OTTAWA, June 09, 2021 (GLOBE NEWSWIRE) — Precedence Research, Recently Published Report on “Electric Powertrain Market (By Electric Vehicle: Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle/Plug-in Hybrid Electric Vehicle (HEV/PHEV): By Component: Battery, Motor/Generator, Power Electronics Controller, Transmission, Converter, and On-board Charger) – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027”.
An electric vehicle (EV) is powered by an alternate source of energy, not like fossil fuels such as petrol and diesel, it is powered by electricity. The electric vehicle powertrain includes electric motor, battery, and transmission that help to generate power which is used to move or drive the vehicle. Electric vehicles powertrains integrated in the battery electric vehicles (BEV) that is an all-electric vehicle are 100% powered by the electric energy. Powertrains used in the plug-in-hybrid electric vehicles (PHEVs) can be charged from electricity power supply board mounted on the wall whereas, powertrains integrated in hybrid-electric vehicles (HEVs) employ two or more types of fuels to supply power to these vehicles.
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Increasing sales of electric vehicles owing to stringent government norms in various regions to curb the carbon footprint along with various environmental protection laws for automotive sector expected to drive the overall market growth of electric powertrain. In the wake of same, governments of different regions also offer attractive incentives and policies to spur the adoption of electric and battery-powered vehicles in the region.
With technological development, the industry is approaching an extensive powertrain mix as the automotive industry is shifting its trend towards more efficient and environmentally friendly transportation. The overall powertrain landscape is slowly becoming dynamic and complex with the emergence of the electric powertrain. The rate of adoption of electric powertrain would be dependent on four major factors, namely technology, infrastructure, regulations, and consumer preference.
The penetration of PHEVs and BEVs would strongly determine the current as well as future adoption of electric powertrain globally. Europe and U.S. seeks rigorous regulations related to the carbon emission. Leading its way, Europe has fixed its emission limits of 95 g/km by the year 2020 and aimed at further reduction of 37.5 percent by 2030 that would result in a limit of 59 g/km. Similarly, North America has set its emission limit at over 99 g/km following passenger-vehicle Corporate Average Fuel Economy (CAFE) standards for the year 2025. To meet the targets for emission and avoid penalties, numerous OEMs have increased their focus towards electric vehicle production.
- In 2019, the Asia Pacific emerged as the global leader with a value share of approximately 60% attributed to the rising adoption of electric vehicles in emerging countries such as India and China
- Europe is projected to be a significant market for electric powertrain owing to the presence of numerous OEMs along with significant rate of adoption for EV
- By electric vehicle, the BEV segment dominated the market with nearly 70% of value share in 2019 due to stringent government policies to regulate the carbon emission
- HEV/PHEVs analyzed to witness prominent growth over the forecast period due to its specific design that enhances the application of IEC in interaction with electric powertrain
- Based on component, the battery segment led the global electric powertrain market accounting for a value share of nearly 36% in the year 2019
- Motor/generator component expected to show lucrative growth over the analysis period attributed to the escalated penetration of PHEV and BEV across the globe
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In 2019, the Asia Pacific dominated the global electric powertrain market accounting for a revenue share of nearly 60%. Increasing purchasing power of consumer along with favorable government policies in support for the adoption of battery-powered vehicles in the region are the key factors responsible for the significant growth of the region. Furthermore, the Asian countries are focusing more on building favorable infrastructure for electric vehicles. For instance, Didi Chuxing (DiDi), based in China and the British energy, gas, and Oil Company signed a collaboration deal, aiming for the development of electric vehicles charging infrastructure in China. Such joint ventures and collaborations between various organizations in consent to develop charging infrastructure across the globe expected to boost the adoption of electric vehicles.
However, North America considered to be the prominent revenue contributor towards the growth of electric powertrain market owing to high adoption rate of electric vehicles in the region.
Key Players & Strategies
The global electric powertrain market players are prominently focusing towards new product development, merger & acquisition, and collaboration strategies to uphold their position in the global market. This in turn, has resulted in intense competition and market consolidation. For instance, in 2018, Cummins Inc. acquired Efficient Drivetrains, Inc. (EDI), a Silicon Valley-based manufacturer of hybrid and fully- electric power solutions supplying to commercial markets.
Some of the key players operating in the market are Bosch Limited, BorgWarner, Mitsubishi Electric Corp., Schaeffler AG, Magna International Inc., ZF Friedrichshafen AG, Nidec Corporation, Valeo, Continental AG, and Magneti Marelli Ck Holdings among others.
By Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle/Plug-in Hybrid Electric Vehicle (HEV/PHEV)
- Power Electronics Controller
- On-board Charger
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
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