Electric Vehicle Power Train Market – Global Industry Analysis and Forecast (2022-2029)

Electric Vehicle Power Train Market size was valued at US$ 128.07 Bn. in 2022 and the total revenue is expected to grow at 33.5% through 2023 to 2029, Electric Vehicle Power Train Market is reaching nearly US$ 967.87 Bn. by 2029.
Electric Vehicle Power Train Market Overview:
In the automotive industry, the growing demand for comfort, safety, and performance is becoming a serious worry. Manufacturers are gradually incorporating powertrains into vehicles in order to generate power in the engine, crank up acceleration, gain traction, and have a high towing capacity. In addition, automakers are concentrating on incorporating powertrain sensors and actuators into vehicles for improved transmission systems. Global demand for automotive powertrains will continue to be fueled by an increase in demand for improved transmission systems. Government laws governing carbon dioxide emissions will continue to have a favorable impact on the global automotive powertrain market's growth.To know about the Research Methodology :- Request Free Sample Report
Electric Vehicle Power Train Market Dynamics:
Regulations by the government will have an impact on global market growth – Electric vehicle demand is expected to rise globally as governments in various countries increasingly focus on developing smart cities. Governments in many nations are increasingly establishing laws about the amount of carbon dioxide emitted in the country in order to limit carbon dioxide emissions in the environment. Increasing demand for electric vehicles has resulted from a growing desire to cut emissions and control pollution levels. The surge in demand for electric vehicles will keep driving up demand for automotive powertrains around the globe.

Technological Advancements to Highlight Profitable Future Growth – Manufacturers are constantly working on introducing engine downsizing into automobiles in order to cut consumption and fuel emissions. Globally, increasing engine downsizing integration will continue to be a prominent trend in the automotive industry. Manufacturers are also concentrating on incorporating engine management sensors to increase engine efficiency and optimize fuel economy. Automotive businesses are focusing their efforts on providing vehicles with sensor clusters and smart actuators.

Global demand for automotive powertrains will continue to be fueled by the growing requirement to integrate automotive components such as transmissions, smart actuators, and sensor clusters. Manufacturers are also emphasizing the integration of cutting-edge technology elements like combustion control to enable effective pollution prevention. As a result of these reasons, the worldwide automotive powertrain industry is predicted to increase significantly over the next few years.

Automatic transmissions are becoming increasingly popular – An automatic gearbox in an engine is a form of motor vehicle transmission that changes the gear ratio automatically as the vehicle drives, rather than using a clutch. Furthermore, producers in the business are attempting to provide cost-effective solutions without sacrificing vehicle performance through their product offerings. As a result, they're pursuing a variety of growth initiatives in order to meet the growing demand for transmission systems in the automobile industry. The growing demand for automatic transmission in the sector, as a result of stringent regulations, is likely to propel the electric powertrain testing market forward throughout the forecast period.

Infrastructure, laws, consumer preference, and technology are all variables that influence the rapid use of electric powertrains. The global adoption of electric powertrains will be heavily influenced by the penetration of PHEVs and BEVs. In the United States and Europe, regulations for measuring CO2 emissions are growing more stringent. Europe has set a target of 95 g/km by 2022, with a further 37.5 % decrease by 2030, bringing the total to 59 g/km. Meanwhile, until 2025, North American has set the emission limit for passenger vehicles at 99 g/km, based on Corporate Average Fuel Economy (CAFE) norms. OEMs will need to increase sales of electrified vehicles in the coming years to satisfy emission limits and limit liability.

Electric Vehicle Power Train Market Segment Analysis: the Electric Vehicle Power Train Market is segmented into Component, Vehicle, and Technology.

Based on the Component, the market is sub-segmented into Motor/Generator, Battery, Power Electronics Controller, Converter, Transmission, and On-Board Charger. In 2022, the battery segment had the highest revenue share of roughly 64 %. When it comes to vehicle electrification, the battery is the most important component. In BEVs, it is used as the sole power source, whereas in green vehicles, it is paired with other power sources. The battery pack accounts for almost half of the entire cost of a BEV. Over the forecast period, technological developments in battery technology are expected to result in lower battery pack pricing.
Over the forecast period, the motor/generator segment is expected to grow at a rate of more than 30%. The rising global penetration of BEVs and PHEVs is driving demand for e-motors. Similar e-motor setups can be installed in these vehicles. For example, in August 2022, Nidec Corp., an e-motor producer, launched a joint venture to manufacture vehicle traction motors with GAC Components Co., Ltd., a part of Guangzhou Automobile Group Co., Ltd.

