Electric Vehicle Powertrain Market is Projected to Witness 34.70% CAGR by 2024

Pune, India, August 2019, MRFR Press Release/- Market Research Future Has Published a Half-Cooked Research Report on the Global Electric Vehicle Powertrain Market.

Market Highlights

A powertrain system in electric vehicles is used to power the vehicle axle and other vehicle drive systems. Factors such as the increasingly stringent regulations regarding the fuel economy with limited greenhouse emissions, growing demand for e-mobility, and the rising sales of electric vehicles drive the market growth. However, growing demand for e-mobility in vehicles is expected to provide promising opportunities for market players. The powertrain system provides various advantages including emission-free and low noise drive and energy saving. The global electric vehicle powertrain market is projected to reach USD 956.44 billion by 2030 and is estimated to witness ~34.70% CAGR during the period from 2024 to 2030.

Government initiatives also promote the adoption of electric vehicles globally due to raising focus toward improved air quality and climate protection. For instance, in September 2017, to ensure that electric vehicles account for 15% of total vehicle sales in the country over the next five years the Indian Ministry of Road Transport and Highways announced a list of non-fiscal incentives.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electric Vehicle Powertrain MarketResearch Report

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Market Research Analysis

The global electric vehicle powertrain market is segmented based on component, propulsion, vehicle type, and region. The global market has been segmented based on component as battery, e-motor, power electronics, thermal management modules, and others. The battery segment is projected to witness a significant growth over the forecast period due to growing adoption of bigger battery packs in vehicles for higher ranges, more power, and long-distance drive.

Based on component, the e-motor segment is expected to hold largest share in the global market over the forecast period and is projected to grow at a significant rate over the forecast period. The growing demand for the enhancement of efficiency & durability of the electrical powertrains of EV/HEV drive the growth of e-motor over the forecast period. The thermal management module segment is projected to witness a moderate growth over the forecast period. The rise in need to manage battery temperature, cabin area, heating, ventilation, cooling, and air-conditioning (HVAC), and powertrain system of vehicles is likely to further boost the market growth.

Based on propulsion, the global market has been segmented as hybrid, battery, and plug-in hybrid electric vehicle. The plug-in hybrid electric vehicle segment is expected to witness the highest growth during the forecast period due to growing development of charging infrastructure globally. Whereas the battery electric vehicle segment is projected to grow at significant rate over the forecast period due to growing demand for battery electric vehicles from Japan and South Korea.

Based on vehicle type, the global market has been segmented into passenger car and commercial vehicle. The passenger car segment holds the larger share in the global electric vehicle powertrain market over the forecast period given the demand for connected cars globally. The commercial vehicle segment is projected to witness a substantial growth over the forecast period due to growing demand for electrically driven light truck from emerging country like China, India, Brazil, and Argentina.

In terms of region, the global market for the electric vehicle powertrain is segmented as Europe, North America, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the largest market share and is projected to grow rapidly during the forecast period owing to growing production of electric vehicles and establishing manufacturing facilities of automotive powertrain. Moreover, the growing population, changing lifestyle, and rising purchasing power of people are expected to boost the demand for electric vehicle powertrain market in Asia-Pacific.

Europe is estimated to grow at a high rate in electric vehicle powertrain market during the forecast period with the presence of key players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), and Continental AG (Germany) are contributing in the growth of this market.

North America is expected to witness a substantial growth over the forecast period The increased spending on research and development to promote the vehicle advanced technologies and increased presence of major powertrain manufacturers such as BorgWarner Inc. and Dana Incorporated will increase the revenue for the electric vehicle powertrains during the forecast period in North America. Additionally, in the US, the US Environmental Protection Agency (EPA) and the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) established new fuel economy and greenhouse gas standards for vehicles. The standards are applied to all automobiles, including electric vehicles from 2012. These standards enhanced the demand for Powertrains in the country, which in turn drives the growth of this market.

The growing investment for the development of advanced powertrain solutions for the vehicles used in public transport across the Middle East & Africa and South America is expected to fuel the market growth. Furthermore, South America region is projected to grow at the faster rate than MEA region during the forecast period due to increased environmental awareness and stringent government vehicle standards are expected to influence the sales for automotive systems such as powertrains in Brazil and Argentina, which in turn drives the market growth in South America.

Scope of the Report

This study provides an overview of the global electric vehicle powertrain market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global electric vehicle powertrain market by component, propulsion, vehicle type, and region.

 By Component Type

• Battery


• E-motor


• Power Electronics


• Thermal Management Modules


• Others
  
  

By Propulsion

• Battery Electric Vehicle (BEV)


• Hybrid Electric Vehicle (HEV)


• Plug-in Hybrid Electric Vehicles (PHEV)
  
  

By Vehicle Type

• Passenger Car


• Commercial Vehicle
  
  

By Regions

• North America 


• Asia-Pacific 


• Europe


• Rest of the World  

Key Players

The prominent players operating in the global electric vehicle Powertrain market are EPT Co., Inc. (South Korea), WEG (Brazil), Bonfiglioli Riduttori S.P.A (Italy), IET S.p.A. (Italy), Automation Tooling Systems Inc. (Canada), Continental AG (Germany), AVL List GmbH (Austria), Magna International Inc. (Canada), Dana Incorporated (US), Mitsubishi Electric Corp (Japan), ZF Friedrichshafen AG (Germany), GKN PLC (UK), NXP Semiconductors (the Netherlands), Robert Bosch GmbH (Germany), and BorgWarner Inc. (US).