Portland, OR -- (SBWIRE) -- 01/15/2018 -- Government regulations regarding the use of electric vehicles to curb the environmental pollution drives the demand for elctric vehicles, which boosts the market. Further, rise in demand of electric vehicles is also expected to fuel the market growth. However, high price of such electric vehicles is anticipated to hinder the growth of the market. Moreover, increase in demand for luxury vehicles is expected to offer ample number of opportunities to key players of the market.

An electric vehicle uses one or more electric motor or traction motors for propulsion. The motor in electric vehicle turns at very high revolutions per minute (RPM), so a transmission is required to reduce the rotation speed. Such transmissions are used to provide power to the wheels.

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GKN plc, ZF Friedrichshafen AG, BorgWarner Inc., Oerlikon Graziano, Divgi-TTS, Avtec Ltd., Mitsubishi Electric, Hitachi Automotive, Schaeffler Technologies AG & Co. KG, and Magnetic Systems Technology are some of the major key players of the global electric vehicle transmission market.

The electric vehicle transmission market is segmented on the basis of gear type, vehicle type, and geography. By gear type, the market is classified into single-gear and multi-gear vehicles. By vehicle type, the market is divided into battery electric vehicles (BEV), plug-in electric vehicles (PHEV), and hybrid electric vehicles (HEV). On the basis of geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.