ID: MRFR/AM/6804-HCR | February 2021 | Region: Global | 185 pages
Electric Vehicle Powertrain Market is projected to be worth USD 667.31 billion by 2028, registering a CAGR of 34.72% during the forecast period (2021 - 2028), The market was valued at USD 88.25 billion in 2021.
The powertrain is a crucial part of the Electrical vehicles that continue to hit the market this year. Even in the next few years, the EV segment will see growth because of the interest of people in electrically operated vehicles. There is a curiosity among people regarding electric vehicles and automobiles. This is because electric cars and vehicles provide room for sustainability and alternate fuel consumption. The future of the automobile segment is electrical power. Therefore, the prospects for this crucial component of electric vehicles are very good in the future.
In this market research report, the various aspects of the electric vehicle powertrain market are discussed along with the detailed forecast. The report discusses the various drivers of the market. Secondly, the report discusses the various opportunities present in the electric vehicle powertrain market during the forecast period. Thirdly, the report also focuses on the different challenges that continue to exist in the electric vehicle powertrain market. Without resolving the existing restraints in the Electric Vehicle Powertrain Market, progress is not possible. Moreover, the challenges need to be addressed in the electric vehicle powertrain market. These factors have a lasting influence on the electric vehicle powertrain market.
A powertrain is a set of components that provide power to the vehicle during movement. The powertrain generates the power for consumption inside the vehicle. A powertrain is probably the most important component of the electric vehicle. Therefore, the manufacturing of an electric vehicle needs the creation of a powertrain too. The powertrain of the electric vehicle is simpler than the traditional vehicle's powertrain. However, the powertrain manufacturing segment needs the support of manpower and intellectuals for growth. The electric vehicle powertrain market, therefore, has many factors to take into consideration while projecting the future forecast.
COVID 19 impact
The COVID 19 pandemic has even affected the electric vehicle powertrain market. The COVID 19 pandemic had a huge impact on the manufacturing industry. This impact was not positive. In fact, the shutdown of manufacturing units across the globe affected different areas of manufacturing. Since manufacturing is a core industry, it also led to a decline in the prospects of the other allied industries. The same phenomenon also happened with the electric vehicle powertrain market.
The automobile manufacturing industry was affected to a great extent. Apart from the shortage of manpower and the challenges erected by the pandemic, there were also challenges in assembling the units too. Many automobiles have parts that are exported from different countries and assembled in one place. Since the export and import chain of the global market was impacted, the automobile industry faced a setback.
On the other hand, automobile sales were also impacted due to the financial instability faced due to the pandemic. All these factors aggravated by the COVID 19 pandemic influenced the electric vehicle powertrain market during the past year. The electric vehicle powertrain market, therefore, saw a huge decline in both demand and supply. However, 2021 has brought back people's attention to the Electric vehicle market. This is an impetus for the electric vehicle powertrain market.
The various drivers of the electric vehicle powertrain market are the ones that influence the growth and trends of the market. The manufacturing and sales of Electrical Vehicles is a factor that influences the electric vehicle powertrain market directly. The development of electric vehicle manufacturing infrastructure in the different regional markets is also an important driver of the segment. On the other hand, demand for energy-efficient vehicles in the global electric vehicle market is also a factor. For example, according to market reports, the total share of electric vehicles in 2020 in the overall vehicle sector has risen by 4 percent. The graph of growth for the electric vehicle segment is only rising high. Since the electric vehicle powertrain market closely links up with the EV segment, the market gets influenced by this too.
The continued research and development of better EVs and more energy-efficient engines is a significant opportunity for the electric vehicle powertrain market growth. Stringent emission regulations in the world for a better environment are also a significant opportunity for the EV segment and the Electric Vehicle Powertrain Market. The stringent rules decrease the window for traditional exhaustible fuel engines. On the other hand, it creates a natural inclination toward electrically powered engines. The EVs have started entering the market, which already creates a great opportunity for the Electric Vehicle Powertrain Market.
The lack of standard development protocols for EV components, including the Electric Vehicle Powertrain, is a market restraint that can impede the electric vehicle powertrain market growth. The market restraint exists currently but with development. There are signs that this restraint will cease to exist. However, this means that the present Electric Vehicle Powertrain Market faces many hurdles because of this. While there are standard development protocols for electrical vehicle powertrains and other components in developed countries, the same is not present in underdeveloped countries. This creates restraints and disparity.
