EV Powertrain Market Set for 12% Explosive Growth to 2027 to Reach $82,382.3 Million by 2027 During (2019-2027)
In 2018, Asia-Pacific was estimated to hold the largest market share and APAC is expected to be fastest region with a CAGR of 12.8% during 2019 to 2027.
The automotive industry is expanding at a rapid rate over the years across the globe. The internal combustion engine (ICE) vehicles, as well as the electric vehicles (EV) manufacturers, are pacing up their production volumes in order to meet the continually rising demand from the customers. The auto industry is expected to be driven by electric vehicles in the near future, owing to the rising awareness among the vehicle customers, governmental strategies to reduce carbon emission and subsidies towards procuring EVs. These factors are prominently acting as crucial parameters for the growth of EVs worldwide.
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The prominent market players in the EV powertrain market are Continental AG, Robert Bosch Gmbh, Cummins, Inc., Maxim Integrated Products, Inc., Magna International Inc., Dana Limited among others. Market leaders are involved in taking up various market initiatives such as geographical expansion, product innovations by implementing advanced technologies, partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world to maintain brand name globally.
For instance, Continental AG announced that it would start mass production of its first fully integrated axle drive in China. The motors produced would be used in vehicles from both Chinese and European OEMs. Also, ZF Friedrichshafen AG partnered with China-based Wolong Electric Group for manufacturing electric motor sub-components. With this partnership, ZF aims to expand its business in the biggest electric mobility market in the world. ZF also claimed that with this partnership, it will increase the product portfolio and further improve competitiveness in electric driveline systems.
The global automotive industry is experiencing a paradigm shift in powertrain technology. Countries across the globe are emphasizing heavily towards the EV powertrain technology intending to reduce the carbon emission from ICE vehicles. China stands tall and is at the forefront in adopting EV powertrains, with 61% of vehicle owners prefer EV powertrains. Other APAC countries with a fair percentage of EV powertrain preference include Hong Kong, Japan, and Singapore.
From the European perspective, 41% of Italian vehicle customers choose EV powertrain, while France and Germany account for 35% and 32%, respectively. The continuous innovations in this field for a wide variety of applications in passenger cars, lightweight commercial vehicle (LCV), heavyweight commercial vehicle (HCV) is attracting several automakers globally, which is paving the path for EV powertrain market in the current scenario. Additionally, the automotive industry is experiencing a rising number of partnerships between the automakers and technology developers which is leading to the growth of the EV powertrain market.
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Asia-Pacific holds the dominant share in the EV powertrain market, also is expected to be the fastest growing region across the globe. China, India, Japan, South Korea, are the major contributors to the EV powertrain market in APAC. The region has a more progressive economic outlook than other regions in the world. It has enormous growth potential, with fast-growing countries such as China and South Korea and developed nations such as Japan. Asia Pacific is the fastest growing region in the EV powertrain market.
The region consists of many developing countries that are witnessing a high growth in their automotive sector. On account of rapid urbanization, Asia comprises 48% of urban population, which is posing major challenges for Asian countries in provision of sustainable urban transport systems and services. China being a global leader in electric vehicle production, several international EV makers are investing in the country, owing to the availability of resource, adoption of technology, and acceptance of EVs among Chinese customers. Even luxury carmakers including Mercedes-Benz, Audi and Jaguar are showing their interest in building their own state-of-the-art electric vehicles in China. As China is the largest market with the highest market share, increasing number of production facilities of electric vehicles in China is expected to accelerate the EV powertrain market.
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