The globalelectric vehicle powertrain market is witnessing a considerable rise in itssize. The market growth attributes to the advent of electric vehicles andusages of powertrain systems in EVs to increase electric mobility and reducethe costs of operations. Besides, the increase in production and sales ofelectric cars and stringent emission regulations, drive the growth of themarket. Moreover, increasing new energy vehicles (NEV) demand escalates themarket demand to furthered height.
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According to aneminent research firm, Market Research Future (MRFR), the global electricvehicle powertrain market is poised to reach USD 120 BN by 2025. In its recentCOVID 19 analysis on the EV powertrain market, MRFR also asserts that themarket would register 16 % CAGR throughout the anticipated period (2019 –2025). Improving electric vehicle infrastructures in countries like China,South Korea, Japan, the US, and Germany substantiates market growth.
Increasingproduction of EVs means a growing need for rehauling the entire ecosystem andarchitecture of a vehicle and its surrounding environment. Besides, Carbonemission increased exponentially across the world over the past decades, pushthe market demand and hence, sales in the global EV powertrain market. Thoughit would take some time to develop zero carbon emission vehicles, electricvehicles are certainly one of the greener alternatives with fewer lifecycleemissions.
Governmentsacross the world are fuelling the research projects to optimize components andtest & simulation toolkits for powertrains, which in turn drive the marketgrowth significantly. These researches to integrate ultra-high-speed motorsolutions attract substantial investments, bringing about the development ofinnovative technologies next-generation mobility solutions. Conversely, highprices of EVs are significant factors slowing the growth of the market.
ElectricVehicle Powertrain Market Segmentation
The report issegmented into four dynamics;
By Component:Battery, E-Motor, Power Electronics, Thermal Management Modules, and others.
By Propulsion : Battery Electric Vehicle (BEV), HybridElectric Vehicle (HEV), Plug-in Hybrid Electric Vehicles (PHEV), and others.
By Vehicle Type : Passenger Car, CommercialVehicle, and others.
By Regions : Asia Pacific, North America, Europe, andRest-of-the-World.
ElectricVehicle Powertrain Market - RegionalAnalysis
Asia Pacificdominates the global electric vehicle powertrain market. The market growthattributes to the massive increase in the production and sales of e-vehicles inthe region. Besides, the increased installation of powertrain system andsolutions in electric vehicles drive the market growth. Private and publicorganizations' growing investments and the rise in demand for safety featuresin vehicles foster the growth of the market.
Furthermore,increasing researches bring up developments of electric vehicle powertrains,such as power inverters and power modules, to boost the market growth. Chinaholds a significant share in the regional market, followed by India. Indialaunched FAME I, FAME II, and various tax concession schemes to promoteelectric vehicles. The APAC electric vehicle powertrain market is projected toretain its dominance throughout the assessment period.
North Americastands second in the global electric vehicle powertrain market. The market isdriven by the growing demand for electric vehicles with a low operating cost.Moreover, the increased government backing and support for the development ofthe EV powertrain industry push the regional market growth. Also, investmentsin research and development, large potential consumer base in the US, andCanada create a huge demand for environment-friendly vehicles, contributing tothe EV powertrain sales.
Europe, tooholds a considerable share in the global electric vehicle powertrain market.The market is driven by regulatory laws such as the European Union (EU)implemented to minimize vehicle emissions. Besides, and timelines for creatingzero-emission zones in countries like the UK and France increase the demand forelectric vehicles to foster the growth of the regional market. Furthermore, favorableincentives policies to buy electric trucks propel the growth of the market inthe region.
Electric VehiclePowertrain Market - CompetitiveAnalysis
Highlycompetitive, the electric vehicle powertrain market appears fragmented due tothe presence of several well-established players. These players incorporatestrategies like mergers & acquisition, collaboration, technology/productlaunch, and expansion, to gain a larger competitive share.
With theindustry, technologies, and EVs changing faster than ever before, researchprojects to optimize components and test & simulation toolkits forpowertrains have become crucial.
Many researchesto integrate ultra-high-speed motor solutions has opened up substantialinvestment opportunities for the market players. Industry players are investingsubstantially to develop innovative technologies that can ease the challengesof next-generation mobility solutions.
MajorPlayers:
Players leadingthe global electric vehicle powertrain market include EPT Co., Inc. (SouthKorea), ZF Friedrichshafen AG (Germany), WEG (Brazil), IET S.p.A. (Italy),Bonfiglioli Riduttori S.P.A (Italy), Automation Tooling Systems Inc. (Canada),NXP Semiconductors (the Netherlands), GKN PLC (UK), Robert Bosch GmbH(Germany), Continental AG (Germany), BorgWarner Inc. (US), AVL List GmbH(Austria), Magna International Inc. (Canada), Mitsubishi Electric Corp (Japan),and Dana Incorporated (US), among others.
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