Pune, April 27, 2021 (GLOBE NEWSWIRE) -- EV Powertrain Market Analysis
The electric vehicle powertrain market is anticipated to touch USD 135 billion at a 16% CAGR over the forecast period (2020- 2027), reveals the current Market Research Future (MRFR) report. An electric powertrain, simply put, is a closed-loop system, chiefly constituted by power delivery module (PDM), reduction drive, high-power electric motor, inverter, and battery. Powertrains in electric cars are used for enhancing the range of efficiency for the car. Powertrain systems can be utilized flexibly in electric cars like plug-in electric cars, hybrid, and battery because these are easy to integrate. Thus the deployment of such systems in electric cars also helps in reducing development costs and times.
Enhancing Features that Bolster Market Growth
As per the MRFR report, there are numerous factors that are propelling the electric vehicle powertrain market share. Some of these entail the global rise in sales and production of electric vehicles, improving electric vehicle infrastructure in Japan, the US, South Korea, Germany, and China, strict government regulations, growing new energy vehicle demand, and surging need for energy-efficient EV drivetrain systems. Additional factors fuelling market growth comprise the growing adoption of e-powertrain for commercial cars, rising trend of e-mobility, burgeoning demand for e-City truck powertrain solutions, economic improvement in developing countries, and growing deployment of simulation technology in powertrain system.
On the contrary, lack of infrastructure for electric cars from emerging nations and lack of standard development protocols for electric vehicle powertrain component may limit the global electric vehicle powertrain market growth over the forecast period.
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COVID-19 Analysis
The worldwide economy has been taken aback owing to the escalating COVID-19 crisis. The outbreak has affected the public health economy as well as people’s social well-being across the globe. The electric powertrain market is fallen prey to the pandemic owing to its dependency on global sourcing for the core technology, that is, the batteries. Electric vehicles are costly in comparison to their gas-powered and hybrid counterpart, and the market suffers from the customers getting more tight-fisted in recent times of crisis. Europe is a top region when it comes to EV adoption and is also experiencing a sharp fall in the sales of electric cars. The European region comprises of countries that are amongst the worst-hit nations in the COVID-19 scenario, which includes Germany, Spain, and Italy. Car manufacturers in Europe have temporarily closed their manufacturing plants owing to the falling demand and health concerns of employees. All these are impacting the electric vehicle powertrain market growth.
Market Segmentation
The MRFR report throws light on an inclusive analysis of the electric vehicle powertrain market based on vehicle type, propulsion, and component.
By component, the global electric vehicle powertrain market is segmented into thermal management modules, power electronics, e-motor, battery, and others. Of these, the battery segment will lead the market over the forecast period.
By propulsion, the global electric vehicle powertrain market is segmented into a plug-in hybrid electric vehicle, hybrid, and battery. Of these, the battery segment will dominate the market over the forecast period, while the hybrid segment is predicted to develop at a substantial rate.
By vehicle type, the global electric vehicle powertrain market is segmented into the commercial vehicle & passenger car. Among these, the passenger car segment will spearhead the market over the forecast period.
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Regional Takeaway
APAC to Spearhead Electric Vehicle Powertrain Market
Geographically, the global electric vehicle powertrain market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. The massive rise in the sales and production of e-cars, increased installation of powertrain system and solutions in EVs, increasing investments by public and private players, growing need for safety features in vehicles are likely to develop electric car powertrains like power modules and power inverters, establishing manufacturing facilities of automotive powertrain, changing lifestyle, growing population, and people’s increasing power of people are adding to the global electric vehicle powertrain market growth in the region.
North America to Have Notable Growth in Electric Vehicle Powertrain Market
In North America, the global electric vehicle powertrain market is predicted to have notable growth over the forecast period. Increased government support and backing for the development of EV powertrain industry, increasing investment in R&D, huge prospective consumer base in Canada and the US, the demand for eco-friendly vehicles, increased presence of major powertrain manufacturers, the establishment of new greenhouse gas standards and fuel economy for cars that are applied to all cars, including electric cars are adding to the global electric vehicle powertrain market growth in the region.
Europe to Have Healthy Growth in Electric Vehicle Powertrain Market
In Europe, the global electric vehicle powertrain market is predicted to have healthy growth over the forecast period. Regulatory laws laid down by the EU for vehicle emissions and timelines to create zero-emission zones in France and the UK, increasing demand for EVs in these countries, the presence of key players, regulation of carbon emissions for newly registered vehicles, increasing acceptance of e-mobility, the rollout of EV portfolio, investments in charging infrastructure, and aversion against combustion engine based transport are adding to the global electric vehicle powertrain market growth in this region.
Rest of the World to Possess Sound Growth in Electric Vehicle Powertrain Market
In the RoW, the global electric vehicle powertrain market is predicted to have sound growth over the forecast period. Growing investments in developing advanced powertrain solutions for cars used in public transport, increased environmental awareness, and strict government vehicle standards are adding to the global electric vehicle powertrain market growth in the region.
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Key Players
The notable players profiled in the global electric vehicle powertrain market report include Dana Incorporated (US), Magna International Inc. (Canada), Mitsubishi Electric Corp (Japan), AVL List GmbH (Austria), Continental AG (Germany), BorgWarner Inc. (US), Robert Bosch GmbH (Germany), NXP Semiconductors (the Netherlands), GKN PLC (UK), Automation Tooling Systems Inc. (Canada), IET S.p.A. (Italy), Bonfiglioli Riduttori S.P.A (Italy), WEG (Brazil), EPT Co., Inc. (South Korea), and ZF Friedrichshafen AG (Germany), among others.
Industry Updates
March 2021- Foxtron has teamed up with Nidec to increase EV powertrain development.
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