Electric Vehicle Powertrain Market Size to Reach USD 64.87 Billion by 2026

The global electric vehicle powertrain market size is predicted to reach USD 64.87 billion by 2026, exhibiting a CAGR of 28.5% during the forecast period.

The growing environmental concerns and rising energy consumption will contribute positively to the electric vehicle powertrain market growth during the forecast period. In addition, the focus on green energy to reduce carbon emissions along with growing innovation in hybrid vehicles by renowned automotive companies will have a positive impact on the electric vehicle powertrain market revenue in the foreseeable future.

According to the published by Fortune Business Insights in a report, titled “Electric Vehicle Powertrain Market Size, Share, and Industry Analysis By Component Type (Electric Motor, Inverter, Converter, Power Distribution Module, Transmission), By Vehicle Type (Passenger Cars, Buses & Coaches), and Geography Forecast till 2026” the market size stood at USD 7.99 billion in 2018.

The electric vehicle powertrain market report focuses on demonstrating a complete assessment of the market. It contains facts, thoughtful insights, historical information, industry-validated market information, and projections with a suitable set of assumptions and methodology. It offers valuable insights into all the notable developments of the market. It shares a complete overview of all the segments and parts of the electric vehicle powertrain market analysis, while providing statistical data on all the regions. It is created after extensive research followed by an all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. Moreover, it also includes product launches, acquisitions, collaborations and partnerships, and industry developments.

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List of the Key Companies Operating in the Electric Vehicle Powertrain Market are;

Robert Bosch GmbH
Continental AG
Magna International Inc.
Mitsubishi Electric Corporation
ZF Friedrichshafen AG
BorgWarner Inc.
Valeo
Hitachi Automotive Systems, Ltd.
NXP Semiconductors

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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Market Driver:

Consumer Shift towards Electric Mobility Solutions to Augment Market Growth

The surge in fuel prices and growing environmental concerns have led to a shift from conventional veheciles to hybrid mobility solutions. This, factor has propelled the growth of the market. Moroever, the focus of auto manufacturers towards the development of lightweight and compact e-powertrain solutions that are suitable for everyday transportation will enable speedy growth of the market in the forthcoming years.

Furthermore, the increasing governmnet policies and gudelines to support the expansion of hybrid vehicle through grants, subsidies and incentives will accelerate the electric vehicle powertrain market trends. In addition, the collaboration and partnerships between major companies will create new opportunities for the market in the forthcoming years.

For instance, in June 2019, Jaguar Land Rover and BMW announced a collaboration to develop the next generation Electric Drive Units (EDUs) to support the advancement of electrification technologies. The joint venture between the companies will inolve R&D, engineering, and procurement of data to the increase consumer adoption of EVs.

Regional Analysis:

Increasing Regulatory Programs to Boost Market in Asia Pacific

Geographically, the market is classified into North America, Asia Pacific, Latin America and the Middle East and Africa. The market in Asia Pacific generated a revenue of USD 3.82 billion in 2018. The growth in the region is attributed to increasing penetration of electric vehicles in the region. The surge in regulatory programs for EVs sales such as EV sales quota, fuel economy targets, and advantages for EVs in license plate assignments in countries such as China and India will augment healthy growth of the market.

For instance, the implementation of strict emission regulations such as BS-VI in India and China VI will positively influence the market. Moreover, the leading players are focused on providing accessible charging infrastructure in developing countries, which in turn will augur well for the market.

Europe is predicted to witness steady growth during the forecast period owing to the growing regulations to curb carbon emissions. The presence of major automobile companies in the region will enable healthy growth of the market in Europe. North America is predicted to grow rapidly owing to the increasing investment in charging infrastructure.

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This release was published on openPR.