EV Powertrain Market Share and Forecast by 2027

The EV powertrain market accounted to US$ 30,095.5 Mn in 2018 and is expected to grow at a CAGR of 12.0% during the forecast period 2019 – 2027, to account to US$ 82,382.3 Mn by 2027.

Geographically, the EV powertrain market is segmented into North America, APAC, Europe, and Rest of World. Asia-Pacific led the EV powertrain market in 2018 with a significant market share, and is also anticipated to be the fastest growing region during the forecast period of 2019 to 2027. Following by Europe which has some well-developed countries, and the region has a strong automotive sector which is expected to drive the growth of the EV powertrain market in the region. Whereas in North America the OEMs and technology providers continually invest significant amounts in the development of robust solutions, which is attracting vehicular customers. China is the largest EV manufacturing country, and the adoption rate of EVs is highest worldwide, several international EV manufacturers are investing in the country and are expanding their production units to the country. For instance, Tesla is investing US$ 2.0 Bn in a new factory in Shanghai, China, for the production of the Model 3 sedan and future vehicles. Volkswagen has also adopted a similar strategy to capitalize more than US$ 10 Bn in China for over six years.
Europe is the second-largest market in the EV powertrain market. North America remains the third-largest geographic segment in the EV powertrain market. In North America, growing popularity of electric vehicles, strong automotive industry in countries such as the US and Canada, and presence of a large number of EV powertrain providers are some of the major factors that are expected to support the growth of EV powertrain market in the region.

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EV Powertrain Market: Strategic Insights

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Market Insights

Government Initiatives Toward Adoption of EV Powertrains

The global automotive industry is experiencing a significant shift from traditional vehicles to electric vehicles. Governments in various countries are taking initiatives to drive the adoption of electric vehicles. For instance, the Government of Canada invested US$ 182.5 million to develop fast charging network for electric vehicles. Also, in December 2017, the Federal Government of Canada released its Greening Government Strategy, which aims to reduce greenhouse gas emissions by 80% by 2050. Also, according to Clean Energy Canada, the Canadian government invested US$ 1 billion in 2017 for the production of EVs. In 2019, more than 40 models of electric vehicles were available in the Canadian market due to increasing production and demand. Also, electric vehicles account for 2.5% of all vehicles sold in Canada. Furthermore, according to GOV.UK, in July 2019, authorities in the UK invested up to US$ 100 million for the development of next generation electric vehicles. Thus, the government is also collaborating with industry leaders to accelerate the development of electric and hybrid vehicles.

Technological Development in Conventional Engines

Over the past years, cars have witnessed significant technological advancements, especially in the development of alternative technologies. The technologies such as electric drive systems are likely to hold a major share in the automotive sector. The engines are undergoing evolution, with new fuel economy and emission standards. Furthermore, electrification of vehicles has been considered an advancements of automotive technology.

Product Type Insights

The global EV powertrain market by type is segmented into series hybrid powertrain, battery electric vehicle powertrain, series-parallel hybrid powertrain, mild hybrid powertrain, parallel hybrid powertrain. Battery electric vehicle powertrain segment dominated the EV powertrain market heavily and is projected to continue its dominance throughout the forecast period from 2019 – 2027. The battery electric vehicle powertrain is the most popular electric powertrain in the current EV powertrain industry scenario.

Application Insights

The EV powertrain market by vehicle type is further segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment of the EV powertrain market dominated the vehicle type and is expected to continue its dominance throughout the forecast period of 2019 – 2027. The rising demand for passenger cars across the globe has attributed to the increasing disposable income among the populations in developed and developing countries.

Market initiative is observed to be most adopted strategy in the global EV powertrain market. Few of the recent market initiatives are listed below:

2019:Continental AG announced that it would start mass production of its first fully integrated axle drive in China. The motors produced would be used in vehicles from both Chinese and European OEMs.
2019:Hydro-Québec announced that the company has invested $85 million to secure the growth of TM4, now called Dana TM4, and to ensure its leadership position in the electric powertrain sector. Since June 2018, Hydro-Québec has held a 45% interest in subsidiary Dana TM4 as part of a strategic partnership with Dana Incorporated.
2019:Mahle developed a fully integrated modular hybrid drive that can be used for a wide range of applications. The MAHLE Modular Hybrid Powertrain is a fully integrated plug-in hybrid drive that includes a 2- or 3-cylinder, turbocharged gasoline engine. 

EV Powertrain Market Regional Insights

The regional trends and factors influencing the EV Powertrain Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses EV Powertrain Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

EV Powertrain Market Report Scope

EV Powertrain Market Players Density: Understanding Its Impact on Business Dynamics

The EV Powertrain Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the EV Powertrain Market are:

1. Continental AG
2. Robert Bosch GmbH
3. Cummins, Inc.
4. Maxim Integrated Products, Inc.
5. Magna International Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

GLOBAL EV POWERTRAIN MARKET SEGMENTATION

Global EV Powertrain Market - By Product Type

• Series Hybrid Powertrain
• Battery Electric Vehicle Powertrain
• Series-Parallel Hybrid Powertrain
• Mild Hybrid Powertrain
• Parallel Hybrid Powertrain

Global EV Powertrain Market - By Application

• Passenger Cars
• Commercial Vehicles

Global EV powertrain Market - By Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • UK
  • Sweden
  • Netherlands
  • Slovakia
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • Japan
  • India
  • South Korea

• Rest of the World (ROW)

Global EV Powertrain Market - Company Profiles

• Continental AG
• Robert Bosch GmbH
• Cummins, Inc.
• Maxim Integrated Products, Inc.
• Magna International Inc.
• Tata Elxsi
• Dana Limited
• Valeo SA
• Mahle GmbH
• ZF Friedrichshafen AG