NOIDA, India, Nov. 2, 2022 /PRNewswire/ — According to a new report published by UnivDatos Market Insights, the Electric Powertrain Market is expected to reach at 190 billion in 2028, growing at a CAGR of 15% from 2022-2028. The analysis has been segmented into Vehicle Type (BEV and HEV/PHEV); Component (Motor/Generator, Battery, Power Electronics Controller, Converter, Transmission, and On-Board Charger); Region/Country.
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The Electric Powertrain market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Electric Powertrain market. The Electric Powertrain market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Electric Powertrain market at the global and regional levels.
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Market Overview
Electric powertrain systems include the main components that generate and deliver power to the road surface for fully electric, hybrid electric, and plug-in hybrid electric vehicle applications.
The Global Electric Powertrain Market is expected to witness a significant CAGR of around 15% during the forecast period owing to the increasing demand for electric vehicles and rising incentives and subsidies by governments across the world for mass adoption and domestic production of electric vehicles. For instance, the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME I and II) helped create the initial interest and exposure for electric mobility. For instance, in phase two of FAME, the government announced an outlay of USD 1.4 billion through 2022. Moreover, reducing the prices of batteries to support demand for cost-effective EVs coupled with the development of private and semi-public EV charging stations is further expected to increase the adoption of EVs during the forecast period. Thus, driving the market for electric powertrain during 2022-2028.
Some of the major players operating in the market include Robert Bosch GmbH, Mitsubishi Electric Corp, Magna International Inc., Continental AG, Schaeffler AG, BorgWarner Inc., ZF Friedrichshafen AG, Valeo SE, Nidec Corporation, and Magneti Marelli Ck Holdings.
COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the Electric Powertrain industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for electric powertrain manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China, as an automobile manufacturing powerhouse, is controlling the global automotive industry. China’s supply shortages have triggered a chain reaction throughout the world.
The global electric powertrain market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on vehicle type, the electric powertrain market is divided into BEV and HEV/PHEV. The BEV segment is expected to witness the highest growth during the forecast period owing to the rapid investments in R&D activities by industry participants to develop advanced powertrain solutions for BEVs. For instance, in October 2021, Tesla announced the use of Lithium Iron Phosphate (LFP) based batteries in all its standard range of electric cars to increase its profit margin. Further, BEVs have become an integral part of the automotive industry and represent a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. Thus, with increased government focus on promoting EV adoption to further drive the growth of the BEVs segment.
- Based on component, the electric powertrain market is categorized into motor/generator, battery, power electronics controller, converter, transmission, and onboard charger. The battery segment is expected to hold a majority share throughout the forecast period owing to the ongoing development of Lithium-Ion Batteries coupled with a higher share of batteries in overall powertrain cost. In addition, major stakeholders in the market are engaging in strategic alliances to develop and innovate EV batteries. For instance, in July 2020, China’s electric vehicle (EV) battery maker Contemporary Amperex Technology (CATL) announced that Japanese automaker.
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Electric Powertrain Market Geographical Segmentation Includes:
- North America (United States, Canada, and the Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
- Rest of the World
APAC grabbed the leading market share of the global market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to the growing working population and expanding middle-class population thus creating demand for new-age electric vehicles. Furthermore, the presence of a large pool of skilled & semi-skilled workforce and cost-effective manufacturing in countries like India and China along with the presence of a vast number of automobile manufacturing businesses and OEMs in the region is further expected to drive the market.
The major players targeting the market include
- Robert Bosch GmbH
- Mitsubishi Electric Corp
- Magna International Inc.
- Continental AG
- Schaeffler AG
- BorgWarner Inc.
- ZF Friedrichshafen AG
- Valeo SE
- Nidec Corporation
- Magneti Marelli Ck Holdings
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Electric Powertrain Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Electric Powertrain market?
- Which factors are influencing the Electric Powertrain market over the forecast period?
- What are the global challenges, threats, and risks in the Electric Powertrain market?
- Which factors are propelling and restraining the Electric Powertrain market?
- What are the demanding global regions of the Electric Powertrain market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Electric Powertrain Market Report Coverage
|
Report Attribute |
Details |
|
Base year |
2020 |
|
Forecast period |
2022-2028 |
|
Growth momentum |
Accelerate at a CAGR of 15% |
|
Market size 2028 |
USD 190 billion |
|
Regional analysis |
North America, Europe, APAC, Rest of World |
|
Major contributing region |
APAC to Dominate the Global Electric Powertrain Market |
|
Key countries covered |
United States, Canada, Germany, United Kingdom, Italy, France, China, Japan, India, South Korea |
|
Companies profiled |
include Robert Bosch GmbH, Mitsubishi Electric Corp, Magna International Inc., Continental AG, Schaeffler AG, BorgWarner Inc., ZF Friedrichshafen AG, Valeo SE, Nidec Corporation, and Magneti Marelli Ck Holdings. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
|
Segments Covered |
By Vehicle Type; By Component; By Region/Country |
About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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