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EV Transmission System Market Set to Total USD 53342.8 Million by 2034 Amid Rising Requirement for Lightweight and Efficient Battery Solutions

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11 months ago

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Fueled by environmental concerns and government support for electric vehicles, the global EV transmission system industry is experiencing significant growth. Asia, particularly India with its high projected CAGR, is becoming a dominant region due to its manufacturing base and government initiatives. While single-speed transmissions are currently leading the market, technological advancements in response to the rise of autonomous vehicles will likely shape the future of this industry. Collaborations between automakers and suppliers are expected to drive further improvements in efficiency, weight reduction, and overall system performance.

NEWARK, Del., June 13, 2024 /PRNewswire/ — According to Future Market Insights, Inc., the global EV transmission system industry, valued at USD 5157.3 million in 2019, rose at a CAGR of 11.3% from 2019 to 2023. The market reached a value of USD 8799.9 million by 2023. The market is expected to reach a value of USD 10366.2 million in 2024 and USD 53342.8 million by 2034.

Download the Sample PDF report to explore key market insights and trends: https://www.futuremarketinsights.com/reports/sample/rep-gb-16027

The industry’s growth is driven by environmental concerns, government initiatives, and the increasing popularity of single-speed transmissions. Technological advancements and emerging economies are also pushing the market, with Asia emerging as the dominant sector due to its extensive production base and government support.

India is expected to dominate the EV transmission system sector from 2024 to 2034, with a CAGR of 26.5%. China is the global leader, with a CAGR of 19.9%. Spain’s industry is expected to rise by 13.4%. Battery electric vehicles will likely hold a 44.4% value share in 2024.

As autonomous driving technologies become more prevalent, transmission systems are projected to need intelligent interfaces. Technological advancements are driving the expansion of the electric vehicle transmission system market, with strategic partnerships between automakers and suppliers enhancing efficiency, weight reduction, and system performance to meet evolving vehicle requirements.

Key Takeaways from the Market Report

The EV transmission system market is set to reach USD 53342.8 million by 2034 with a CAGR of 17.8%.By vehicle type, battery electric vehicles are leading the market with a value share of 44.4% in 2024.Based on transmission type, the single-speed transmission segment will likely account for a value share of 67.4% in 2024.India is estimated to record a CAGR of 26.5% between 2024 and 2034.China will likely remain dominant and expand at a CAGR of 19.9% by 2034.

“Asia Pacific is emerging as the dominant region for the electric automotive industry. Leading countries are anticipated to significantly contribute to the growth of the market in the coming decade,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Who’s Winning?

The EV transmission system industry is poised for steady growth, leading to surging competition among manufacturers. Key players, such as Allison Transmission Inc., Aisin Seiki Co., Ltd., AVL List GmbH, and Continental AG, will need to prioritize lightweight and affordable batteries to meet the evolving requirements of consumers.

The EV transmission system market is growing due to surging global sales. However, it is fragmented, thereby creating opportunities for new entrants. The race for superior transmissions is ongoing, leading to advancements in materials and designs. Manufacturers aim to extend EV range with minimal power loss. Balancing performance, affordability, and efficiency is also crucial. Market consolidation is expected with technology advancements.

Industry Updates

Hyundai and Kia, in November 2023, unveiled the novel EV drivetrain system called the “Uni Wheel,” which can be used on the wheel.Toyota, headquartered in the city of Toyota, in December 2023, announced the launch of a stimulated manual EV transmission featuring up to 14 gears.

Purchase now and gain full access to the EV Transmission System Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

Get More Insights into the EV Transmission System Market Research Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the EV transmission system market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the industry is segmented based on vehicle type (battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles), transmission type (single speed and multi-speed), transmission system (AMT transmission, CVT transmission, AT transmission, and others), and regions.

About Automotive Division at Future Market Insights 

The Automotive division of FMI offers extensive coverage and valuable insights about the automation industry, including areas such as robotics, artificial intelligence, machine learning, and process automation. Our market research findings and competitive intelligence help various industry stakeholders, including manufacturers, technology providers, distributors, and service providers, make informed decisions and stay updated with the latest market trends and developments.

