Electric Powertrain Market USD 667.31 billion by 2028, registering a CAGR of 34.72% – Report by Market Research Future (MRFR)
New York, Sept. 13, 2021 (GLOBE NEWSWIRE) — EV Powertrain Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle Powertrain Market Research Report, Component, Propulsion, Vehicle Type and Region – Forecast till 2028” the 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.
Key Players
Eminent market players profiled in the global electric vehicle powertrain industry report include –
- 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)
- Dana Incorporated (US).
The global electric vehicle powertrain market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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COVID-19 Analysis
The COVID-19 outbreak has impacted the overall automotive industry resulting in a subsequent decline in the growth of the market owing to low new needs and low automotive sales. The crisis led to a global economic slowdown. Government imposed lockdowns in various parts of the globe to prevent the spread of the virus resulted in supply chain disruptions and a temporary ceasing of production at different production facilities. The electric vehicle powertrain market is especially vulnerable for its dependency on global sourcing for the core technology of its batteries. The initial cost of purchase of EVs is more significant than their gas-powered and hybrid counterparts. The growth of the market is being affected by the growing price sensitivity of customers at the current crisis. Besides, Europe that is a leading region for the adoption of electric vehicles is also witnessing a huge decline in the sales of electric cars.
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https://www.marketresearchfuture.com/reports/electric-vehicle-powertrain-market-8276
Electric Vehicle Powertrain Market Drivers
Increasing Sales of Electric Vehicles to Boost Market Growth
The increasing sales of electric vehicles due to stringent government norms in different regions for curbing the carbon footprint together with the different environmental protection laws for the automotive sector are likely to add to the global electric vehicle powertrain market value over the forecast period. In the wake of the same, governments of various regions also offer good policies and incentives to increase the adoption of electric & battery-powered vehicles in the region.
Electric Vehicle Powertrain Market Challenges
Growing Deployment of Simulation Technology in Powertrain System to act as Market Challenge
The growing deployment of simulation technology in powertrain system may act as a market challenge over the forecast period.
Electric Vehicle Powertrain Market Restraints
Lack of Infrastructure for Electric Cars to act as Market Restraint
The lack of infrastructure for electric cars from emerging nations may act as a market restraint over the forecast period.
Electric Vehicle Powertrain Market Challenges
Lack of Standard Development Protocols to act as Market Challenge
The lack of standard development protocols for electric vehicle powertrain component may impede the electric vehicle powertrain market share over the forecast period.
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Market Segmentation
The global electric vehicle powertrain market is segmented based on component, propulsion, and vehicle type.
By component, the battery segment will lead the market over the forecast period for the growing adoption of bigger battery packs in vehicles for higher ranges, long distance drive, and more power.
By propulsion, the plug-in hybrid electric vehicle will dominate the market over the forecast period for the growing development of charging infrastructure globally.
By vehicle type, the passenger car segment for the demand for connected cars globally.
Regional Analysis
APAC to Command Electric Vehicle Powertrain Market
The APAC region will command the market over the forecast period. Massive increase in the production & sales of e-vehicles that results in the increased installation of powertrain system and solutions in electric vehicles, increasing investments by public and private players, growing need for safety features in vehicles, growing production of electric vehicles, establishing manufacturing facilities of automotive powertrain, growing population, rising purchasing power of people, and changing lifestyle are adding to the global electric vehicle powertrain market growth in the region.
North America to Have Favorable Growth in Electric Vehicle Powertrain Market
North America will have favorable growth in the market over the forecast period for the increased spending on research and development for promoting the vehicle, advanced technologies, increased presence of major powertrain manufacturers, EPA and NHTSA establishing a new fuel economy in the US and greenhouse gas standards for cars are adding to the global electric vehicle powertrain market growth over the forecast.
Segmentation of Market covered in the research:
Electric Vehicle Powertrain Market Research Report: Information, by Component (Battery, E-Motor, Power Electronics, Thermal Management Modules and others), Propulsion (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicles (PHEV)), Vehicle Type (Passenger Car and Commercial Vehicle) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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