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 2020, 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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.