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Coverage in the Automotive Domain:

Dual Clutch Transmission Market Analysis by Passenger Vehicles and Commercial Vehicle for 2024 to 2034. – Review and Request to Access the Sample Report.Electric Vehicle Battery Market by Less than 20 kWh, 21 to 40 kWh, More than 41 kWh, Growth Opportunities & Forecast, 2023-2033. – Review and Request to Access the Sample Report.Electric Vehicle Insulation Market By Material, Insulation Type, Application, End-use & Region | Forecast 2023 to 2033. – Review and Request to Access the Sample Report.Automotive Bearing and Clutch Component Aftermarket by Wheel Bearings and Clutch Actuators, 2023 to 2033. – Review and Request to Access the Sample Report.Automotive Diagnostic Scan Tool Market Analysis by Scanners and Code Readers through 2034. – Review and Request to Access the Sample Report.Splash Shield Market Analysis by Plastic and Fiberglass through 2034. – Review and Request to Access the Sample Report.Automotive Test Equipment Market Analysis by Chassis and Engine Dynamometer through 2034. – Review and Request to Access the Sample Report.Machine Condition Monitoring Market Analysis by Oil Analysis and Thermography through 2034. – Review and Request to Access the Sample Report.Automotive Active Safety System Market Analysis by Anti-lock Braking System and Driver Monitoring through 2034. – Review and Request to Access the Sample Report.Vehicle-to-grid Market Analysis by Battery Electric Vehicles and Fuel Cell Vehicles through 2034. – Review and Request to Access the Sample Report.E-rickshaw Market Analysis by Passenger Carrier and Load Carrier through 2034. – Review and Request to Access the Sample Report.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact Us
Future Market Insights Inc.
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UnionPay International Partners with HFC Bank for First Local ATM Acceptance in Fiji Driving Financial Inclusion

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49 minutes ago

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April 27, 2025

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SUVA, Fiji, April 27, 2025 /PRNewswire/ — Recently, UnionPay International announced that its card is now accepted at ATMs operated by HFC Bank, Fiji’s only 100% locally owned commercial bank. HFC Bank has officially launched UnionPay card acceptance at its ATMs, becoming the first domestic financial institution in the country to partner with UnionPay International.

This milestone collaboration expands UnionPay card ATM coverage in Fiji to an impressive 96%, signaling a significant leap forward in the localization of UnionPay International ‘s services in the South Pacific and injecting fresh momentum into the development of inclusive financial services in the region.

HFC Bank was established as a fully-fledged commercial bank in 2014, the bank is dedicated to becoming Fiji’s bank of choice by providing innovative, competitively priced financial solutions designed to improve customer wellbeing, create wealth for future generations, and contribute to the nation’s economic development.

The partnership between HFC Bank and UnionPay International is not only a technical upgrade—it is a strategic step toward empowering local institutions and advancing financial inclusivity in Fiji.

UnionPay International first entered the Fijian market in September 2010, making Fiji the first South Pacific nation to accept UnionPay cards. Today, 99% of POS terminals and 96 % of ATMs in the country accept UnionPay, with broad acceptance across hotels, supermarkets, duty-free shops, restaurants, and the tourism sector. Mobile payments via UnionPay App are also widely supported.

Prior to this new collaboration, UnionPay International’s local partnerships were primarily with international banks.

The new alliance with HFC Bank highlights UnionPay International’s commitment to deepening localization by working closely with local institutions to build a more inclusive and resilient payment ecosystem.

As UnionPay International’s footprint continues to grow, its focus remains clear: building accessible, inclusive, and innovative financial solutions that benefit local communities and global travelers alike.

About HFC Bank
HFC Bank is Fiji’s only locally owned commercial bank, committed to delivering personalized and innovative financial services that exceed customer expectations. With a strong foundation in governance and ethical practices, the bank offers a full range of competitively priced financial products that aim to improve customer wellbeing, create long-term value, and support national economic development. HFC Bank upholds values of humility, excellence, accountability, respect, and trust, and is dedicated to serving individuals, families, and businesses across Fiji with integrity and care.

