, ZF Friedrichshafen AG.
Asia Pacific Electric Vehicle (EV) Transmission Market Segmentation:
By Transmission Type: Based on the Transmission Type, Asia Pacific Electric Vehicle (EV) Transmission Market is segmented as; Multi- Speed Transmission, Single-Speed Transmission.
By Gear Type: Based on the Gear Type, Asia Pacific Electric Vehicle (EV) Transmission Market is segmented as; Multi-Gear Transmission, Single-Gear Transmission.
By Transmission System: Based on the Transmission System, Asia Pacific Electric Vehicle (EV) Transmission Market is segmented as; AT Transmission, Automatic Manual Transmission, Constant Variable Transmission, Other.
By EV Type: Based on the EV Type, Asia Pacific Electric Vehicle (EV) Transmission Market is segmented as; Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle.
By Vehicle Type: Based on the Vehicle Type, Asia Pacific Electric Vehicle (EV) Transmission Market is segmented as; Commercial Vehicles, Passenger Cars.
By Region: Due to an increase in electric vehicle production across the area, Asia Pacific is anticipated to account for a sizeable percentage of the global market for electric vehicle transmissions. China, India, and Japan all have sizable electric vehicle component manufacturing industries, which is projected to have a positive impact on the Asia Pacific electric vehicle transmission market.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.