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Electric Powertrain Market Insights by 2027| MarketsandMarkets

12-14-2020 09:01 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Electric Powertrain Market Insights by 2027|

The Global Electric Powertrain Market size is projected to reach $191.4 billion by 2027, from an estimated $62.9 billion in 2019, at a CAGR of 14.9 %.

The electric powertrain market is expected to witness rapid growth due to stringency in emission norms which is pushing automakers to come up with electrified powertrain technologies. Between 2025 and 2030, emission standards would require automakers to reduce CO2 emissions by 15% and 37%, respectively. Also, government incentives to buyers for mass adoption of electric vehicles have accelerated the market for electric vehicle powertrains. For example, the Indian government announced tax rebates of upto $2,106 on interest loans for EVs.

The electric powertrain market is dominated by globally established players such as Bosch (Germany), Mitsubishi Electric (Japan), Magna (Canada), Continental AG (Germany), and Hitachi (Japan).

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The Asia Pacific and North America are the regions where the electric powertrain market is experiencing the highest growth rate due to increasing government regulations on emission norms, allocations of funds by the respective governments for incentivizing sales of electric vehicles, and developments in powertrain components such as lithium-ion batteries, battery management systems, and motors. Furthermore, continuous R&D and collaborations among automotive companies in these regions are expected to stimulate market growth.

The 48V MHEV is an attractive revenue pocket for automakers right now. It is capable of delivering 70% efficiency of a conventional ICE powertrain. Owing to slowdown in diesel-powered vehicles and stringency in CO2 targets, manufacturers are turning to this technology for the market. According to Emission Analytics, the mass adoption of mild hybrids over BEVs is an effective solution to cut down emissions. Also, owing to the dropping prices of lithium-ion batteries, various automakers are turning to optimize lithium-ion batteries in their 48V systems. To optimize costs and packaging, Hella developed a 48V power pack that combines a 48V battery, BMS, and DC/DC converter, making it easier to integrate into the existing vehicle architecture.

Motor/generator is estimated to be the fastest-growing segment in the BEV powertrain market. With the need to decrease CO2 emissions, automakers are switching to pure electric models. Various developments in motor/generators to improve the performance of the BEVs are also driving the BEV electric powertrain market. For example, Tesla Model S uses two motors, and Rimac Concept One uses four motors for improved performance. The rise in sales of BEVs and developments in BEV powertrain motor concepts will drive this market segment in the future.

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