There are many market challenges that exist in the current Electric Vehicle Powertrain Market. Since the electric vehicle and its components market is only developing now, these challenges have risen out of the voids in the infrastructure of the market. These challenges will resolve with further investment and development of the sector. Even the developing countries lack manufacturing infrastructure that impedes the growth of the Electric Vehicle Powertrain Market. However, the Electrical vehicle segment is seeing growth in developing countries. This will further drive the electric vehicle powertrain market trends. There are many new electric vehicle powertrain market trends that will drive electric vehicle powertrain market growth.
Cumulative growth analysis
In the Electric Vehicle Powertrain Market forecast period, the market will grow at a rate of 33.55 percent. This is a great sign of market growth in the forecast period. The electric vehicle powertrain market value will reach US $135 billion in the year 2028. The CAGR and projected growth are tremendous in terms of the years left till the end mark. The drive for sustainability in the vehicle segment will increase electric vehicle powertrain market value. The prospects in the Electric Vehicle Powertrain Market Forecast period are very favorable for the key players of the market.
The Electric Vehicle Powertrain Market divides into different segments depending on different criteria and parameters. For example, the market divides into different segments depending upon components. The segments are battery, e-motor, and power electronics based on components. By component, the Electric Vehicle Powertrain Market divides into BEV, HEV, and PHEV. By vehicle type also the Electric Vehicle Powertrain Industry divides into passenger cars and commercial vehicles.
The Electric Vehicle Powertrain Industry divides into different regions of the world. The key players of the Electric Vehicle Powertrain Market have a significant presence in certain regional markets of the world. The electric vehicle powertrain market share according to regions divides into major markets of North America, Europe, Asia Pacific. All other Electric Vehicle Powertrain Market segments fall under the rest of the world. The Electric Vehicle Powertrain Market was led by the Asia Pacific region. The electric vehicle powertrain market share was followed by the European and the North American regions. The Asia Pacific region leads the electric vehicle powertrain market share in the next few years too. The North American region will also grow in the forecast period.
The competitive landscape of the electric vehicle powertrain industry is also included in the Electric Vehicle Powertrain Market analysis. The different key players of the Electric Vehicle Powertrain Market contribute majorly to the development of the electric vehicle powertrain market size.
Here are the different key players of the market:
There are many recent developments in the electric vehicle powertrain industry that support the growth of electric vehicle powertrain market size.
For example, the key players are engaging in M&A activities to consolidate their place in the rapidly growing. Weichai Power Co. acquired Aradex AG in December 2019. In the same year, Nordesa Inc was acquired by Dana Inc.
The global electric vehicle powertrain market outlook or overview is as follows:
This report focuses on the different market trends of the market in discussion up to 2028 and discusses the Electric Vehicle Powertrain Market analysis of the period. It highlights the key drivers, significant opportunities for growth and presents market challenges of the Electric Vehicle Powertrain Market. Thirdly, it discusses the segmentation of the Electric Vehicle Powertrain Market over various criteria and includes the major regional market analysis. Additionally, the electric vehicle powertrain market outlook sheds more light on the competitive landscape and recent developments of the market. The report produces a comprehensive summary of the Electric Vehicle Powertrain Market forecast for the readers.
|Market Size||2028: USD 667.31 billion|
|CAGR||34.72% CAGR (2021-2028)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Propulsion and Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ZF Friedrichshafen AG (Germany), EPT Co., Inc. (South Korea), WEG (Brazil), Bonfiglioli Riduttori S.P.A (Italy), IET S.p.A. (Italy), Automation Tooling Systems Inc. (Canada), GKN PLC (UK), NXP Semiconductors (the Netherlands), Robert Bosch GmbH (Germany), BorgWarner Inc. (US), Continental AG (Germany), AVL List GmbH (Austria), Mitsubishi Electric Corp (Japan), Magna International Inc. (Canada), and Dana Incorporated (US).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Asia Pacific region will generate the highest revenue by the end of the Electric Vehicle Powertrain Market forecast period.
The global Electric Vehicle Powertrain Market will grow at a percentage of 34.72% percent till the forecast period.
The leading segment of the Electric Vehicle Powertrain Market is the battery-driven vehicle one.