The Global Electric Powertrain Market size is projected to reach USD 193.3 billion by 2027 from an estimated USD 72.2 billion in 2020, at a CAGR of 15.1 %. Attractive incentives by governments for mass adoption and domestic production of electric vehicles, increasing demand for electric vehicles, and stringency in will drive the electric powertrain market. An electric vehicle (EV) is powered by an alternative source of power/energy, unlike fossil fuels such as diesel and petrol, it is powered by electricity with the help of a battery. The electric vehicle powertrain includes the battery, electric motor, and transmission, which helps generate power that is utilized to drive or move the vehicle. Electric vehicles powertrains incorporated in battery electric vehicles (BEV), which is an all-electric vehicle, are powered 100% by electric energy. Powertrain in plug-in-hybrid electric vehicles (PHEVs) can be charged from wall mounted electricity power supply board while, powertrain in hybrid-electric vehicles (HEVs) employ two or more types of fuels to power these vehicles
EVs are the future of the automotive industry as fossil fuels are expected to go extinct in the next few decades. Therefore, alternative energy is required to power vehicles, which could be electricity. Several countries have formulated stringent policies for alternative fuel vehicle/ EVs. Numerous emission laws have been enacted to reduce the CO2 emission from vehicles. An EV can reduce CO2 emission and also reduce the consumption of fossil fuels. The global electric vehicle powertrain market has expanded in the last few years. It is expected to expand further during the forecast period, due to increase in demand for electric vehicles in the global market. Lack of infrastructure is a major restraint of the electric powertrain market.
Technological innovation in battery production technology has made electric vehicles more competitive and conventional ICE vehicles. Batteries comprise a significant cost item in electric vehicles and their cost has shrunk significantly owing to the production process optimization, technology advancement, and economies of scale. With the price expected to decline over the forecast period, the EVs would reach Total Cost Ownership (TCO) parity, which would enable mass-market penetration of electric vehicles.
he world economy has been taken aback by the rate at which the COVID 19 crisis has escalated. The pandemic has impacted the public health economy and the social well-being of people around the world. The electric powertrain market is mainly vulnerable to the current COVID 19 crisis due to its dependency on global sourcing for its core technology, the batteries. The electric vehicles are expensive as compared to their hybrid and gas-powered counterpart and the market is suffering more as the customers became more tight-fisted in the current scenario.
The global electric powertrain market is dominated by major players such as Bosch (Germany), Mitsubishi Electric (Japan), Magna (Canada), Continental AG (Germany), and Hitachi (Japan).
Implementation of stringent emission norms such as China VI and BS VI is driving the Asia Pacific electric powertrain market. Joint ventures between various organizations to build charging infrastructure have also been a major driving factor. For instance, China's DidiChuxing (DiDi) and BP, the British gas, oil, and Energy Company, announced a joint venture to build the electric vehicle charging infrastructure in China. China has lithium reserves that are paving the way for increased investments in battery production. Initiatives by the Indian government such as Make in India to encourage domestic production of electric vehicles is also driving the market. Investments by players to tap the market potential of the region are propelling the Asia Pacific electric powertrain market further. For instance, Nissan is investing USD 33 million in Tochigi Prefecture in Japan for manufacturing electric vehicle components. Tesla launched its Model 3 in the South Korean market with a significant decrease in the price range because of the respective government incentives.
The global electric powertrain market is dominated by major players such as Bosch (Germany), Mitsubishi Electric (Japan), Magna (Canada), Continental AG (Germany), and Hitachi (Japan).
EVs are the future of the automotive industry as fossil fuels are expected to go extinct in the next few decades. Therefore, alternative energy is required to power vehicles, which could be electricity. Several countries have formulated stringent policies for alternative fuel vehicle/ EVs. Numerous emission laws have been enacted to reduce the CO2 emission from vehicles. An EV can reduce CO2 emission and also reduce the consumption of fossil fuels. The global electric vehicle powertrain market has expanded in the last few years. It is expected to expand further during the forecast period, due to increase in demand for electric vehicles in the global market. Lack of infrastructure is a major restraint of the electric powertrain market.
Technological innovation in battery production technology has made electric vehicles more competitive and conventional ICE vehicles. Batteries comprise a significant cost item in electric vehicles and their cost has shrunk significantly owing to the production process optimization, technology advancement, and economies of scale. With the price expected to decline over the forecast period, the EVs would reach Total Cost Ownership (TCO) parity, which would enable mass-market penetration of electric vehicles.
he world economy has been taken aback by the rate at which the COVID 19 crisis has escalated. The pandemic has impacted the public health economy and the social well-being of people around the world. The electric powertrain market is mainly vulnerable to the current COVID 19 crisis due to its dependency on global sourcing for its core technology, the batteries. The electric vehicles are expensive as compared to their hybrid and gas-powered counterpart and the market is suffering more as the customers became more tight-fisted in the current scenario.
The global electric powertrain market is dominated by major players such as Bosch (Germany), Mitsubishi Electric (Japan), Magna (Canada), Continental AG (Germany), and Hitachi (Japan).
Implementation of stringent emission norms such as China VI and BS VI is driving the Asia Pacific electric powertrain market. Joint ventures between various organizations to build charging infrastructure have also been a major driving factor. For instance, China's DidiChuxing (DiDi) and BP, the British gas, oil, and Energy Company, announced a joint venture to build the electric vehicle charging infrastructure in China. China has lithium reserves that are paving the way for increased investments in battery production. Initiatives by the Indian government such as Make in India to encourage domestic production of electric vehicles is also driving the market. Investments by players to tap the market potential of the region are propelling the Asia Pacific electric powertrain market further. For instance, Nissan is investing USD 33 million in Tochigi Prefecture in Japan for manufacturing electric vehicle components. Tesla launched its Model 3 in the South Korean market with a significant decrease in the price range because of the respective government incentives.
The global electric powertrain market is dominated by major players such as Bosch (Germany), Mitsubishi Electric (Japan), Magna (Canada), Continental AG (Germany), and Hitachi (Japan).
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