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EV Powertrain Market Analysis by Upcoming Technologies & Global Forecasts by 2027

09-20-2022 03:28 PM CET | Logistics & Transport

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

The technological advancement in conventional automobiles and conducive government initiatives propels the global EV powertrain market. The development of alternative technologies in automotive industry over the past few years is commendable. Electric drive system is the most highlighting transition in the sector. Continuous research & development (R&D) is upgrading the conventional engines to get more compatible with new fuel economy and emission standards. Moreover, electrification of vehicles has been evolving the conventional automotive technology. Since the fully battery-operated models are expensive, the demand for advanced hybrid engines is surging among the customers and manufacturers. In hybrid engines, the normal fuel combustion is supported by electric motor.

According to The Insight Partners' research, the global EV powertrain market was valued at US$ 30,095.5 million in 2018 and is anticipated to reach US$ 82,382.3 million by 2027 to rise at a CAGR of 12.0% from 2019 to 2027. The government initiatives for the adoption of EV powertrains and technological development in conventional engines are the critical factors attributed to the market expansion.

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Strategic Insights:

Major companies indexed in the global EV powertrain market report are Continental AG; Robert Bosch GmbH; Cummins, Inc; Maxim Integrated Products, Inc; Magna International Inc; Tata Elxsi; Dana Limited; Valeo SA; Mahle GmbH; and ZF Friedrichshafen AG, among others.
• In July 2019, Continental AG commenced the mass production of fully integrated axle drives in China. The motors produced here are going to be compatible with both Chinese and European OEMs.
• In February 2017, Bosch GmbH established a new operating unit for electro-mobility. This unit will be an integral part of powertrain solutions division of multinational engineering and electronics company. In September 2018, the company inaugurated its new R&D center in Suzhou, China. This new center employs around 1,500 associates and emphasizes on manufacturing and connected solutions.
• In July 2018, Cummins acquired Efficient Drivetrains, Inc, which designs and produces hybrid and fully electric power solutions for commercial market. The acquisition would help enhance the electrification capabilities of the company.
• In January 2018, Magna International and BAIC Group announced a joint venture to develop next-generation smart EV architecture for the Chinese market.

The global automotive industry is experiencing a significant shift from traditional vehicles to electric ones. Governments of several economies are promoting the large-scale adoption of electric vehicles. For an instance, the Government of Canada invested US$ 182.5 million to develop a fast-charging network of electric vehicles. In 2019, more than 40 models of EVs were available in the Canadian market due to enhanced demand and production. Besides, in 2019, the authorities in the UK invested up to US$ 100 million in the development of next-generation electric vehicles. The Volkswagen Group is all geared up to launch 70 fully electric models in the next 10 years to reduce the emission levels from its vehicles by 40%. General Motors partnered with LG Chem and invested US$ 2.3 billion in the production of battery cells for EVs.

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On the other hand, the lack of expertise in several developing countries and the high price of vehicles curtail the growth of global EV powertrain market.

Based on product type, the market is categorized into series hybrid powertrain, battery electric vehicle powertrain, series-parallel hybrid powertrain, mild-hybrid powertrain, and parallel hybrid powertrain. The battery electric vehicle powertrain segment captured 40.8% market share in 2018, garnering US$ 12,293.7 million. It is forecasted to amass US$ 31,392.9 million by 2027 to grow at a CAGR of 11.1% during 2019-2027.

As per application, the global EV powertrain market is bifurcated into commercial vehicles and passenger cars. The latter held 85.3% share of the domain in 2018. It was evaluated at US$ 25,683.4 million in 2018 and is projected to be worth US$ 69,345.3 million by 2027 to expand at 11.8% CAGR over the forecast period.

From the regional point of reference, it has been observed that the Asia Pacific market occupied 67.4% share of the business in 2018, accounting for US$ 20,273.4 million. It is further expected to amount to US$ 59,108.9 million by 2027 to surge at the highest CAGR of 12.8% throughout the forecast period.

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Email: sales@theinsightpartners.com
Phone : +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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