Electric Vehicle Powertrain Market Overview
The global electric vehicle powertrain market is witnessing a considerable rise in its size. The market growth attributes to the advent of electric vehicles and usages of powertrain systems in EVs to increase electric mobility and reduce the costs of operations. Besides, the increase in production and sales of electric cars and stringent emission regulations, drive the growth of the market. Moreover, increasing new energy vehicles (NEV) demand escalates the market demand to furthered height.
According to an eminent research firm, Market Research Future (MRFR), the global electric vehicle powertrain market is poised to reach USD 120 BN by 2025. In its recent COVID 19 analysis on the EV powertrain market, MRFR also asserts that the market 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.
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Increasing production of EVs means a growing need for rehauling the entire ecosystem and architecture of a vehicle and its surrounding environment. Besides, Carbon emission increased exponentially across the world over the past decades, push the market demand and hence, sales in the global EV powertrain market. Though it would take some time to develop zero carbon emission vehicles, electric vehicles are certainly one of the greener alternatives with fewer lifecycle emissions.
Governments across the world are fuelling the research projects to optimize components and test & simulation toolkits for powertrains, which in turn drive the market growth significantly. These researches to integrate ultra-high-speed motor solutions attract substantial investments, bringing about the development of innovative technologies next-generation mobility solutions. Conversely, high prices of EVs are significant factors slowing the growth of the market.
Players leading the global electric vehicle powertrain market include EPT Co., Inc. (South Korea), 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.
The report is segmented into four dynamics;
By Component: Battery, E-Motor, Power Electronics, Thermal Management Modules, and others.
By Propulsion : Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicles (PHEV), and others.
By Vehicle Type : Passenger Car, Commercial Vehicle, and others.
By Regions : Asia Pacific, North America, Europe, and Rest-of-the-World.
Asia Pacific dominates the global electric vehicle powertrain market. The market growth attributes to the massive increase in the production and sales of e-vehicles in the region. Besides, the increased installation of powertrain system and solutions in electric vehicles drive the market growth. Private and public organizations’ growing investments and the rise in demand for safety features in 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. China holds a significant share in the regional market, followed by India. India launched FAME I, FAME II, and various tax concession schemes to promote electric vehicles. The APAC electric vehicle powertrain market is projected to retain its dominance throughout the assessment period.
North America stands second in the global electric vehicle powertrain market. The market is driven by the growing demand for electric vehicles with a low operating cost. Moreover, the increased government backing and support for the development of the EV powertrain industry push the regional market growth. Also, investments in research and development, large potential consumer base in the US, and Canada create a huge demand for environment-friendly vehicles, contributing to the EV powertrain sales.
Europe, too holds 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 creating zero-emission zones in countries like the UK and France increase the demand for electric vehicles to foster the growth of the regional market. Furthermore, favorable incentives policies to buy electric trucks propel the growth of the market in the region.
Highly competitive, the electric vehicle powertrain market appears fragmented due to the presence of several well-established players. These players incorporate strategies like mergers & acquisition, collaboration, technology/product launch, and expansion, to gain a larger competitive share.
With the industry, technologies, and EVs changing faster than ever before, research projects to optimize components and test & simulation toolkits for powertrains have become crucial.
Many researches to integrate ultra-high-speed motor solutions has opened up substantial investment opportunities for the market players. Industry players are investing substantially to develop innovative technologies that can ease the challenges of next-generation mobility solutions.
Industry/ Innovation/ Related News
August 05, 2020 —– MiddleGround Capital, a private equity firm, announced the acquisition of majority ownership of Dura Automotive Systems. With the addition of Dura’s engineering capabilities, MiddleGround would help develop next-generation products of superior quality.
Dura operates through its mechatronics, lightweight structures, and exterior trim segments. It makes shift-by-wire actuators, advanced driver-assistance systems (ADAS), and electric vehicle (BEV) battery trays, mechatronic control systems, and others. It supplies leading automotive OEMs and Tier one companies globally with more than 300 platforms across all light vehicles and powertrain types.
August 08, 2020 —– Bentley Motors announced its project – OCTOPUS that aims to deliver e-powertrain of the future transforming electric vehicle powertrains with a fully integrated, free from rare-earth magnet e-axle that supports electric vehicle architectures. OCTOPUS project is funded by the British Department for Low Emission Vehicles and would be conducted in collaboration with Innovate UK.
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