Based on technology, the market is sub-segmented into Battery Electric vehicles and Hybrid Electric vehicles. In 2022, the BEV segment had the highest revenue share, around 71 %. The

large share can be linked to a drop in ICE car sales and CO2 goal constraints. BEV adoption at a mass level is a more effective strategy for decreasing emissions and lowering the total cost of ownership in the long run. Over the forecast period, developments in battery technology and lower Lithium-ion battery pricing are also expected to enhance demand for BEVs.

The HEV market is expected to grow at the fastest rate, with a CAGR of over 36%. These cars are built to maximize the usage of an internal combustion engine in combination with a low-range, high-voltage (HV) electric powertrain. PHEVs have a more powerful electric motor and a much larger battery that can be recharged with the assistance of an external power source. As a result, they provide consumers with a flexible and convenient choice.
Electric Vehicle Power Train Market Regional Analysis:
In 2022, Asia Pacific had the highest revenue share, accounting for more than 43%. The rapid adoption of electric vehicles in India and China is responsible for the high market share. Individuals' per capita incomes have risen in these countries, resulting in a major growth in the use of electric vehicles. The regional market is also expected to grow as severe environmental rules and emission criteria, such as BS VI and China VI, are implemented. Electric infrastructure development is becoming increasingly important in countries such as China.

Due to the presence of multiple OEMs in the region, Europe is expected to become a key market for electric powertrains. Countries like the Netherlands, Norway, France, and Sweden have seen strong EV adoption, which is expected to add to the region's market growth. Electric vehicles are also popular in North America. The presence of significant players such as Tesla, Chevrolet, Ford, BMW, Nissan, and Volkswagen characterizes the region. The United States and other countries have invested in EV infrastructure, including charging stations (also known as Electric Vehicle Supply Equipment) (EVSE). The demand for electric powertrains is predicted to increase as a result of these causes.

The objective of the report is to present a comprehensive analysis of the global Electric-vehicle Power train Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Electric-vehicle Power train Market dynamics, structure by analyzing the market segments and projects the global Electric-vehicle Power train Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Electric-vehicle Power train Market make the report investor’s guide.
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Global Electric Vehicle Power Train Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 128.07 Bn.


Forecast Period 2023 to 2029 CAGR:
33.5%
Market Size in 2029:
US $ 967.87 Bn.


 Segments Covered:
by Component
• Motor/Generator
• Battery
• Power Electronics Controller
• Converter
• Transmission
• On-Board Charger


by Vehicle
• Passenger vehicle
• Commercial vehicle


by Technology
• Battery Electric Vehicle
• Hybrid Electric Vehicle



Electric Vehicle Power Train Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Electric Vehicle Power Train Market Key Players
• ZF Friedrichshafen AG
• GKN PLC
• Cummins Inc.
• Meritor, Inc.
• Robert Bosch GmbH
• Magna International
• Dana Incorporated
• Bonfiglioli Riduttori S.P.A.
• Hitachi Automotive Systems Ltd
• BorgWarner Inc.
• Bosch Limited
• AVL List GmbH
• Mitsubishi Electric Corp
• Schaeffler AG
• Nidec Corporation
• Valeo
• Continental AG
• Magneti Marelli Ck Holdings

Frequently Asked Questions:

1) What was the market size of the Electric Vehicle Power Train Market in 2022?
Ans - Electric Vehicle Power Train Market was worth US$ 128.07 Bn. in 2022.

2) What is the market segment of the Electric Vehicle Power Train Market?
Ans -The market segments are based on Component type, Vehicle, and Technology.

3) What is the forecast period considered for Electric Vehicle Power Train Market?
Ans -The forecast period for Electric Vehicle Power Train Market is 2023 to 2029.

4) What is the Electric Vehicle Power Train market size in 2029?
Ans –Electric Vehicle Power Train Market is estimated as worth US$ 967.87 Bn.

5) Which region is dominated in Electric Vehicle Power Train Market?
Ans -In 2022, the Asia pacific region dominated the Electric Vehicle Power Train Market.