The global electric powertrain market accounted for a value of USD 54.4 billion in 2019 and is projected to register growth at a CAGR of 13.1% during forecast period.
COVID-19 has impacted the electric powertrain market. This pandemic has negatively impacted automotive industry. All the production and assembly activities were halted due to lockdown in many countries. The supply of raw material and finished products was immensely affected due to travel restriction and border closers. The sales of vehicles are immensely hit by the corona virus outbreak. The electric powertrain will foresee growth from the beginning of 2021.
For more details, visit: Global Electric Powertrain Market By Component (Battery, Transmission, Others), By Powertrain Type (BEV, Series Hybrid, Others), By Vehicle Type (HEV/PHEV, BEV, Others), By Region, Forecast & Opportunities to 2026
The government is adopting stringent emission norms such as China VI, BSVI in India and standards for greenhouse gas (GHG) emission by the U.S. Environmental Protection Agency (EPA) to reduce pollution. The government is promoting domestic production of electric vehicles which increases demand of electric powertrain market and drives the growth in electric powertrain market during forecast period.
On the basis of vehicle type, the electric powertrain market is segmented into hybrid and plug-in hybrid vehicle (HEV/PHEV), 48V mild hybrid vehicle (MHEV) and battery electric vehicle (BEV). The MHEV powertrain segment is estimated to dominate the market. The use of diesel powered vehicles is declining due stringent emission norms and restrictions on CO2 targets. This increases demand for 48 MHEV powertrain market. The mild hybrids are more preferred than battery electric vehicle. The mild hybrid helps in reducing emissions. The prices of lithium-ion batteries is declining across the world which increases adoption of 48 MHEV powertrain and this drives growth in 48 MHEV segment during forecast period.
On the basis of component, the electric powertrain market is segmented into battery, power electronics controller, motor/generator, converter, transmission and on-board charger. The battery segment accounted for a largest market share of 35.5% in 2019. However, the motor/ generator segment is estimated to register growth at highest CAGR during forecast period. It is estimated to grow at a CAGR of 15.1%. The demand of e-motor is increasing due to higher adoption of BEVs and PHEVs across the world. The government is supporting use of electric vehicles as it helps in improving growth of motor/generator market. High performance vehicles use two or motors for better performance. The rapidly increasing demand and adoption of motor/generators drives growth in this segment during forecast period.
Asia-Pacific region is estimated to be the fastest growing market during forecast period. The government is implementing stringent emission norms which increases demand for electric powertrain. China’s BP and DiDi Company have announced a joint venture for building the electric vehicle infrastructure in China. The governments of many countries are supporting domestic electric vehicle production for instance Indian government’s ‘Make in India’ initiative which has contributed in growth of domestic production of vehicles. The investment is also increasing in this region by top market players which drives growth in Asia-Pacific region in electric powertrain market during forecast period.
The key market players in electric powertrain industry are Bosch, Mitsubishi Electric, Magna, Continental AG, Hitachi, Borgwarner, ZF, Denso, Valeo Group, Dana Incorporated, Panasonic, Toyota Industries Corporation, Magnetic Marelli Ck Holdings, CC Power Electronic and Kelly Controls.
- What are the expected industry trends over the next three to five years?
- Which of the electric powertrain type is likely to lead by 2025?
- Which of the vehicle type segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?