EV Powertrain Market 2027 By Product Type, Application

EV Powertrain Market to 2027 - Global Analysis and Forecasts By 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)

  • Report Code : TIPRE00002938
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 134
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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.

Lucrative Regional EV powertrain Market

Lucrative Regional EV powertrain Market
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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.


Europe EV powertrain Market by Application

Europe EV powertrain Market
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EV Powertrain Market: Strategic Insights

ev-powertrain-market
Market Size Value inUS$ 30,095.5 Million in 2018
Market Size Value byUS$ 82,382.3 Million by 2027
Growth rateCAGR of 12.0% from 2019-2027
Forecast Period2019-2027
Base Year2019
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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. 


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
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type ; Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Canada, China, France, Germany, India, Japan, Mexico, Netherlands, Slovakia, South Korea, Sweden, United Kingdom, United States

Frequently Asked Questions


What are reasons behind Asia-Pacific EV powertrain market growth?

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

What are market opportunities for EV Powertrain?

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

Which application holds the major share in EV powertrain market?

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.

The List of Companies - EV Powertrain Market

  1. Continental AG
  2. Robert Bosch GmbH
  3. Cummins, Inc.
  4. Maxim Integrated Products, Inc.
  5. Magna International Inc.
  6. Tata Elxsi
  7. Dana Limited
  8. Valeo SA
  9. Mahle GmbH
  10. ZF Friedrichshafen AG

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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