EV Powertrain Market 2027 By Product Type, Application | The Insight Partners
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
EV Powertrain Market
-
CAGR (2018 - 2027)
12.0%
-
Market Size 2018
US$ 30.1 Billion
-
Market Size 2027
US$ 82.38 Billion
Market Dynamics
GROWTH DRIVERS
- Demand for eco-friendly vehicles
- Rising government incentives for EV adoption
FUTURE TRENDS
- Development of lightweight powertrains
- Advances in battery technology
OPPORTUNITIES
- Growth in electric vehicle infrastructure
- Expansion in emerging markets
Key Players
- Continental AG
- Robert Bosch GmbH
- Cummins Inc
- Maxim Integrated Products Inc
- Magna International Inc
- Tata Elxsi
- Dana Limited
- Valeo SA
- Mahle GmbH
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product Type
- Series Hybrid Powertrain
- Battery Electric Vehicle Powertrain
- Series-Parallel Hybrid Powertrain
- Mild Hybrid Powertrain
- Parallel Hybrid Powertrain
Application
- Passenger Cars and Commercial Vehicles
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
EV Powertrain Market: Strategic Insights
-
CAGR (2018 - 2027)12.0% -
Market Size 2018
US$ 30.1 Billion -
Market Size 2027
US$ 82.38 Billion
Market Dynamics
- Demand for eco-friendly vehicles
- Rising government incentives for EV adoption
- Development of lightweight powertrains
- Advances in battery technology
- Growth in electric vehicle infrastructure
- Expansion in emerging markets
Key Players
- Continental AG
- Robert Bosch GmbH
- Cummins Inc
- Maxim Integrated Products Inc
- Magna International Inc
- Tata Elxsi
- Dana Limited
- Valeo SA
- Mahle GmbH
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Series Hybrid Powertrain
- Battery Electric Vehicle Powertrain
- Series-Parallel Hybrid Powertrain
- Mild Hybrid Powertrain
- Parallel Hybrid Powertrain
- Passenger Cars and Commercial Vehicles
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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 $85 million to secure the growth of TM4, now called Dana TM4, and to ensure its leadership position in the electric powertrain sector. Since June 2018, Hydro-Québec has held a 45% interest in subsidiary Dana TM4 as part of a strategic partnership with Dana Incorporated.
2019:Mahle developed a fully integrated modular hybrid drive that can be used for a wide range of applications. The MAHLE Modular Hybrid Powertrain is a fully integrated plug-in hybrid drive that includes a 2- or 3-cylinder, turbocharged gasoline engine.
EV Powertrain Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2018 | US$ 30.1 Billion |
Market Size by 2027 | US$ 82.38 Billion |
Global CAGR (2018 - 2027) | 12.0% |
Historical Data | 2016-2017 |
Forecast period | 2019-2027 |
Segments Covered |
By Product Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Canada, China, France, Germany, India, Japan, Mexico, Netherlands, Slovakia, South Korea, Sweden, United Kingdom, United States
Frequently Asked Questions
The passenger vehicle segment led the EV powertrain market, by application. The trend of procurement of passenger cars is increasing at a high rate over the years and the trend is anticipated to continue in the future. Passenger car segment undergo substantial technological advancements year on year, owing to the changes in consumer interests, emergence of new technologies. Also, the trend of procurement of passenger cars is increasing at a decent rate over the years. The increase in awareness among the vehicular customers related to the benefits of electric vehicles has resulted in downsizing of fossil fuel vehicles. Also, several governmental initiatives have propelled the growth of electric passenger cars over the years.
Key players in the automotive market are focusing on investing in the production of electric vehicles. There have been prominent collaborations in recent years between automakers and tech companies to develop technologically advanced electric vehicles. For instance, in December 2019, Fiat Chrysler planned a merger with French automaker PSA Group to focus on the development of electric vehicles. As the market is moving toward EV adaptation, due to changing business strategy in order to innovate, the ICE vehicle manufacturers are shifting their focus towards EVs. Further, with increasing awareness about the rising levels of greenhouse gas emission and negative impacts of the conventional vehicles in the form of increasing population are the major factors propelling key players to invest in electric vehicles
The growth of the EV powertrain market in the Asia-Pacific region is primarily driven by the growing automotive industry. Asia-Pacific EV powertrain market is progressing rapidly with China holding the leading position followed by Japan and South Korea. China dominates the entire Asia-Pacific region in terms of the number of electric vehicles. Pertaining to a growing middle class, high economic growth, and rapid technological advancement have created immense growth opportunities for the various industries especially automotive industry. China has been the largest automotive market globally over the years. The growth in the automotive sector in China has been achieved mainly through the establishment of various joint ventures with car manufacturers such as Volkswagen, General Motors, and others
The List of Companies - EV Powertrain Market
- 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