Multispeed Vehicle Transmission Market: Introduction
- In terms of top speed, rapid acceleration, and driving range with gradeability, multispeed transmission enabled electric vehicles (EVs) offer improved performance, as compared to EVs with single speed transmission systems.
- For instance, Zeroshift Transmissions developed clutch-less vehicle technology that enables an electric vehicle to deliver continuous torque throughout a gearshift without interruption. This transmission technology focuses on enhancing performance of multispeed electric vehicles.
Key Drivers of Multispeed Vehicle Transmission Market
- Advancements in EV powertrain, which are focused on improving the performance of the electric vehicle, around the globe are expected to drive the global multispeed vehicle transmission market. In terms of electric vehicles, the electric motor is only responsible for torque generation. However, this electric motor is not efficient equally throughout a wider speed range of operation of electric vehicles. Depending on diverse driving conditions, such as off road, highways; vehicles need to run at different speeds. The multispeed transmission system enables an electric motor to operate efficiently by means of choosing an appropriate gear at different driving conditions along with varying torque-speed demands, thereby improving the performance of an electric vehicle by consuming minimum energy. Therefore, a rise in the demand for high performance electric vehicles is anticipated to drive the global multispeed vehicle transmission market during the forecast period.
- Rise in demand for electric vehicles across the globe is anticipated to propel the global multispeed vehicle transmission market. Several governments across the globe have enacted stringent emission regulations in order to curb climate change and reduce air pollution across the globe. These are compelling automakers to produce alternate propulsion systems for their vehicles, thereby increasing the production of electric vehicles. Additionally, various countries across the globe have started initiatives to promote electric vehicles.
- The coronavirus pandemic outbreak has resulted in a 25% decline in demand for EVs during the first quarter of year 2022, as compared to EV sales in 2019; however, according to a report published by Bloomberg New Energy Finance (BNEF), electric vehicles are expected to contribute to around 10% of global passenger vehicle sales by 2025, which is estimated to rise to 28% in 2030 and 58% in 2040.
- For instance, according to the India Central Government EV Policy, the Government of India aims an EV sales penetration of 30% for private cars, 70% for commercial cars, 40% for buses, and 80% for two- and three-wheelers by 2030. The Government of India is projected to spend over US$1.4 billion to acquire the vehicles mentioned above operating on lithium-ion batteries, and/or on electric powertrains.
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Asia Pacific to account for prominent share of global multispeed vehicle transmission market
- In terms of region, the global multispeed vehicle transmission market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- In terms of adoption of electric vehicles, China is a leading country globally. The country ranked first in terms of number of electric vehicles users in 2019. Additionally, major automakers are focusing on investing on starting electric vehicle production facilities in Asia Pacific. Rise in living standards, increase in demand for personal transportation, and increase in disposable income of the population in Asia Pacific are anticipated to propel the demand for personal vehicles in the region, thereby offering lucrative opportunity for automakers. Additionally, several new players emerging from Asia Pacific are focused on the development of electric vehicle technologies and improvement of efficiency of electric motors in order to boost the cruising range of electric vehicles. Rise in demand for electric vehicles across the region is expected to further boost the global multispeed vehicle transmission market.
Key Players Operating in Multispeed Vehicle Transmission Market
The global multi speed vehicle transmission market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global multispeed vehicle transmission market are:
- BMW Motor Company
- BYD Co Ltd
- Daimler AG
- Dr.-Ing. h.c. F. Porsche AG
- KIA MOTORS CORP
- Nidec Motor
- Oerlikon Graziano
- Rockwell Automation
- Tesla Inc.
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Global Multispeed Vehicle Transmission Market: Research Scope
Global Multispeed Vehicle Transmission Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
Global Multispeed Vehicle Transmission Market, by Electric Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Global Multispeed Vehicle Transmission Market, by Region
- North America
- East Europe
- Nordic Countries
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.