About UnionPay International
With more than 260 million UnionPay cards issued in 83 countries and regions outside the Chinese Mainland, UnionPay International is committed to enhancing the online payment experience for its global cardholders. Accepted in 183 countries and regions, UnionPay International offers high-quality, cost-effective, and secure cross-border payment services to the world’s largest cardholder base, while delivering convenient local support to a growing network of international users and merchants. For more information, please visit: https://www.unionpayintl.com/

View original content:https://www.prnewswire.com/apac/news-releases/unionpay-international-partners-with-hfc-bank-for-first-local-atm-acceptance-in-fiji-driving-financial-inclusion-302439023.html

SOURCE UnionPay International

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Yutong Bus Launches EnRoute+ Service Innovation and Tech-Driven Solutions to Redefine Commercial Vehicle Value Standards

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2 hours ago

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April 27, 2025

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Six-Point Service Framework Elevates Efficiency and Customer Value

ZHENGZHOU, China, April 26, 2025 /CNW/ — Yutong Bus (“Yutong”, SHA: 600066), a commercial vehicle manufacturer in Asia, recently hosted the Central Asia Customer Value Exploration Tour in Zhengzhou, marked the debut of Yutong’s EnRoute+ service platform, designed to refine industry benchmarks by prioritizing technology-led solutions and fostering long-term partnerships over transactional pricing.

“Amid intensifying competition in the globe wide, Yutong is committed to transitioning clients from a ‘price-first’ mindset to a comprehensive value partnership rooted in technology and service excellence,” said Li Haifeng, CEO of Central Asia of Yutong Bus.

EnRoute+: Six Pillars of Unwavering Support

The EnRoute+ framework delivers comprehensive solutions tailored to fleet needs:

Direct Manufacturer Support: Yutong personnel are stationed locally 365 days a year, delivering professional, efficient, and reliable “butler-style” support throughout the entire vehicle lifecycle.Swift Response, Efficient Solutions: Customers can instantly connect with Yutong via the LINK+ platform or service hotline for emergency assistance, ensuring swift and effective resolution.Full Transparency: Real-time tracking of service requests, progress updates, and post-service evaluations via the Link+ digital ecosystem.Genuine Parts Assurance: A two-tier spare parts network (central warehouse + front warehouse) ensures rapid delivery of authentic parts, backed by a 15-year worry-free supply and comprehensive quality assurance.Critical Event Assurance: Specialized service teams, tailored contingency plans, and rigorous protocols are deployed to ensure flawless operations during critical events or competitions.Tailored Maintenance Plans: Proactive, tailored solutions optimize fleet uptime, reduce operational costs, and provide end-to-end support through preventative maintenance and zero-distance service management.

Yutong’s localized service approach has already delivered  measurable success. In Astana, Kazakhstan, the city’s public transit operator manages 620 Yutong buses, including 120 EVs. Concerns over post-sale support were alleviated through Yutong’s Overseas Service Package, which leverages smart diagnostics to predict faults, and slash operational costs. In Tashkent, Uzbekistan, Yutong’s electric buses withstood extreme summer temperatures exceeding 40°C while maintaining stable performance. Tailored lifecycle solutions and round-the-clock technical support enabled Tashkent’s transit authority to expand its EV fleet.

Yutong leverages decades of expertise in connectivity and new energy to deliver data-driven service solutions. By integrating global networks, advanced analytics, and intelligent platforms like LINK+, OVAS, and Intelligent Vehicle Cloud, it creates lifecycle-focused ecosystems that boost efficiency, innovation, and customer-centric excellence worldwide.

For more info, please visit https://en.yutong.com/.

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SOURCE Yutong Bus

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World-Famous Master Craftsman Completes First-Ever Auto Show Build in Front of Thousands

Published

7 hours ago

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April 26, 2025

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NEW YORK, April 26, 2025 /PRNewswire/ — In a two-day, jaw-dropping high-intensity live performance, that made international headlines and lit up social media, legendary Porsche builder Akira Nakai, completed his first-ever auto show build at the 2025 New York Auto Show. The completed vehicle is now on display and can be seen through Sunday, April 27.

Flying in from Japan, Nakai transformed a 2006 Porsche Carrera S into one of his iconic wide-body creations right on the show floor, attracting huge crowds, major media coverage, and going viral across social media. The build took place over April 23 and 24 in the R2XPO Exhibit, where visitors watched, photographed, and filmed the master craftsman in action. From the moment he started cutting to the final bolt, the atmosphere was electric.

The activation quickly went viral, racking up millions of views across TikTok, Instagram, and YouTube within hours. Photos and footage of Nakai San deep in the build process spread like wildfire, turning the R2XPO Exhibit into one of the most talked-about attractions at this year’s Show.

View original content to download multimedia:https://www.prnewswire.com/news-releases/world-famous-master-craftsman-completes-first-ever-auto-show-build-in-front-of-thousands-302438994.html

SOURCE New York International Auto Show

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