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Market Research Future Insights
According to MRFR analysis, the global Electric Vehicle Powertrain market is expected to register a CAGR of ~36.1% from 2022 to 2030 and hold a value of over USD 700 billion by 2030.
The powertrain is a crucial part of the electric vehicles that have hit the market in recent years and will continue to do so in the next few years. The future of the automobile industry is heading towards electric power, which means that the prospects for this crucial component of electric vehicles are good in the future. The outbreak of COVID-19 has had a significant impact on the electric vehicle powertrain market. The pandemic has caused a major disruption to the manufacturing industry globally, which has had a knock-on effect on the automobile industry. The pandemic has resulted in a shortage of manpower, as well as challenges in assembling units. The export and import chain of the global market has been impacted, resulting in a setback for the automobile industry.
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Regional Analysis
Asia Pacific is projected to experience significant growth during the forecast period. The main driver for the high market penetration of electric vehicles is a variety of government initiatives encouraging EV sales, such as EV sales quotas, fuel economy targets, and license plate assignment advantages for EVs in countries such as China. Additionally, the implementation of strict emission regulations such as BS-VI in India and China VI in China is boosting the e-powertrain market in this region.
Market Segmentation
The Global Electric Vehicle Powertrain market has been segmented into components, propulsion, and vehicle type.
Based on the component, the market has been segmented into Battery, E-Motor, Power Electronics, Thermal Management Modules, and others.
Based on the propulsion, the market has been segmented into Battery Electric vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV).
Based on the vehicle type, the market has been segmented into Passenger cars and Commercial Vehicle.
Key Players
Some of the key market players are ZF Friedrichshafen AG, EPT Co., Inc., WEG, Bonfiglioli Riduttori S.P.A, IET S.p.A., Automation Tooling Systems Inc., GKN PLC, NXP Semiconductors, Robert Bosch GmbH, BorgWarner Inc., Continental AG, AVL List GmbH, Mitsubishi Electric Corp, Magna International Inc., and Dana Incorporated.
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